CANNABIS. PHOTO: PEXELS
CANNABIS. PHOTO: PEXELS

Cannabis News | Top of the Week: 12/1

Every week, ACRONYM rounds up your Cannabis News into one handy dandy post. Find what’s important, WEED out what’s not. See what we did there? Check weekly under our Cannabis category for up to date news!


Historic Congressional vote to legalize marijuana is expected later this week (Leafly)

Publish Date: November 30, 2020

THE BOTTOM LINE: 

“Democratic House Majority Leader Steny Hoyer (D-Maryland) announced over the Thanksgiving weekend that the MORE Act, which would end the federal prohibition of cannabis, has been scheduled for a full floor vote this coming week.

Advocates expect the bill to pass; House leaders typically don’t bring a measure to the floor unless they know they have the votes. Passage of the MORE Act would mark the first time that the House or the Senate has ever voted as a full chamber on legislation to end the federal cannabis prohibition since it went into effect following the passage of the Controlled Substances Act of 1970.”

READ MORE: (Leafly)

 

Pot stocks pop ahead of U.S., UN votes on cannabis legalization (MarketWatch

Publish Date: November 30, 2020

 

THE BOTTOM LINE: 

Cannabis stock has continued to rise since the 2020 Election.

MORE Act, aka Marijuana Opportunity Reinvestment and Expungement Act “would decriminalize marijuana on the federal level and make other changes,” but with the track record of denial on the Federal level, many believe it’s doubtful that it will pass. 

MarketWatch also shares that “The United Nations Commission on Narcotic Drugs will begin meeting on Wednesday as well, and is expected to vote on World Health Organization recommendations related to cannabis. The most prominent suggestion is to remove cannabis from a list of illegal narcotics, which — while largely symbolic — could help with legalization efforts in several countries, especially regarding medicinal marijuana.”

READ MORE: (MarketWatch)

 

Massachusetts approves new marijuana delivery rules, as dispensaries threaten lawsuit (Boston.com)

Publish Date: November 30, 2020

THE BOTTOM LINE: 

“Massachusetts marijuana regulators approved final regulations Monday that pave the way for a new type of business to deliver adult-use cannabis to residents’ homes,” but current-operating dispensaries are pushing back on this joyous news. 

“The slate of rules changes, which the state’s Cannabis Control Commission approved by a vote of 3-to-1 during a virtually held meeting Monday, include a new license for standalone marijuana delivery companies with their own warehouse of products.”

“Under the state’s previous rules, the only adult-use marijuana delivery ostensibly allowed was for third-party operators to transport purchases from established dispensaries — basically following the model of food delivery platforms, but with far more restrictions…But it was soon met with complaints from entrepreneurs that the delivery fees they could charge still weren’t worth the cost.”

READ MORE: (Boston.com)

 

Senators, social justice advocates debate N.J. legal weed bill that’s still stalled by disputes (NJ.com)

Publish Date: November 30, 2020 (Updated December 1, 2020)

THE BOTTOM LINE: 

New Jersey voters overwhelmingly approved a referendum to legalize marijuana for adults 21 and older on Nov. 3. But state lawmakers must still pass bills that will guide the marijuana industry and end arrests for possession before that becomes a reality.

“They just cannot wrap their heads around the fact that the substance will be legalized at the end of the year,” Sen. Nicholas Scutari, D-Union, who sponsored the bill (S21), said of fellow legislators who have not supported the effort.

The Senate is in a standoff with the Assembly, which has not voted on the bill (S2535) that would decriminalize marijuana. Scutari added an amendment to downgraded penalty for possessing psychedelic mushrooms, which drew opposition from the Assembly.

Additional disagreements on how to allocate tax revenue and whether or not to limit the number of marijuana growers in the state have held up the bill that would set up a marijuana industry. It hasn’t passed either house.” 

“Monday’s Senate talk came with just a month left to pass a bill. On Jan. 1, the ballot question will take effect as a constitutional amendment, and many worry a chaotic and confusing legal situation could arise without a law in place.”

READ MORE: (NJ.com)

 

Fact check: Viral warning on marijuana’s ‘murderous’ side effects and Thanksgiving is fake (USA TODAY)

Publish Date: November 29,2020

THE BOTTOM LINE:
“In the days leading up to Thanksgiving, a purported advertisement from the Ad Council warning people of the ‘murderous’ side effects of marijuana went viral on social media.

‘This Thanksgiving remember the cranberry sauce but forget the Marijuana,’ the  claimed advertisement reads, which was posted to Facebook. ‘Terry was convinced to take a ‘toke’ of a joint with his friend ‘just to relax.’ Immediately after, Terry killed his friend who had given him the marijuana in a murderous craze. Not so safe, is it?’

‘That ‘toke’ lead to a murderous craze. Ad council was in they BAG With this one,’ the user captioned the post, which has over 200 shares and over 1,800 reactions.”

“The Ad Council, a nonprofit organization that promotes public service announcements on behalf of sponsors, does have campaigns that warn marijuana users not to drive while under the drug’s influence, but none on its “murderous” side effects, as claimed in the viral content.

Ad Council Spokesman Ben Dorf confirmed to USA TODAY via email that the social media image is not a real advertisement from the Ad Council.”

READ MORE: (USA TODAY)

 

National, Federal, and State Level Bills (MarijuanaMovement.net)

Publish Date: December 1, 2020

THE BOTTOM LINE:

See full article for details. 

READ MORE: (MarijuanaMovement.net)

 

The Future Of The Cannabis Industry After The Pandemic (Forbes.com)

Publish Date: December 1, 2020

THE BOTTOM LINE: 

“Covid-19 presented an economic crisis that is testing the resilience of the retail industry. Some retailers are suffering great loss, and others are adapting through innovation. Consumer shopping behavior and preferences have changed. To minimize the risk of contracting the virus, many shoppers have actively avoided contact to remain safe while contributing to the economy. With that in mind, they have largely resorted to e-commerce and contactless purchasing methods. 

In response, solution-oriented retailers are pivoting and adapting, leveraging resources such as remote and contactless technology to keep employees and customers safe. In such an unnerving time, retailers that cater to the needs of the modern customer maintain the most consistent sales numbers.”

READ MORE: (Forbes.com)

 

Detroit Has Finally Come to an Agreement on Recreational Marijuana (ACRONYMofficial.com)

Publish Date: November 28, 2020

THE BOTTOM LINE: 

“The major hold up for Detroit was that Detroit’s City Council wanted to make sure that at least half of the recreational pot businesses are owned and operated by city residents.”

“50% of the licenses will be awarded to applicants with a “Detroit Legacy” status, which means they will have had to live in the city for at least 15 out of the past 30 years, or 13 years if the applicant is considered “low-income.” Those who have a marijuana conviction who have lived in Detroit for the last 10 of the 30 years will also qualify to snag a license.”

READ MORE: (ACRONYMofficial.com)

 

Cannabis And Hemp: Predictions 2021 (Forbes.com)

Publish Date: November 30, 2020

THE BOTTOM LINE:

“Federal Legalization Could Happen If Democrats Win Georgia’s Two Senate Seats In the January Run-off

Recreational and medical cannabis use ballot victories across the political spectrum this fall show marijuana’s acceptance continues to grow among American voters. Still, politicians mostly act along party lines. Over the past few years, the democrat-lead U.S. Congress has taken up cannabis industry banking and other related legislation. The republican-controlled Senate however, has blocked any liberalization of cannabis laws. If democrats take control of the Senate by winning the two seats up for grabs in the Georgia run-off in January, expect forward movement on federal legalization of cannabis.”

READ MORE: (Forbes.com)

 

HempStaff Passes 10,000 Certified Students for the Cannabis Industry (PRNewswire.com)

Publish Date: December 1, 2020

THE BOTTOM LINE: 

“For those looking for cannabis dispensary jobs, HempStaff has proven to be a viable first step in entering the industry. Since the company’s inception in 2014, HempStaff has trained and certified more than 10,000 students in 44 states seeking job positions in a marijuana dispensary.

Those looking for cannabis jobs face heavy competition; the company has seen anywhere from 100 to 300 resumes for each opening with the number ranging on the high end for entry-level budtender positions. Without cannabis experience or training, it can be difficult to receive a call back for an entry-level cannabis job, but third-party dispensary training has proven to set an individual apart from the influx of applicants.”

READ MORE: (PRNewswire.com)

 

The Week In Cannabis: Stocks Skyrocket As Markets Rise, Jay-Z’s New Mega Venture And More (Benzinga.com)

Publish Date: November 29, 2020

THE BOTTOM LINE: 

“In a four-day week where markets were on the rise, cannabis stocks proved to be big winners. Late Friday, stocks surged on news that a federal marijuana legalization bill will get a congressional vote next week.

During the holiday week:

The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 12%

The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 15%

The Cannabis ETF (NYSE:THCX): advanced 14.5%

The Amplify Seymour Cannabis ETF (NYSE:CNBS): rose 14%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 1.5%.

In other news, music industry mogul Jay-Z announced he is set to join a newly formed cannabis company that’s expected to become the largest in California.

The venture was formed via a partnership between Caliva, Left Coast Ventures, Subversive Capital Acquisition Corp. (OTCQX:SBVCF) and Roc Nation, the entertainment company Jay-Z launched in 2008.

Jay-Z will take on the title of “Chief Visionary Officer.” The transaction is slated to close in January 2021 with Steve Allan as CEO.

In his role, Sean Carter (Jay-Z) is expected to help oversee a corporate venture fund focused on social equity measures. The fund will aim at an initial funding target of $10 million and commit to contributing at least 2% of its net income to invest in minority-owned cannabis businesses and donate to organizations seeking to rectify the wrongs of prohibition.”

READ MORE: (Benzinga.com)

 

After Booming First Year, Recreational Cannabis Market Shows No Signs of Slowing Down (MichiganRadio.org)

Publish Date: November 30, 2020

THE BOTTOM LINE: 

“While COVID-19 has put many folks out of business, one industry is booming: cannabis. It’s been nearly one year since Michigan dispensaries were allowed to start selling marijuana for recreational purposes. And for many Michiganders, it came just in time. As people look for a way to take the edge off 2020, recreational cannabis sales are closing in on half a billion dollars.”

READ MORE: (MichiganRadio.org)

 

Mexico Will Legalize The World’s Largest Legal Cannabis Market (Forbes.com)

Publish Date: November 29, 2020

THE BOTTOM LINE: 

“The United States will soon be sandwiched between two nations with federally legalized marijuana. Just days before the Thanksgiving holiday, Mexico moved forward with legislation legalizing the cannabis plant for a variety of uses.

This comes on the heels of Canada’s historic legalization several years ago, which has created a viable international marketplace, channeling funds through the Canadian markets and effectively mobilizing the global cannabis industry.”

READ MORE: (Forbes.com)

 

Thailand Officially Legalizes Low-THC Hemp Foods and Cosmetics for Medical Use (MerryJane.com)

Publish Date: November 30, 2020

THE BOTTOM LINE: 

“The Thai government has authorized the use of low-THC hemp for making cannabis-infused food and cosmetic products, a move designed to expand its growing medical cannabis program. 

Thai health secretary Dr. Kiattiphum Wongrajit said that the country’s Narcotics Control Committee just resolved to exclude the branches, leaves, stems, trunks, fiber, bark, and roots of the cannabis plant from its list of banned narcotics. This list covers almost every part of the cannabis plant – with the exception of flower, which remains strictly prohibited.”

 

READ MORE: (MerryJane.com)

 

 

Successful Cannabis Initiatives In Three States Face Legal Challenges (HighTimes.com)

Publish Date: November 24, 2020

THE BOTTOM LINE: 

“State residents in Montana, Mississippi, and South Dakota voted for cannabis legalization. But it’s still a battle.”

“Prohibitionist forces in three states have filed lawsuits to block cannabis legalization initiatives that were approved by voters in this month’s election. Legalization measures appeared on the general election ballots in five states this year, and all were approved by a majority of voters.”

READ MORE: (HighTimes.com)

 

 

Check back next week in our Cannabis Section for more news, products, and more!

 

 


 

ACRONYM ZINE strives to bring you the newest in Music, Politics, Pop Culture, and more by hunting down stories that matter most to you and those around you. To continue supporting ACRONYM, please visit any of our sections, share stories on your social media accounts, and make sure to like/follow us on the following sites:

 Instagram |  TikTok  |  Facebook  |  Twitter  |  Ko-Fi  |  Twitch

 

Founded and operated under ACRONYM LLC. To learn more, visit acronymofficial.com.

 

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Post a Comment

Related Posts