Tag: CNBC

We think Trump may support cannabis legalization, says Tilray CEO Irwin Simon

Written by thcscout on January 3, 2025. Posted in Legalization. No Comments on We think Trump may support cannabis legalization, says Tilray CEO Irwin Simon

Irwin Simon, Tilray CEO, joins CNBC’s ‘Money Movers’ to discuss outlooks on the cannabis industry, the year ahead for Tilray, and more.

Inside New Jersey’s Legal Weed Boom

Written by thcscout on March 15, 2023. Posted in Legalization. No Comments on Inside New Jersey’s Legal Weed Boom

As marijuana legalization spreads, states are looking at different ways to ensure those most affected by decades of racially biased anti-drug policies have a leg up.

Under a special program, New Jersey prioritizes granting licenses to dispensaries run by people with marijuana convictions on their records.

Lawmakers hope that by making equity a cornerstone of their newly legalized markets, those who dealt marijuana in the illegal, or “legacy,” market will be persuaded to go legit.

Produced by: Stefan Sykes, Christian Nunley
Camera: Brad Howard
Supervising Producer: Jeff Morganteen

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Inside New Jersey’s Push to Get Ex-Cons Into Cannabis Capitalism

Senate Democrats propose legalizing cannabis at the federal level

Written by thcscout on July 18, 2021. Posted in Legalization. No Comments on Senate Democrats propose legalizing cannabis at the federal level

Senate Democrats just unveiled a plan to legalize marijuana at the federal level. Their plan would take cannabis off of the federal controlled substances act and would make the minimum age 21 to purchase marijuana. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Senate Majority Leader Chuck Schumer proposed legislation Wednesday to legalize marijuana at the federal level, a move aimed at easing restrictive drug policies that have disproportionally impacted communities of color and the poor.

The Cannabis Administration and Opportunity Act would remove marijuana from the Controlled Substances Act and introduce regulations to tax cannabis products.

The proposal would expunge federal records of nonviolent cannabis offenders and allow people serving time in federal prison for nonviolent marijuana crimes to petition a court for resentencing.

“This is monumental. At long last, we are taking steps in the Senate to right the wrongs of the failed war on drugs,” Schumer, D-N.Y., said during a press conference at the Capitol. Schumer unveiled the draft along with Senate Finance Committee Chair Ron Wyden, D-Ore., and Senator Cory Booker, D-N.J.

The plan would also create an Opportunity Trust Fund from new cannabis tax revenue in order to invest in programs for communities most affected by the “failed War on Drugs,” according to a draft of the bill.

The plan to decriminalize marijuana will likely face a contentious battle in the Senate, as it’s generally opposed by Republicans and some moderate Democrats and has not received an endorsement from President Joe Biden. Schumer will require 60 votes, including at least 10 GOP votes, to pass it through the Senate.

So far, 37 states and the District of Columbia have legalized the medical use of cannabis and 18 states along with D.C. have legalized recreational use of the drug by adults. However, the drug remains illegal under federal law.

Public polling shows that nearly 70% of Americans support legalizing the drug.

“For decades, our federal government has waged a War on Drugs that has unfairly impacted low-income communities and communities of color,” Booker said in a statement. “While red and blue states across the country continue to legalize marijuana, the federal government continues to lag woefully behind. It is time for Congress to end the federal marijuana prohibition and reinvest in communities most impacted by the failed War on Drugs.”

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Cannabis countdown: 3 big headlines moving pot stocks this week

Written by thcscout on June 18, 2021. Posted in Legalization. No Comments on Cannabis countdown: 3 big headlines moving pot stocks this week

Tim Seymour, the founder and chief investment officer of Seymour Asset Management and the man behind the Amplify Seymour Cannabis ETF (CNBS), runs through three major headlines moving cannabis stocks. Subscribe to CNBC Pro to access our live Pro Talk “How to Navigate the Reddit Market Mania” with Fundstrat’s Tom Lee and CNBC’s Mike Santoli: https://cnb.cx/3r7vPrJ

Senate Majority Leader Chuck Schumer and two other Democratic senators said Monday that they will push to pass this year sweeping legislation that would end the federal prohibition on marijuana, which has been legalized to some degree by many states.

That reform also would provide so-called restorative justice for people who have been convicted of pot-related crimes, the senators said in a joint statement.

“The War on Drugs has been a war on people — particularly people of color,” said a statement issued by Schumer, of New York, and Sens. Cory Booker, of New Jersey, and Ron Wyden, of Oregon.

“Ending the federal marijuana prohibition is necessary to right the wrongs of this failed war and end decades of harm inflicted on communities of color across the country,” they said.

“But that alone is not enough. As states continue to legalize marijuana, we must also enact measures that will lift up people who were unfairly targeted in the War on Drugs.”

The senators said they will release “a unified discussion draft on comprehensive reform” early this year and that passing the legislation will be a priority for the Senate.

The trio also said that in addition to ending the federal pot ban and ensuring restorative justice, the legislation would “protect public health and implement responsible taxes and regulations.”

Schumer co-sponsored marijuana decriminalization legislation several years ago.

The statement comes as public support for legal marijuana has grown. A Gallup poll in November showed that 68% of Americans, a record high, favored marijuana legalization.

Every initiative that involved the decriminalization or legalization of marijuana on the ballot in 2020 passed.

Voters in New Jersey and Arizona chose to legalize marijuana for adult recreational use. Mississippi voted to legalize medical marijuana use, and South Dakota legalized the drug for both recreational and medical use.

So far, 15 states and the District of Columbia have legalized marijuana for adult recreational use, and 36 states permit medical use of the drug.

Oregon is the first to have decriminalized hard drugs.

Senate Democrats push for nationwide marijuana legalization

Written by thcscout on February 8, 2021. Posted in Legalization. No Comments on Senate Democrats push for nationwide marijuana legalization

The cannabis industry has created around 70,000 jobs in 2020, according to Leafly. That’s double the number that were created in the previous year. Senate Democrats are now pushing to legalize marijuana in the U.S. Frank Holland joins Shep Smith to report. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi