Cannabis in DC
Five witnesses are scheduled to testify at a Senate Committee on the Judiciary subcommittee hearing on cannabis legalization Today.
Last week the Senate Democrats introduced legislation (CAOA) that would legalize marijuana on the federal level, and today, a Senate Judiciary Committee subcommittee will hold a hearing to discuss it. The Subcommittee on Criminal Justice and Counterterrorism will convene Tuesday at 2:30p ET with the hearing titled "Decriminalizing Cannabis at the Federal Level: Necessary Steps to Address Past Harms." The subcommittee is chaired by Sen. Cory Booker (D-N.J.). The panel includes a city police chief, an individual convicted of marijuana and firearms charges who was later released from prison and received a presidential pardon, and a former New York Times reporter who authored a book that claims there is a link between cannabis use and psychosis and violence. Annapolis, Md., Police Chief Edward Jackson is active in the Law Enforcement Action Partnership which focuses on decriminalizing cannabis and treating it as a public health issue. In 2003, Weldon Angelos was convicted and sentenced to a 55-year mandatory minimum sentence for selling small amounts of cannabis while possessing a handgun. After his case drew attention from national lawmakers and celebrities, he was released from prison in 2013 and granted a pardon by President Trump in 2020. Alex Berenson is the author of the 2019 book Tell Your Children: The Truth About Marijuana, Mental Illness, and Violence. The book has come under criticism from some scientists who say Berenson cherry-picked data and infers correlation is the same as causation. Also on the roster are Malik Burnett, medical director of the Maryland Department of Health's Center for Harm Reduction Services, and former Associate Deputy Attorney General Steven Cook. He is known to favor hard-line drug policies.
WEED SPAC Giving Back Money.
Choice Consolidation Corp. has decided to close its SPAC and return investors' money. The SPAC began trading in August of 2021 and raised $172.5M. "While the creation of the legal and regulated cannabis industry presents the opportunity to harness the growth potential of a burgeoning industry, the current shifting market conditions and partisan political gridlock have made our current pathway too unpredictable. After careful review and consideration, we believe it is in the best interest of our shareholders to return their investments at a time when they can be better deployed in other vehicles. Our passion and confidence in the cannabis sector have not waned, and I look forward to unlocking future opportunities in the industry," said Caltabiano, CEO of Choice Consolidation Corp (former co-founder of Cresco Labs).
IL Bringing in the dough.
Governor Pritzker from Illinois said that the state brought in $445.3M in tax dollars from $1.5B in cannabis sales for the FY22, a 50% increase from FY21 (but has been flat since December). "Illinois is leading the way in addressing the War on Drugs as no state has before, and dispensary ownership that reflects our state's diversity is a product of that commitment," Pritzker said last week. "These licenses represent a significant step toward accountability for the decades of injustice preceding cannabis legalization. Illinois will continue to deliver on the promises of putting equity at the forefront of this process."
