Are You Up To Date On The Cannabis Industry?
Over the last year and into the new year the cannabis industry has been making changes. Some of these changes have caused the market and marijuana stocks to rally. For example back in 2020 when the House passed the MORE Act. it created a lot of momentum for cannabis stocks. This was because the MORE Act is a bill that if passed by the senate will federally decriminalize cannabis.
In addition to this, we also had the presidential election which added more momentum to the market. As well during the campaign our new vice president Kamala Harris made a promise to help push for federal legalization. Currently, there is a lot of anticipation around the future of the cannabis industry.
During this last election, 5 new states have gone legal adding to the list of new cannabis markets that will soon be created. Much of this growth is a sign of the times changing. Cannabis at one point in time was not as safe of a topic to discuss without starting an issue. Over the last decade or so things have begun to transition into a much more cannabis-friendly world. So far to start the new year many cannabis stocks are reaching new all-time highs. Below we will discuss the current events and industry updates as 2021 is shaping up to be a promising year.
Cannabis Industry Updates
- Trump Helps Pardon Those With Cannabis Convictions
- Joe Biden Makes His Choice For The DNC
- Colorado Has Record-Breaking Cannabis Sales
- Updates To The 2018 Farm Bill
- Are These The Top Marijuana Stocks To Watch In 2021?
Donald Trump Helps Marijuana Prisoners On Last Day In Office
As Donald Trump leaves the white house there is some unfinished business he wanted to complete. Recently Trump went on to make a few pardons before exiting the White House. In addition to his recent pardons, he also granted clemency to certain individuals who were imprisoned due to cannabis-related crimes.
Those individuals were Craig Cesal, who was granted clemency for his cannabis conviction. As well as Michael Pelletier, who has served over a decade of a life sentence over a federal marijuana conviction. Another pardon came in for cannabis activist Weldon Angelos. This has caused quite a stir but also sets an example of what may come with the potential of federal cannabis legalization.
Joe Biden Has Selected His New DNC Leader
Recently our new president Joe Biden has made his choice on who he feels will be the best candidate to run the DNC. The person Joe Biden wants to run the Democratic National Committee is none other than former South Carolina Democratic Party Chair Jaime Harrison.
If elected he will be the one in charge of coordinating Democrats’ national political activities. For those who don’t know Jaime Harrison is a strong proponent of cannabis reform. With him, in the DNC chair, his influence on the cannabis reform would hold great influence.
“I think we should legalize, regulate and tax marijuana like we do alcohol and tobacco,” he said in July. “There is simply no medical reason to lock people up over this issue. In essence, this is about common sense.”
Colorado Hits Over Billion In Cannabis Sales
In recent news, Colorado has made record breaking cannabis sales for the state. Sales in Colorado have now broken past $2 billion. This is the largest amount since the state has gone legal. Colorado dispensaries were able to bring in approximately $175,145,246 in November. This was a 17 % increase from 2019. With this Colorado reaped $32,383,094 in revenue from taxes and fees. In 2020 the state raked in $387,480,110 in taxes and fees.
Colorado receives a 2.9 % sales tax from the medical and recreational side of its cannabis sales. This is in addition to a 15 % excise tax on retail cannabis. State law requires marijuana tax revenue to be allocated to local governments and Colorado’s education, transportation, and marijuana cash tax funds. This all depends on where the tax money is coming from. Overall with the state seeing higher revenue than ever before 2021 is looking promising for the state’s cannabis market.
The Hemp Bill Gets Updated Years Later
Recently the USDA has finalized some of the constitutes of the 2018 Farm Bill. For those who don’t know the Farm Bill is a bill that legalized the cultivation and processing of industrial hemp across the United States. Those involved in the cannabis industry are happy to see improvements from initial interim rules. However, some still feel there is room for additional changes. Which they hope will happen now that Biden is taking office.
Although this change is 2 years after the 2018 Farm Bill was passed. This bill required the proper framework from the USDA to be put into place to run an efficient industrial hemp program. Since that time many proposals have been released. As it stands the final rules and regulations are set to be released in the Federal Register on Tuesday and will take effect on March 22.