Marijuana Legalization Update for 2020: A Primer on the Latest Medicinal and Recreational Use News
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The Democratic and Republican national conventions barely touched on federal marijuana reform.
The Republicans didn’t even write a new platform.
And the Democratic platform fell short of supporting the efforts congressional Democrats have made in the past year toward federal marijuana legalization and cannabis banking reform.
Nevertheless, Washington DC lobbyists and industry experts expect Democratic lawmakers – regardless of the election outcome – to push forward with a pro-marijuana reform agenda.
“Change is the law of life. And those who look only to the past or present are certain to miss the future.” – John F. Kennedy
The House of Representatives on Thursday voted in favor of an amendment to protect all state, territory and tribal marijuana programs from federal interference.
The measure, which would prevent the Department of Justice from using its funds to impede the implementation of cannabis legalization laws, passed in a 254-163 vote on the floor. Earlier in the day, it had been approved in an initial voice vote.
Democratic challenger Joe Biden is ahead of incumbent Donald Trump by 10%, according to a new general election poll from Rasmussen Reports.
While a potential Biden presidency could pose some challenges for investors, Cantor Fitzgerald analyst Pablo Zuanic said the Democratic platform is good news for U.S. cannabis stock investors.
Full Federal Legalization
The Biden campaign released a 100-page document outlining the Democratic Party platform this week, and Zuanic says there are multiple bullish takeaways for U.S. multi-state operators, or MSOs:
In 27 states, tax revenue budgets are expected to drop by 10% or more. According to Barron’s, Burleson noted that cannabis reform has received attention in nine of those states, saying, “We expect budget concerns to prompt resurgent legalization efforts for these and other challenged states.”
“My assumption is that 2022, for me, is the magic number,” Canopy Growth CEO David Klein told CNBC’s Jim Kramer. “I think, as you watch more and more states move to legalization for medical or rec, you really bring in almost two more senators each time who are really going to feel compelled to not make criminals out of the people in their state who are doing what’s legal in their particular state.”
Former Vice President Joe Biden (D) and Sen. Bernie Sanders (I-VT) have announced plans to form working groups with a mix of ideological views to develop policy solutions to a wide range of issues, including criminal justice and drug policy reform.
During a livestream on Monday, the two former rivals for the 2020 Democratic presidential nomination laid out a shared agenda heading into the November election. Biden became the presumptive nominee after Sanders dropped out of the race last week, and the senator has now offered his endorsement.
More than 40 U.S. states could allow some form of legal marijuana by the end of 2020, including deep red Mississippi and South Dakota — and they’re doing it with the help of some conservatives.
State lawmakers are teeing up their bills as legislative sessions kick off around the country, and advocates pushing ballot measures are racing to collect and certify signatures to meet deadlines for getting their questions to voters.
KEY POINTS
get your FL Office of Medical Marijuana Use card!
get your MD Medical Cannabis Commission card!