In a leaked audio recording of US President Donald Trump, the world leader hinted at a possible solution to the banking issues for cannabis in the country, while also bashing the effects of the drug, a new report indicates.
“Cannabis, look, you’re talking about marijuana, right?” Trump said in a response from a conversation with Lev Parnas, a Soviet-born businessman working alongside Trump’s associate and lawyer Rudy Giuliani. “You can’t do banking there?”
Parnas’ tape, including various comments from Trump, was publicly shared by his lawyer, according to CNN. The audio is reported as having taken place during a donor dinner held by the president in 2018. Parnas is being linked to the current impeachment inquiries held against Trump.
A report from Forbes indicates Parnas asked Trump about the issues of banking related to the emerging marijuana industry. Due to the federal illegality of the drug, the industry in the US has faced a roadblock when attempting to engage the banking industry and other established services.
Companies operating in the US do so in states where it has been legalized on the state level, allowing the business of marijuana to expand. However, companies must manage their operations in each state separately those in other states.
In the tape, while discussing the banking issue, Parnas affirms: “That’s the biggest problem, because none of the banks accept the money.”
“(It is) all working out. That whole thing is working out,” the president replied. “I don’t know if that’s a good thing or a bad thing.”
The conversation also turned towards the actual impacts of marijuana use per the president’s views.
“In Colorado they have more accidents,” Trump said while discussing the drug with Parnas. “It does cause an IQ problem.”
A 2019 study in the journal Addiction indicated deaths related to traffic accidents increased for a period of time following the legalization of recreational cannabis use in Colorado, Oregon and Washington state. The study noted there were 170 additional deaths in the six months following legalization. However, the effect did not last long, and according to the results, those numbers returned to normal a year after.
There have been conflicting results on the impact of marijuana legalization on impaired driving accident rates. According to a report from The Verge, there have been dueling studies showing both significant upticks in crashes and no real consequential changes.
Colorado legalized the recreational use of cannabis in 2012. Colorado Senator Cory Gardner has become an advocate of the industry from within the Republican party and has attempted to sway the president regarding the opening of the industry for businesses in the US.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination
Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan
Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.