Cannabis Industry Update: Banking, DEA, & Socially Responsible Investing
ELEVATOR BRIEF
This week in the cannabis industry, marijuana business banking access is included in the United States House of Representatives’ Coronavirus Relief Bill. When the bill moved onto the United States Senate, Mitch McConnell and other GOP lawmakers slammed the banking provisions and other diversity-related provisions. In other news, the DEA has received very few comments on the far-reaching marijuana research proposal with the deadline for comments looming. Cannabis researchers look at the Propensity of Socially Responsible Investing in the marijuana industry and the Theory of Planned Behavior Approach. Studies show that most people in recreational marijuana states believe that legalization and regulation have been successful.
INDUSTRY SPOTLIGHT
Lee Enterprises Consulting, the world’s premier bio-economy consulting group, is pleased to announce the formation of its Hemp and Cannabis Industry Team. This new Team includes strategic partners Profit Management Group and Point Seven Group. Lee Enterprises Consulting has in-depth expertise in all phases of the bio-economy, now offering international compliance, operations, and strategy consulting to the hemp and cannabis industry.
CANNABIS STOCKS
Major Cannabis Industry Stocks are up +4.42% for the day, led by quarterly reports showing signs of a possible inflection point for the industry’s leading publicly traded cannabis companies. These cannabis stock prices have taken a massive hit over the past few months but leading analysts are starting to become more optimistic as banking access and other signs of economic relief compound leading to cannabis industry growth.
POLITICS
Marijuana Banking Access Included In House Leadership’s Coronavirus Relief Bill
House leadership unveiled a coronavirus relief bill on Tuesday that includes provisions to protect banks that service marijuana businesses from being penalized by federal regulators. Advocates, stakeholders, and lawmakers have been pushing for some form of cannabis reform to be inserted into COVID-19 legislation. And this round, they were successful, with the language of the Secure and Fair Enforcement (SAFE) Banking Act making the cut.
>>> Missouri medical marijuana officials will comply with lawmakers’ demand for records
>>> Most Members Of New Biden-Sanders Criminal Justice Task Force Back Marijuana Legalization
>>> Mitch McConnell And Other GOP Lawmakers Slam Marijuana Banking Provisions In Coronavirus Bill
>>> DEA Gets Few Comments On Far-Reaching Marijuana Research Proposal With Deadline Looming
FINANCE
The propensity of Socially Responsible Investing in the Marijuana Industry and the Theory of Planned Behavior Approach
Many U.S. states have legalized medical and recreational marijuana and have decriminalized its use, and recent trends show that many more people are in favor of legalization. Therefore, there is an increase in the opportunity to invest in the marijuana industry despite marijuana’s Schedule I classification. Socially responsible investing has gained prominence in the financial markets, as well. The purpose of this study was to gain insight regarding investors’ propensity toward classifying marijuana businesses as socially responsible investments and investors’ propensity toward supporting and investing in the industry.
>>> Federal Stimulus Funds for Cannabis Businesses Would Save Tens of Thousands of American Jobs
>>> Michigan marijuana s,ales for recreational marijuana soared to $7.9 million last week
>>> HEXO receives NYSE notification for possible delisting if their stock price doesn’t improve
>>> Cronos Group Could Survive the COVID-19 Storm with rising revenue and a strong balance sheet
CANNABIS TRENDS
Most People In Recreational Marijuana States Believe Legalization Is A Success, Poll Finds
People who live in states that have legalized marijuana for adult use broadly feel that the policy has been a success, according to a new poll. A majority of people from eight states that were surveyed said the programs are working well. And in Maine, which legalized cannabis in 2016 but still doesn’t have any adult-use retail shops open, people still said the law is more of a success than a failure by a greater than two-to-one plurality.
>>> Study: The impact of cannabis legalization in Uruguay on adolescent cannabis use
>>> Global Commission on Drug Policy Discusses Enforcement of Drug Laws: Refocusing on Organized Crime Elite
>>> Interim Analysis Shows At Least 90% Chance of Statistically Significant Difference in PTSD Symptoms after MDMA-assisted Psychotherapy
>>> Effects of Recreational Marijuana Legalization on College Students: A Longitudinal Study of Attitudes, Intentions, and Use Behaviors
MISCELLANEOUS
New York City Ban On Pre-Employment Marijuana Testing Takes Effect, But Not For All Workers
As of Sunday, many New York City employers are no longer able to require pre-employment drug testing for marijuana as a part of the hiring process—though there are a series of exemptions to the policy, including some that are still being finalized. The City Council approved the ban last year, and it was enacted without Mayor Bill de Blasio’s (D) signature. It stipulates that companies in the city can’t conduct pre-employment tests for THC metabolites unless the position is safety-sensitive.
>>> ‘Have a Good Trip: Adventures in Psychedelics’: Film Review
>>> United Nations Office on Drugs and Crime reports that COVID-19 is changing the route of illicit drug flows
>>> Office of National Drug Control Policy Releases Criteria for Designation of Emerging Drug Threats in the United States
>>> National Association of Cannabis Businesses Asks Seven Governors To Legalize Marijuana To Aid Coronavirus Economic Recovery
How Can Point Seven Group Help?
The team of cannabis consultants and professionals at Point Seven Group have worked extensively in the U.S. and international cannabis markets and are familiar with the unique challenges of the cannabis industry. Follow us on social media to stay up to date with more cannabis industry updates!
