New Cannabis Policy Group Making Waves

03/12/21 10:28AM EST

Below is a brief excerpt from a complimentary research note written by our Cannabis analysts Howard Penney and Daniel BiolsiWe are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.

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There are now 16 states that have enacted full marijuana legalization, while 36 have legal medical markets.

Senate Majority Leader Chuck Schumer has embraced marijuana legalization, calling it a priority for this Congress. An now there are 10 or 11 different policy groups in DC. 

"Yesterday, the Coalition for Cannabis Policy, Education, and Regulation launched to advance comprehensive policy solutions to guide cannabis legalization and regulation at the federal level. Representing global, highly regulated businesses and experts on issues like patient access, public safety, criminal justice reform, youth prevention, and access to capital, the Coalition is the first of its kind to bring such diverse stakeholders together. Launching within the new administration’s first 100 days, the Coalition aims to advance a dialogue that can shape a responsible regulatory framework that will inform federal cannabis legalization."  

The coalition’s current makeup: The coalition includes tobacco giant Altria, beer behemoths Constellation Brands (Corona, Modelo) and Molson Coors Beverage Company, two national convenience store associations, the Council of Insurance Agents & Brokers, and The Brink's Company.  

Many of these companies already have big stakes in the cannabis industry and stand to profit from federal policy changes.

Constellation owns 39 percent of major Canadian cannabis company Canopy Growth Corp. Altria purchased a $1.8 billion stake in cannabis company Cronos Group in 2018 and lobbied for Virginia’s recently passed marijuana legalization bill. In addition, Constellation and Molson Coors both produce CBD-infused beverages.

“One of the biggest challenges I've had over the last several years has been breaking through to the leaders of the black community — whether we're talking about clergy, whether we're talking about our elected officials,” Penny said.

“If we have a chance to hear from these leaders, and absolutely take into account what hasn't been heard over the years, I think we're going to make some significant progress.”

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