Congressional committee holds cannabis legalization hearing

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CANNABIS HEARING

Congressional committee holds cannabis legalization hearing

Multiple U.S. Representatives questioned seven cannabis advocates to discuss legalization at the federal level in a recent hearing, reports High Times

The discussion covered: 

  • Cannabis legalization. 
  • The failed War on Drugs. 
  • How Biden’s announcement to pardon federal cannabis convictions requires state action to help people. 
  • The treatment of veterans who seek relief with cannabis 
  • The potential of hemp as a building material and the legal challenges connected to this. 

The hearing was co-led by Rep. Jamie Raskin (Chairman of the Subcommittee), who said: “…the country had its experience with trying to criminalize alcohol. It didn’t work, and it caused much more severe problems and we know that is precisely the history we’re living through today, again, with marijuana, it needs to be regulated, it needs to be carefully controlled, but we should not be throwing people into prison for any period of time for one day because they smoke marijuana. It makes no sense. We should not be ruining people’s lives over this. I think the country has made its judgment, it’s time for Congress to catch up.”


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CLEMENCY FOR ALL

AOC pushes Biden to extend his cannabis pardons to immigrants

Marijuana Moment reports that nine congressional lawmakers have sent a letter to President Joe Biden, imploring him to extend his cannabis pardon action to include immigrants who have citizenship status issues.

Whilst the pardon announcement has been largely welcome, concerns remained over tens of thousands of immigrants that would not be eligible for the pardon. 

The letter states that the president’s clemency action “is an essential step for our country’s promise of justice for all. Therefore, it is of utmost importance that the Administration pardon all simple marijuana possession offenses — regardless of immigration status.” 

The publication highlights that 92% of federal cannabis possession cases in 2013 occurred at the U.S. Southern border, and 94% of those people were not U.S. citizens. 


SAFE BANKING

Cannabis finance companies will see competition if SAFE act passes

MJ Biz Daily explores the likely competition that will come for cannabis-specific finance companies should the SAFE Banking Act pass. 

Under federal prohibition, the US cannabis industry has been desperately waiting for access to financial services and the SAFE Banking Act has been designed to enable just that. However, MJ Biz Daily highlights that while some believe the act will be a threat to business.

Avis Bulbulyan, CEO of Los Angeles-based cannabis business development firm Siva Enterprises, told the publication he does not believe banking reform is likely to pass any time soon: “For some, it’s going to create an exit opportunity. For others, it’s going to pull the rug out from underneath them.”


SHARE JUMP

Cantourage’s €80m listing sees its share price skyrocket 300%

Since Friday, Cantourage’s shares have skyrocketed by nearly 300%, trading at just over €23 at the time of writing, valuing the company at $287m, writes BusinessCann. 

The development follows the company’s listing on the Frankfurt Stock Exchange under theticker HIGH.

The company has stated it will use funds to ‘expand its production capacities, enter new markets, and prepare for the upcoming legalization of recreational cannabis in various European countries’. 

Cantourage’s CEO Philip Schetter, said the listing ‘marks the start of the next phase in Cantourage’s growth story’, as it takes aim at the upcoming recreational market and expansion into Europe. 

BusinessCann highlights that it is not just Germany that is seeing increasing interest in the cannabis industry, with positive sentiment towards cannabis investment spreading throughout European markets.

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