Marijuana policy reformers achieved significant victories this year at the state and federal level. Here are five reasons why 2019 was among the most significant years ever for cannabis legalization.
Public opinion in favor of legalization soars to record highs
When Bernie Sanders called for national cannabis legalization in 2015, he was the first major party presidential candidate in history to do so.
That was exactly one election cycle ago, but it feels like an eternity—particularly when you consider that today 66% of Americans back this once-radical policy position, as does every Democratic 2020 presidential candidate this side of Joe Biden and Mike Bloomberg.
After a 2018 that featured cannabis stocks exploding to record highs, there weren’t many highs for the cannabis industry to celebrate in 2019.
Despite a strong start in the first quarter to recover from the overall market’s year-end jitters last December, the marijuana sector as measured by the Alternative Harvest MJ ETF (MJ) has trailed the 27% annual return posted by the S&P 500 since July. The marijuana-focused ETF is now pacing to close 2019 about 35% in the red.
A recent spate of vaping-related lung illnesses has lawmakers and health officials calling for more testing of legal cannabis products. But because cannabis is classified as a Schedule I drug by the federal government, states’ hands are tied when it comes to testing. One way to open the door to more cannabis testing is to remove the re
The 2018 Farm Bill converted hemp from a highly controlled substance to a highly regulated commodity and, in the process, created a program fraught with legal peril to the uninitiated.
David Bush, a partner with the Denver-based Hoban Law Group, which specializes in hemp and marijuana law, told Tuesday’s Harnessing Hemp symposium that growers shouldn’t try to navigate the legal minefield around hemp without good legal advice.
California’s struggling cannabis industry didn’t get the recommendation many hoped for — a call to sharply lower the industry’s tax rate — but a long-awaited state report did suggest a marijuana tax overhaul.
The report from California’s nonpartisan Legislative Analyst Office, released Tuesday, Dec. 17, says lawmakers should ditch the way the state currently taxes marijuana and, instead, tax cannabis at different rates based on its potency. Such a tax structure, the report said, would result in stable revenue and discourage cannabis abuse.
After a brutal 2019, the fate of cannabis stocks could be largely in the hands of U.S. regulators. Pending legislation could smooth out relationships between pot producers and big banks, and spur institutional investment.
A Senate vote on the SAFE Banking Act in 2020 could dramatically shift the fortunes of cannabis producers in the U.S. and Canada. The legislation would let U.S. financial institutions buy shares of cannabis companies on both sides of the border and other legal jurisdictions, and offer services to pot producers without fear of retribution.
In a Florida Supreme Court case with major ramifications for the medical-marijuana industry, the Florida House contends a disputed 2017 law helps prevent “diversion” of pot to the illegal recreational market, minors and other states.
House attorneys late Monday filed a friend-of-the-court brief urging the Supreme Court to overturn a July ruling by the 1st District Court of Appeal that said a key part of the law conflicted with a 2016 constitutional amendment that broadly legalized medical marijuana.
