They say it grows like a weed, and according to the chief executive officer of Denver-based Physical Commodities Exchange (PanXchange), the over-the-counter exchange that sets the price for hemp, there is a huge surplus.
The surplus is significant enough to have dropped the per pound price from $40 in July 2019, to around $10, currently.
The Virginia Senate advanced a bill that would decriminalize possession of marijuana.
With about 40 states expected to allow some form of legalization by the end of December, 2020 is poised to be a breakout year for cannabis.
At this point in the national discourse, the end of cannabis prohibition is now seen as an inevitability instead of a possibility. Many have started to compare cannabis legalization to repeal of the 18th Amendment and the re-legalization of alcohol. But how similar are they really? The answer may surprise you.
The U.S. Department of Agriculture (USDA) has announced the latest states to have their plans approved under the U.S. Domestic Hemp Production Program.
Delaware, Nebraska and Texas all scored a guernsey, adding to the original state plans approved late last year – those for Louisiana, New Jersey and Ohio.
As well as states, a number of Indian tribes have also had their plans approved:
Cannabis education has seen remarkable momentum over the past 10 years.
In 2010, only a handful of U.S. states had medical cannabis programs. No adult-use legislation was passed anywhere in the country (or the world). Mainstream images of cannabis were mostly outdated stoner stereotypes in movies and television.
Much of America still viewed cannabis from a place of fear—a plant to be demonized, avoided and eradicated.
Cannabis legalization still isn’t guaranteed in 2020. Most of the discussions are at the state level. Democratic presidential candidates support federal legalization except for Joe Biden. Although Republicans don’t support legalization, they want more cannabis research. Cannabis has support from celebrities as well. Now Congress wants to push a few of the cannabis reform proposals for hearing.
The US legal cannabis industry is finding new legitimacy with each passing year, but cannabis is still far from federally legal in the US.
