Democrats Urge Biden for Cannabis Reform

Speculation grows about Democrat appetite for cannabis reform following a recent string of policy wins ahead of November elections.

A brand partnership deal between HEXO (NASDAQ:HEXO,TSX:HEXO) and celebrity boxer Mike Tyson may be in danger.

Keep reading to find out more cannabis highlights from the past five days.

Push for US cannabis reform rises again

According to a new report from The Hill, aides alongside the Democratic party are raising their voices to garner support for cannabis policy following recent political wins for the party.

“It’s long past time that we finally decriminalize marijuana,” Pennsylvania Lieutenant Governor John Fetterman recently said. “The president needs to use his executive authority to begin.”

President Joe Biden is enjoying a period of political gain in the public eye thanks to his recent student loan forgiveness plans alongside some tax reform changes.

A group of senators recently sent a request to the president pleading for a more direct approach to cannabis reform in the US.

The pressure is on as the November midterm elections loom, but it’s unclear what the president’s agenda surrounding cannabis policy is.

Policy experts have expressed disappointment at the lack of political focus coming from the White House when it comes to cannabis reform. Several cannabis reform bills have taken shape and either lagged or stalled at several parts of the bill making process.

Currently, multiple financial experts and publicly traded operators are anticipating the arrival of the SAFE Banking Act, a proposed piece of legislation that would open the doors to more mature financial backing to the industry and would remove federal prosecution fears surrounding cannabis operations and investments.

Provinces call into question new HEXO partnership

Following last week’s announcement of a brand partnership in which HEXO would produce and sell the products from the TYSON 2.0 cannabis brand, a new report shows how negatively provincial regulators are reacting to the announcement.

Provincial regulators for cannabis sales in Alberta and Quebec expressed disapproval to the potential of HEXO selling branded products associated with the infamous boxer and celebrity after being asked by MJBizDaily.

Separate in their response, but joint in sentiment, both distributors warned against these products getting market presence in the Canadian provinces due to federal rules around celebrity partnerships.

“We will not be selling this product. Federal legislation prohibits the promotion of a cannabis product through endorsements or depiction of a person,” a spokesperson for the Alberta Gaming, Liquor & Cannabis said, according to the report.

Cannabis company news

  • Delta 9 Cannabis (TSX:DN,OTCQX:DLTNF)completed an acquisition of three cannabis dispensaries in Manitoba for C$3.2 million. The firm now oversees 38 stores across its retail assets.
  • Akanda (NASDAQ:AKAN)appointed Terry Booth into its new advisory board. “Having Terry on board as an advisor is a powerful validation of our strategy and our potential to lead the emerging cannabis market in Europe,” Tej Virk, Akanda’s CEO, said.
  • Humble & Fume (CSE:HMBL,OTCQX:HUMBF)inked a distribution deal with edibles brand Cookies in the state of California. “(Humble’s) deep expertise in distribution makes them the ideal partner to support Cookies’ home state,” President of Cookies Parker Berling said.
  • Halo Collective (NEO:HALO,OTCQB:HCANF)announced a termination of its proposed deal with investment fund Global Tech Opportunities 6.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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