A combination of battered economies and states seeking new sources of taxation and budgeting for vital public activities, a sympathetic mindset to the cannabis industry in the Biden administration and the U.S. Congress, could create the infrastructure for advancing regulatory moves the cannabis industry aspires to If you bought 1000 Amazon stock on Dec 27, 2002, for ($18.86) for 18,860, Today you have over 3 million dollars.
What is bigger- the number of people who buy and rebuy Cannabis or Amazon?
Read, Cannabis has the same or more potential.
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On the first day of his presidency, a few hours after his inauguration, U.S. President Joe Biden took a series of steps and decisions that reflected his administration's position on social equality and support for the weaker sections. It looks as Joe Biden will adopt policies and bills that will affect various industries. One of those industries is Cannabis. The cannabis sentences will be less restricted, and the industry will have access to banking infrastructure.
In the past year, Covid-19 did not stop the cannabis industry from growing. By all accounts, this is one of the fastest-growing sectors, with global sales of close to $ 20 billion. One of the major barriers to industry growth is regulatory. But it seems that in the United States, there is a turning point and trends that will eventually lead to removing or reducing barriers.
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December 2020 was a busy month for the cannabis industry. In the first week of December 2020, the U.N. Commission on Drugs decided to remove medical Cannabis from the Narcotic Drugs Convention. The decision was passed by a majority of 27 countries - including the United States.
In its explanatory statement to the vote, the U.S. stressed that while cannabis-based medical use is safe and effective, Cannabis itself continues to pose a risk to public health. Therefore, cannabis use should continue to be monitored in international drug dealing.
In the same week, a few days after the U.N. resolution, the U.S. House of Representatives voted unanimously to legalize Cannabis at the federal level, abolishing the incrimination of cannabis consumers and allowing legal trade.
Another important bill is the proposal to allow the banking infrastructure to trade cannabis stocks. Cannabis oil is still not authorized to be used as a food supplement by the U.S. Drug Administration from the banned drugs, but I believe it will be approved in a few years.
Both house majority must approve the bill, and eventually, the president needs to sign the bill. There is no doubt that the turnaround in the U.S. Congress's mood indicates a trend that will continue in the coming years.
When both the federal government and local governments are looking for ways to find funding sources, the cannabis industry can undoubtedly be a source that will be hard to give up.
The U.S. cannabis industry is still in its early stages. They are raising funds for research, development, and recruitment of talents.
Although it is unknown whether the Biden administration will make a substantial change in the regulation of the cannabis industry, there is no doubt that the future looks more promising than ever and that many companies and individuals will profit from it.