A new bill in the US Senate is looking to decriminalize marijuana at a federal level in the country, potentially ending what in the market has been a gray area as to the legality of cannabis businesses in America.
Sen. Cory Booker introduced the Marijuana Justice Act through Facebook’s (NASDAQ:FB) live video streaming on Tuesday (August 1). According to the office of the New Jersey Senator, the bill would retire cannabis from the federal list of drugs on the Controlled Substances Act (CSA) where it has shared a spot with cocaine and heroin.
In statement, Senator Booker said the current state of drug laws in the US is broken and in need of an update.
“[Drug laws] don’t make our communities any safer – instead they divert critical resources from fighting violent crimes, tear families apart, unfairly impact low-income communities and communities of color, and waste billions in taxpayer dollars each year,” Senator Booker said.

Cannabis would become legal and states would be encouraged to change their current laws

The act would provide incentives to states that may not feel compelled to update their current stance on the drug and would also allow current prisoners to ask for a resentencing if they were arrested for marijuana related possession or drug-use crimes.
As part of joint statements, Queen Adesuyi, a policy associate at the Drug Policy Alliance called the bill the “most ambitious” piece of legislation related to cannabis in Congress.
“[T]he war on drugs has had disparate harm on low-income communities and communities of color,” Adesuyi said in the statement.
Attorney General Jeff Sessions has been opposed the decriminalization of cannabis. He has faced opposition from Senators and Governors who have adopted positive views on cannabis and the business around it.
The office of the Attorney General declined to comment for this story.
Recently, Sessions asked for support from Congress for a targeted look at medical cannabis users. In May, as reported by Leafly the Attorney General also asked for Congress members to drop protections on the use of medical cannabis at the state level.


Potential impact of the bill if approved

In an email interview with Investing News Network (INN) Alan Brochstein, cannabis financial analyst with 420 Investor, said he’s admired Senator Booker’s commitment to legalization and wants to see the Marijuana Justice Act become law. However, he doesn’t expect it actually will anytime soon.
“I don’t expect this to pass,” he said. “My hope is that this legislation… will stimulate [a] conversation and education and perhaps get Congress to focus on at least a couple of the issues that the industry faces,” Brochstein added, pointing to the lack of research and issues with banking for companies in the market.
According to Brochstein if the act were to become law it would catapult the industry by removing a set of impediments currently blocking it.
“[The cannabis industry would take off, as all of the major impediments would be removed, including access to banking, research, interstate transport and the punitive 280E tax, among other issues. It would open capital markets as well,” Brochstein said.
Don’t forget to follow @INN_LifeScience for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

In the cannabis space this week, retailer Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) told investors it will be entering the US market through a novel strategic action.

Meanwhile, two longstanding cannabis partners ended their relationship.

Keep reading... Show less

Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development

Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.

Keep reading... Show less

The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.

Keep reading... Show less

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, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

Keep reading... Show less

HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.

DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.

Keep reading... Show less