Legal Cannabis Worth More than the Soda Market
Investment Bank, Cowen, says Legal Cannabis could generate $75 Billion if legalized nationally by 2030. According to Business Insider, the legal weed market will be worth more than the soda market. Furthermore, alcohol sales are declining and will likely continue to fall as cannabis becomes more available for recreational use in other states.
The Molson-Coors company recently mentioned in their annual reports that recreational cannabis is beginning to hurt their bottom-line and will continue to do so. So, there is some accuracy in the statements made by Cowen. We, however, believe that 2030 is way too far a target for legal cannabis or cannabis reclassification on a federal level. It is more likely that we are looking at 2020 or even before.
Think it’s impossible? To everyone’s surprise, former speaker of the House, John Boehner, has now joined the board of Acreage Holding. According to Mr. Boehner, he had a complete and sincere change of heart about legal cannabis. Furthermore, former governor of Massachusetts, William Weld, is also on the board of Acreage Holding. We really might be looking at a possible rescheduling of cannabis (federally) in the next couple of years.
Not quite a Federal WeedUpdate, however, the FDA wants your input on if Marijuana should be reclassified at the federal level. Why? It is because the World Health Organization (WHO) is requesting information from member states about cannabis and cannabis-related substances. Notably, if they induce dependence, and/or if they are therapeutic. WHO is asking for published and unpublished information to help them with this information-gathering exercise. A meeting is scheduled for June 2018, whereby they will recommend to the Secretary-General if there is a need for international control of cannabis.
We hope that many of the scientific studies on CBD and THC are submitted to the FDA, so that WHO can see the therapeutic and healing properties of Cannabis. Are the tides changing? Perhaps. It is getting better every day.
WeedUpdate from Across the Country
The Connecticut General Assembly held four different hearings over the past three weeks about recreational cannabis legalization. And last week, they approved a bill be sent to the state legislature for approval. The bill will authorize the state to begin planning for legal cannabis, especially that states surrounding Connecticut already have legalized recreational marijuana. A recent poll found that 70% of Connecticut residents support regulating and taxing recreational cannabis.
The Maryland state Senate approved a bill that would increase the number of medical marijuana growers from 15 to 22. The bill will also increase the number of marijuana processors from 15 to 30. Hopefully, this will give a chance for some black residents (which are a third of the state’s voters) to own a growers license.
Since the approval of the medical marijuana bill nearly five years ago, many New Hampshire residents have signed up and benefitted from the program. However, there are some residents of the state that have to drive too far to reach a dispensary. Therefore, a new bill has been approved by the state senate to make sure to authorize/license more dispensaries to make sure that they are closer to all constituents.
Cynthia Nixon, one of the stars of “Sex and the City”, is amassing a campaign for governor of New York. She has recently voiced support for legal cannabis to regulate, tax, and raise revenue for the state. Current Governor Cuomo is opposed to legalizing recreational marijuana calling it a “gateway drug.” So, if you think recreational cannabis should be legalized in New York, then support Cynthia Nixon.
Last week we reported that the House Committee approved the medical marijuana bill, but one of the leading sponsors of the bill, Senator Steve Dickerson (R), withdrew his support for the bill. He cited the reason that it has become very watered down and not beneficial for patients. He said that he would be back with a better law next year.
One of South East Wisconsin’s most vocal members of the community, Fabi Maldonado, just won a seat on the Racine County Board. This is a signal for a significant change in the state which has no laws regulating marijuana. And, it has empowered the local NORML office to step up their lobbying efforts.
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