For many in the Cannabis industry it was good news this past week with multi-state operators moving to ramp up their businesses, and fast.
Jan. 6, we saw the results of Georgia’s Senate race of Democrats and there win and New York Governor Cuomo proposed to legalize marijuana in his state, Curaleaf Holdings Inc. raised more than $200 million, so big moves are at play. The Georgia results were so unexpected causing company's to prepare for a larger market boom.
Developments are moving faster than expected. The STATES Act, which would give states more legal authority to determine their own marijuana rules, is most likely federal regulation to pass soon -- but the MORE Act, cannabis which would decriminalize may take a while. . The STATES Act could be approved in either the second half of 2021 or the first half of 2022.
Many did not expect the MORE Act to be passed until the next administration, but now people in the industry are thinking it could happen during the next 4 years with Democrats having majority in the Senate.
- Amsterdam seeks to ban tourists from its coffee shops that sell cannabis to help stop hard drugs and organized crime linked to the marijuana industry there.
- A Democratic Senate is seen as raising the likelihood of legal cannabis and getting banking approval for the industry.
- Cuomo will announce his plan for legalizing marijuana as part of the 2021 State of the State.