GUNNING FOR CANNABIS
Wall Street Journal op-ed argues that cannabis is linked to violent crime
While TV host Bill Maher suggested Republicans would support more of the Democrat efforts to federally legalize cannabis if there was less of an emphasis on social equity, a Wall Street Journal op-ed shows some conservatives in the US are trying to use cannabis as a means to deflect from calls for gun control.
The op-ed, which argues that ”the public needs an honest discussion of its social and public-health risks, which include violence and mental illness,” comes one week after FOX’s Laura Ingraham tried to link cannabis to the violent attack on an elementary school in Uvalde, Texas that killed 19 children and two adults.
But many on Twitter pointed out the flawed logic of the argument. “Is it widespread access to semi-automatic weapons? No, no, it’s the weed obviously,” tweeted Insider’s Jeremy Berke.
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GREEN FOR GREY
NYC Mayor greenlights grey market cannabis as critics push for equity leadership
Eric Adams, the mayor of New York City, says he has no plans to crack down on cannabis gifting or unregulated entrepreneurs, per the Daily News.
“There needs to be a system of not heavy-handedness, but going in and explaining to that store that, ‘Listen, you can’t do this,’ give them a warning,” Adams said an industry expo at the Javits Center in Manhattan on Friday.
At the same time, critics say the state of New York still needs to take further steps to ensure its lofty social equity goals are met, reports MJBizDaily.
While half of the initial retail licences will be reserved for people with prior cannabis convictions and a USD $200 million fund to support social equity entrepreneurs, some suggest the following:
- Appointing a chief equity officer
- Creating an advisory board focused on diversity
- Creating a thorough social and economic equity plan, which is mandated in the state’s adult-use legislation
“I don’t see how this all is going to work,” said Rob DiPisa, co-chair of the cannabis law practice at New Jersey’s Cole Schotz.
STATE VS FEDERAL
US Conference of Mayors support cannabis banking reform
At Monday’s 90th annual meeting, the US Conference of Mayors passed a measure asking Congress to pass legislation that would protect financial institutions who work with legal cannabis businesses from federal prosecution, reports Marijuana Moment.
The group represents mayors from 14,000 cities with a population of more than 30,000 across the United States. Last year, the group called for federal cannabis legalization.
The measure reads, “the conflict between state law and the illegality of cannabis under federal law creates significant challenges and barriers for legally-owned and operated recreational and medical cannabis dispensaries and cannabis-related companies.”
LONG GAME
Kanabo reports £4.6 million loss in 2021
Mere weeks after announcing its £36 million acquisition of Materia would not be happening after all, medical cannabis company Kanabo reported a £4.6 million loss and just £73,000 in sales since launching its vape products in the second half of the year, per BusinessCann.
The company launched vapes in the UK medical market in late August and CBD VapePods in the UK, Germany, Canada, France, Italy and Poland in July.
Founder and CEO and Founder Avihu Tamir said he remains optimistic. “At the end of the day, it’s all about the expectation of investors, and in the long run, we all know that cannabis will be a significant industry in the UK and EU as it is in North America today,” he said. “We remain confident that there will be a ‘second coming’ for the sector that will propel valuations higher for those companies like Kanabo who have distinctive skills and market access.”
