Kacey Morrissey: After Biden Win, Don’t Expect Cannabis Legalization

Even though a a Joe Biden presidency offers a rosier outlook for the US cannabis industry, a leading data expert doesn’t anticipate federal legalization in the immediate future.


“Even if they do a federal decriminalization, we don’t see there being federal legalization or an implementation of anything that would then create a sort of inter-state commerce,” Kacey Morrissey, New Frontier Data’s senior director, industry analytics, told the Investing News Network.

The expert said the growth of cannabis in the US will still be dependent on the state markets.

The industry was keen on this election not just for the potential for stronger reforms at the federal level, but because five states were looking to legalize the plant in some form.

Arizona, Mississippi, Montana, New Jersey and South Dakota asked voters to determine the future of their state cannabis programs. All five state measures were approved, which Morrissey said is another strong win for cannabis policy and an indication of the drug’s popularity regardless of political alignment.

“As far as an election year, 2020 is the most consequential election that we’ve seen for cannabis,” said Morrissey, who was speaking last Wednesday (November 5), before the election was officially called for Biden. The results of the state votes had been announced at that time.

The expert said that thanks to the positive state ballot results for cannabis, over 70 percent of the US population now lives in a territory with a legal cannabis framework. “Over a third of all Americans live in a legal adult market where they can now purchase recreational cannabis,” she said.

In the lead-up to election night, New Frontier Data published a report offering facts and figures about the significance of this election for the cannabis industry at large. It projected that if all state measures won their respective votes, the US market could see a combined revenue boost of US$3.3 billion by 2025.

“Given the latest state initiatives in play during this year’s elections, New Frontier Data expects their impact to reach far beyond 2021, further unfolding what we expect will be continued significant social, economic, and legislative reform expansion during this unprecedentedly disruptive COVID-19 pandemic,” Giadha DeCarcer, founder and CEO of New Frontier Data, said in the report.

Watch the video above to hear Morrissey’s full thoughts on the outlook for cannabis given the new US president. You can also click here for more cannabis videos on YouTube.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Khiron Life Sciences Corp. (“ Khiron ” or, the “ Company ”) (TSXV: KHRN), (OTCQB: KHRNF), (Frankfurt: A2JMZC), announced today that it has re-filed its unaudited condensed interim consolidated financial statements, together with the notes thereto, for the three and six months ended June 30, 2020 and 2019 (the “ Interim Financial Statements ”) to correct, among other things, certain 2019 comparative period information and to update certain presentation arising from the Company’s early adoption of IFRS 3 in late 2019, which changes were identified in connection with the Company’s review engagement with its auditor. The Company does not consider these adjustments either individually nor in the aggregate, to be material.

The re-filed Interim Financial Statements reflect changes to the Condensed Interim Consolidated Statements of Loss and Comprehensive Loss comparative period to remove transaction fees from the income statement and capitalize them to the applicable acquisition in accordance with the Company’s early adoption of the amended IFRS 3 as set out in Note 2, and to reclassify $1 million from general and administrative expenses to transaction fees for presentation purposes to conform with the Company’s presentation used in its audited consolidated financial statements for the years ended December 31, 2019 and 2018 (the “ Audited Annual Financial Statements ”). The re-filed interim Financial Statements also reflect changes to the Condensed Interim Consolidated Statement of Changes in Shareholders’ Equity to correct the 2019 comparative period balances as they incorrectly reflect Q1 2019 period balances, update certain presentation to conform with the Company’s presentation used in its Audited Annual Financial Statements; and reduce the valuation conclusion of the Company’s acquisition of NettaGrowth International Inc. to conform with the Audited Annual Financial Statements. The re-filed Interim Financial Statements also bring forward the subsequent event note disclosure.

Keep reading... Show less

Part of “Rooted in Good” CSR Platform, “Feed the Block” Gives Back Through Strategic Social Partnerships with Local Organizations Focused on Food Insecurity

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading U.S. provider of consumer products in cannabis, today announced a multi-state fundraising initiative in which proceeds will benefit 24 locally run food banks, homeless shelters and nonprofits working to proactively address the needs of those facing food insecurity in communities across America. This effort is a part of the Strategic Social Partnerships pillar within Curaleaf’s “Rooted in Good” Corporate Social Responsibility platform.

Keep reading... Show less

On September 8, 2020, Aurora Cannabis Inc. (NYSE:ACB) stunned the market when it announced that it expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. On the same day, Aurora also announced a charge of approximately $140 million in the carrying value of certain inventory, and that it was appointing a new chief executive officer. On this news, Aurora’s stock fell approximately 11.6% in just one day. Since May 2020, Aurora’s stock is down approximately $10.00 per share

A lawsuit alleging violations of federal securities laws has been filed against Aurora and certain of its officers and directors. The suit alleges, among other things, that Aurora misled investors as to the value of prior acquisitions, that the Company had experienced degradation in certain assets, and that as a result, it was foreseeable that Aurora would record significant goodwill and asset impairment charges. According to the lawsuit, this news was so shocking because Aurora had previously lauded a “business transformation plan” that would purportedly “better align the business financially with the current realities of the cannabis market.”

Keep reading... Show less

  • Exclusive patent licensed from University of Idaho.
  • Mustard-derived fumigation of stored food – targeting vegetables and potatoes.
  • Leading agrochemical for sprout suppression – chlorpropham – banned by European Union on Oct. 8, 2020.
  • Appointment of Scientific Advisor Dr. Matthew J. Morra, professor emeritus of soil biochemistry at University of Idaho.

 MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) (the “Company”, “MustGrow”) is pleased to announce the exclusive patent licensing from the University of Idaho pertaining to a natural biopesticide mustard-based treatment of stored produce and other foods, particularly sprout suppression of potatoes.

Keep reading... Show less

Study represents the first research completed on the long-term toxicity and lifespan effects of cannabidiol in the preclinical model C. elegans

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) and its medical division, Spectrum Therapeutics, have completed and published a new study on the long-term effects of cannabidiol (CBD), specifically focusing on toxicity and lifespan effects of CBD in the preclinical model C. elegans.

Keep reading... Show less