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Today we hosted a flash call with Hedgeye Macro Policy Expert JT Taylor to discuss the implications of President Biden's remarks about the Cannabis industry.
Yesterday, President Joe Biden today announced his intent to "pardon of all prior Federal offenses of simple possession of marijuana." In his statement, he said: "I have directed the Attorney General to develop an administrative process for the issuance of certificates of pardon to eligible individuals. My action will help relieve the collateral consequences arising from these convictions." The President also announced that he was encouraging Governor's to facilitate similar actions on the state level. Getting the federal government to act is critical, but the President is just catching up to state-led initiatives. To date, nearly two dozen states have enacted legislation explicitly facilitating the process of having select marijuana convictions expunged, vacated, otherwise set aside, or sealed from public view.
The President announced he is "asking the Secretary of Health and Human Services and the Attorney General to initiate the administrative process to review expeditiously how marijuana is scheduled under federal law."
All these moves are critically important but merely the first step in what he has officially announced as his formal process for legalizing cannabis at the federal level. Now what? So many unanswered questions.
- HHS has still not ruled on the 2018 Farm bill and regulations on CBD.
- Did Biden give cover to Schumer/Booker to pass SAFE?
- A codified Cole memo has better than a 75% chance of being issued.
- What does a Codified Cole memo mean for Canadian cannabis companies entering the US or MSOs being listed in the USA?
