Cannabis News 03/26/2021
Lots of important news this week. Read on if you’ve considered investing in stocks in the cannabis business.
Biden Administration fires employees for past marijuana use
Young White House employees are disciplined or fired in the Biden administration for admitting to past use of marijuana. Some are placed in remote work programs.
This comes after a federal recommendation that employees who have used marijuana in the past should not be fired immediately.
Some employees used cannabis in states that had legal recreational or medical legalization, which is currently the majority of states.
Even Republicans are pushing back against these policies, like Congressman David Joyce, who sent a letter to Biden condemning the actions. This underscores that marijuana legalization is now a bipartisan issue.
SAFE Banking and CLAIM Acts reintroduced in Congress
The SAFE Banking Act (Secure and Fair Enforcement) and the related Marijuana Insurance Clarification Act (CLAIM) were reintroduced in Congress this month. These acts are designed to change the marijuana industry forever.
Cannabis companies have always struggled to get banks to take their money. The SAFE Banking Act would allow banks and credit unions to work with marijuana companies without fear of federal prosecution. There will also be safeguards in place for lending to cannabis companies so they can expand their business.
Cannabis companies struggle to work with them for insurance at affordable prices. Insurance companies view the cannabis industry as an obligation as marijuana is still illegal nationwide. The CLAIM law has been reinstated, providing insurance companies with protection for working with marijuana companies so they can take greater risks.
These bills are expected to be passed once the Democrats have control of both houses of Congress. If ever there was a time to buy stocks in cannabis stores, it is now!
Chicago is the home of “Big Cannabis”
Just like “Big Pharma”, “Big Cannabis” is beginning to emerge, a group of companies that are growing rapidly and publicly traded. Three of the five companies in this group are located in Chicago: Green Thumb Industries, Cresco Labs, and Verano Holdings. Verano just bought Terra Vida from Pennsylvania, along with a number of other companies in the US.
This should bring significant trade to the Chicago area, which some have referred to as the “Silicon Valley” of the pot.
Medical marijuana teachers fired
A Florida teacher was fired for using medical marijuana. She was recommended by doctors with cannabis and had not used opioids to control pain since starting treatment. After failing a drug test, school authorities voted to fire her for a “drug-free job” requirement. This doesn’t make sense as the school has approved medical marijuana approval by students.
This was a sad setback for medical marijuana rights in Floridian.
WV approves medical marijuana foods
West Virginia has approved medical marijuana foods like chocolates and brownies for patients in need of treatment. This is a big step in the right direction. Pennsylvania regulators should take note of this as the state still bans food despite approving highly potent orally effective products like Rick Simpson Oil (RSO). There’s no point in banning foods when you can eat a grain-sized amount of RSO and get high (or half the shot) of it.
Medical marijuana regulations updated in PA
Pennsylvania regulations are being updated to require personal appointments for “ongoing care” by medical marijuana doctors. This is in contrast to the temporary guidelines put in place after the coronavirus that allow companies (like this one) to see patients and certify them after a video or phone appointment with the doctor. It is unclear if these temporary guidelines will become permanent and, if not, when they will expire.
The new regulations also prohibit doctors from charging patients “excessive fees”. They don’t state what would be excessive, but luckily, patients can come to places like Nature’s Way Medicine and get high quality, efficient certifications at reasonable prices.
Stay tuned for more updates and news, including research on cannabis, next week.