WORKING HARD OR...
Biden says he’s ‘working on’ justice reform
For the first time since getting elected, President Joe Biden publicly said he believes that no one should be imprisoned for using cannabis and that social justice reform is on its way, per Marijuana Moment.
“I don’t think anyone should be in prison for the use of marijuana,” Biden said in response to a question from a New York Post reporter on Saturday night.
“We’re working on the crime bill now,” the president added. But he was vague on details, such as what legislation his administration has in the works.
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HIT A WALL
US House Democrats are frustrated with delays on SAFE Banking
SAFE Banking “appears to have hit yet another wall” in the US Senate, writes MJBizDaily, but US House lawmakers aren’t giving up on the bill that would allow banks to work with regulated cannabis companies without facing federal consequences.
SAFE Banking sponsor Rep. Ed Perlmutter said he’s still hoping the amendment included in the NDAA, which the House just passed for the seventh time, will make it through the Senate. But with Senate Majority Leader Chuck Scumer’s broader Cannabis Administration and Opportunity Act, rumoured to finally be dropping soon, could further stall progress.
“The frustration’s been there for a long time,” Perlmutter said, adding that the Senate needs to get to work. “They’ve got to figure out what it is they want and they can pass. Those two things aren’t necessarily the same thing, so they’ve just got to talk among themselves – Democrats and Republicans – over there.”
BOUNCE BACK
US cannabis stocks react to news that Schumer’s legalization bill will be introduced
American cannabis stocks rebounded after Bloomberg reported that Senate Majority Leader Chuck Schumer’s long-awaited Cannabis Administration and Opportunity Act will be introduced this week, per the Dales Report.
The bill is not likely to pass, but most MSO stocks rose by between 6-14% over the past week.
Per New Cannabis Ventures, momentum began over the past four weeks:
- Ascend Wellness rose by 33% over the past month
- Columbia Care has increased by 16%)
- Cresco Labs was +26% over the month
- Jushi Holdings is up 22%
- Green Thumb Industries is +19%
“We remain optimistic that the market conditions will improve,” concludes New Cannabis Ventures.
