Aug. 31, 2022, 11:34 a.m. EDT

President Biden Under Pressure To Sign Cannabis Legalization Bill Into Law If Senate Approves It; House Has Already Approved Act

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

Aug 31, 2022 (Stock Market Press via COMTEX) -- President Biden is under pressure from within his party to sign the cannabis legalization bill if approved by the Senate. It has already been approved by the House , primarily along party lines, with bi-partisan approval. Both the Senate Majority and Minority leaders have reason to be in favor of the bill. Needed for passage are every Democrat plus 10 more Republications -- there is no margin for anything else.

StockMarketPress is a media company which is spotlighting the cannabis industry analyzing how growth in cannabis legalization by state in 2022 could impact companies and investors. Some of the stocks it recently reported on include Aurora Cannabis Inc. (NYSE:ACB) (TSX: ACB), Supreme Cannabis Co. (OTC: SPRWF), The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF), OrganiGram Holdings Inc. (NASDAQ: OGI), Canopy Growth Corp. (NASDAQ: CGC) CBD Unlimited, Inc. (OTC PINK: EDXC),).

The Marijuana Opportunity Reinvestment And Expungement Act passed in the House last Spring, and now faces Senate approval and possibly President Biden's signature to become law. In addition to decriminalizing marijuana, the Bill would establish procedures for expunging prior convictions from people's records. It would also impose federal sales tax on the sale of cannabis products -- starting at 5% and rising to 8%.

Medical cannabis is already legal in 37 states and Washington, D.C. In addition, 18 states and D.C. have legalized recreational marijuana. In the Senate, Chuck Schumer (D-NY), Majority Leader, has already gone on record approving the measure. Minority leader Mitch McConnell is already tied to the cannabis industry.

However, some feel that passage in the Senate this year faces a too-high hurdle: 60 votes are needed. That means all Democrats would have to vote yes, plus 10 more Republicans would have to do the same.

President Biden said during his campaign for president he would decriminalize marijuana use. He has wavered since then, but plans to campaign around Labor Day with pro-marijuana candidates , such as nominee John Fetterman in Pennsylvania.

At first, candidate Biden said he would even take executive action if elected to decriminalize cannabis. But as a past leader in the War on Drugs, Biden's commitment to legalize cannabis concerns some political activists.

Source: Stock Market Press

Join Stock Market Press' newsletter for the latest in IPO, market commentary and company profiles.

Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.

Contact:

Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock

Safe Harbor Statement:

Statements in this news release may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

See Stock Market Press disclaimer: http://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press

COMTEX_413453005/2617/2022-08-31T11:33:37

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.