The shift in political leadership in the executive branch and the Senate is making some legal cannabis professionals and pundits feel both excited and optimistic about the future. From reactivating stalled cannabis reform laws, such as the MORE Act, which decriminalizes marijuana, to making federal legalization a reality, there is hope that the new Biden/Harris administration coupled with a Democrat-controlled Congress, could perhaps herald an era of promise and progression for the sector.
Yet, because of the ongoing pandemic and recession, the industry might not see significant tailwinds until another two to three years, cautioned Matt Hawkins, founder and managing partner for cannabis-focused private equity firm Entourage Effect Capital.
“Legalization isn’t necessarily a top priority for the executive branch,” he explained. For Hawkins, passing the STATES Act should be a top priority “since it allows individual states to determine their own legalization framework and support local businesses without interference from the federal government. In this scenario, cannabis products still won’t be able to cross state lines, but the model could mirror current policies that govern the alcohol industry.”
Published: January 27, 2021
Founder & Interim Editor of L.A. Cannabis News