Cannabis Weekly Round-Up: Democrats Urge Biden for Cannabis Reform
During a busy week of cannabis news, Democratic voices urged US President Joe Biden to act on cannabis reform in the country.
Ahead of November elections in the US, a string of Democrat policy wins is sparking calls for stronger action on cannabis reform, an area where the party hasn't yet made major inroads.
Also this week, a brand partnership deal between HEXO (NASDAQ:HEXO,TSX:HEXO) and celebrity boxer Mike Tyson may be in danger. Keep reading to find out more cannabis highlights from the past five days.
Push for US cannabis reform rises again
According to a new report from The Hill, Democrats are raising their voices to garner support for an updated approach to cannabis following recent positive press for the party.
A group of senators recently requested that the president take more direct action on US cannabis reform.
“It’s long past time that we finally decriminalize marijuana,” Pennsylvania Lieutenant Governor John Fetterman recently said. “The president needs to use his executive authority to begin.”
President Joe Biden is enjoying a period of public favor thanks to his recent student loan forgiveness plans, alongside changes in tax policy. The pressure is on as the November midterm elections loom, but it’s unclear what Biden's agenda surrounding cannabis policy is.
Policy experts have expressed disappointment at the lack of focus from the White House when it comes to cannabis reform. Several bills have taken shape, but have either lagged or stalled during the bill-making process.
Currently, multiple financial experts and publicly traded operators are anticipating the arrival of the SAFE Banking Act, a proposed piece of legislation that would open the doors to more mature financial backing for the industry. It would also remove federal prosecution fears surrounding cannabis operations and investments.
Provinces call new HEXO partnership into question
After last week's announcement of a brand partnership in which HEXO would produce and sell products from the TYSON 2.0 cannabis brand, a new report shows provincial regulators are reacting negatively to the news.
When asked by MJBizDaily to comment, provincial cannabis sales regulators in Alberta and Quebec expressed disapproval about the potential for HEXO to sell branded products associated with the infamous boxer.
Separate in their responses, but joint in sentiment, both distributors warned against these products getting market presence in the Canadian provinces due to federal rules around celebrity partnerships.
“We will not be selling this product. Federal legislation prohibits the promotion of a cannabis product through endorsements or depiction of a person,” a spokesperson for the Alberta Gaming, Liquor & Cannabis said, according to the report.
Cannabis company news
- Delta 9 Cannabis (TSX:DN,OTCQX:DLTNF)completed the acquisition of three cannabis dispensaries in Manitoba for C$3.2 million. The firm now oversees 38 stores across its retail assets.
- Akanda (NASDAQ:AKAN)appointed Terry Booth to its new advisory board. “Having Terry on board as an advisor is a powerful validation of our strategy and our potential to lead the emerging cannabis market in Europe,” Tej Virk, Akanda’s CEO, said.
- Humble & Fume (CSE:HMBL,OTCQX:HUMBF)inked a distribution deal with edibles brand Cookies in the state of California. “(Humble’s) deep expertise in distribution makes them the ideal partner to support Cookies’ home state,” Cookies President Parker Berling said.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.