Political

As shelter-in-place orders drag on and the U.S. economy limps through the second quarter, investors, economists and politicians are asking important questions about what the post-outbreak economy will look like and how quickly the U.S. can replace the 26 million jobs it has lost in 2020.

Many Americans have been turning to cannabis to help them get through the stress of the COVID-19 outbreak, but there’s a strong case that U.S. marijuana legalization could help the economy recover as well.

Marijuana legalization laws have failed numerous times in New Jersey. Even though the state is smaller, there’s a lot of support to legalize recreational marijuana this year. A recent poll by Monmouth University showed that 62% of adults in New Jersey favor recreational marijuana legalization. This year, lawmakers hoped to put the proposal on the ballot.

The delays are mounting in Mexico's attempt to end cannabis prohibition.

For much of the past half-decade, marijuana has been one of the fastest-growing industries. After generating $3.4 billion in worldwide sales in 2014, global weed sales more than tripled to $10.9 billion by 2018. According to various Wall Street estimates, worldwide pot sales should hit $50 billion on an annual basis by 2030, with North America generating the bulk of this revenue.

Ten senators today joined 34 members of the U.S. House in calling for the ability of the nation’s cannabis companies in states that are “legal” (for medical or adult use or both) to access any upcoming Small Business Administration (SBA) relief funds during the current COVID-19 pandemic.

Marijuana legalization in New York seemed impossible this year. Recently, Governor Cuomo said the pandemic is the state’s main priority right now. He also said that a decision like marijuana legalization shouldn’t be made quickly. As a result, delaying marijuana legalization was a wise decision. However, lawmakers have been looking at other options. They want to discuss and make the legalization decision remotely through online discussions.

Marijuana legalization in Mexico looks hazy this year. While the country planned to legalize marijuana in October 2019, issues came up. After a lot of deadline extensions, the country was ready to legalize marijuana by the end of April 2020. However, the Mexican Supreme Court has extended the deadline again. The new deadline is partially due to the COVID-19 pandemic.

Efforts to put recreational marijuana on the ballot in Missouri were suspended Wednesday because of the coronavirus, but the state says it still hopes to meet its goal of having medical marijuana available by this summer.

"We had hoped that it might be possible to persuade the state of Missouri to allow online signature gathering under the extraordinary circumstances we find ourselves in this spring," said Dan Viets, coordinator for Missouri NORML.

The Florida Supreme Court for the first time will hear arguments via teleconferencing as a precaution because of the coronavirus outbreak, the court announced Tuesday.

The arguments scheduled for May 6 include an advisory opinion on whether a recreational marijuana ballot proposal can go before voters in 2022. Justices will also hear arguments on whether the state's tight regulation of the medical marijuana industry violates the state constitution.

The cannabis lobby is flexing its muscle in Washington and seeking aid for small businesses in the next coronavirus relief package.

The marijuana industry has already found help at the state level. Twenty states, the District of Columbia and Puerto Rico are allowing medical cannabis dispensaries to remain open during the pandemic, and eight states allow both licensed recreational and medical cannabis dispensaries to operate. Cannabis groups are pushing for more states to allow legal marijuana markets to remain open and are seeking funds in state aid packages.

Democratic Governor Ralph Northam has approved legislation (Senate Bill 2 | House Bill 972) decriminalizing marijuana possession offenses. Northam also recommended technical amendments which must be approved by the legislature before the new law takes effect July 1, 2020.