US Cannabis Decriminalization More Likely Than Legalization
Senator Schumer Puts Forward Bill for US Cannabis Decriminalization That Many Call a Sham – LPC
Yet another puzzle piece has fallen into place for US cannabis decriminalization and legalization. But, as has been the case lately, the puzzle piece has made the picture fuzzier, not clearer. On July 14, Senate Majority Leader Chuck Schumer introduced a bill to “decriminalize and deschedule cannabis, to provide for reinvestment in certain persons adversely impacted by the War on Drugs, to provide for expungement of certain cannabis offences, and for other purposes.”
“America is on our side,” Schumer during a news conference announcing his bill. “Seventy per cent of Americans support legalizing adult use of marijuana.”
However, it’s clear that the people that really count when in comes to US cannabis decriminalization and legalization – the government – aren’t.
“The reality is there just aren’t the votes for comprehensive reform. This will get whittled and beaten down,” said Todd Harrison, the chief investment officer of CB1 Capital, a New York-based fund focused on global cannabis.
Most conspicuously, it doesn’t have the backing of President Joe Biden. Since taking office, Biden has been relatively mum on his cannabis policy. He did campaign with the promise of US cannabis decriminalization. However, many say – including his press secretary – that this bill goes too far.
“Nothing has changed, and there are no new endorsements of legislation to report today,” Press Secretary Jen Psaki said at a briefing after Schumer submitted the new draft legalization bill.
US Cannabis Decriminalization a Political Smoke Screen?
The proposed bill is so out of step with the political realities that many question Schumer’s motives behind his US cannabis decriminalization bill. Cowen analyst Jaret Seiberg said that he didn’t believe the bill could get votes from all Democrats, never mind Republicans. That’s a red flag.
“We believe this legislation is designed to fail,” Seiberg said. “It is close to everything that progressives want, while providing little reason for Republican senators to back the measure.”
Instead, it might be a ploy. The bill looks more like “a political effort designed to boost Schumer and other Democratic senators in the 2022 primary and general election fights,” Seiberg said. Others suggest that the only part of the US cannabis decriminalization bill that might pass are the parts related to opening up banks and stock markets to cannabis companies.
Predictions about what year US cannabis legalization will come into effect have so far fallen flat. Many believed strongly that 2021 was the year for legalization. But many also believed that in 2020 and 2019. Optimism continued to grow after Biden won the election and, simultaneously, more states legalized recreational cannabis.
However, if this latest weather balloon of US cannabis decriminalization is any indication, US cannabis legalization at the federal level is still a ways away.
Read the Full Story at Bloomberg
ADD YOUR STORY HERE
Do you have a business in Canada’s legal cannabis market? Are you a craft cannabis producer or own a chain or independent cannabis retail store? Let’s tell your story here! A news article and your approved listing page make great ways to connect your brand with a qualified audience looking for what you are offering. Learn more about submitting your article to LPC.
Start driving more traffic to your website.
