Cannabis investors, and those following legalization, have been on quite the ride since the start of 2021 with this industry’s stocks soaring and plunging in a matter of hours. On or about February 10, 2021, year-to-date gains for Tilray (TLRY) exceeded 670%, Canopy Growth (CGC) 110%, and Aurora Cannabis (ACB) 20%. The very next day, these cannabis stocks tumbled quite a bit. 

Reddit & Shifting Public Perception

Cannabis has been a blazing hot topic on the newsworthy WallStreetBets Reddit thread lately but this Reddit army isn’t the only factor driving the recent stock trading activityA shifting public perception and political landscape are also primary contributors. According to a recent Gallup poll, a record-high 68 percent of Americans (including 83 percent of Democrats and 72 percent of Independents back marijuana legalization). 

Cannabis Leaf

Growing Support for Medical Cannabis Legalization

President Biden’s administration has indicated support for medical cannabis legalization, the modest rescheduling of cannabis under federal law, expunging prior cannabis convictions, and allowing states to enact their own cannabis laws without federal intervention.  In addition, this year, the Democrats regained control of the House and Senate for the first time since 2011, and a trio of U.S. Senators are leading the push for comprehensive federal cannabis reform legislation.

On February 1, 2021, Senators Cory Booker (D-NJ), Ron Wyden (D-OR) and Chuck Schumer (D-NY) issued the following joint statement on their commitment to advancing this legislation:

The War on Drugs has been a war on people—particularly people of color. Ending the federal marijuana prohibition is necessary to right the wrongs of this failed war and end decades of harm inflicted on communities of color across the country. But that alone is not enough. As states continue to legalize marijuana, we must also enact measures that will lift up people who were unfairly targeted in the War on Drugs. 

 We are committed to working together to put forward and advance comprehensive cannabis reform legislation that will not only turn the page on this sad chapter in American history, but also undo the devastating consequences of these discriminatory policies. The Senate will make consideration of these reforms a priority. 

 In the early part of this year, we will release a unified discussion draft on comprehensive reform to ensure restorative justice, protect public health and implement responsible taxes and regulations. Getting input from stakeholder groups will be an important part of developing this critical legislation. 

Even prior to Biden’s presidency, support for cannabis legalization or at least, decriminalization, steadily increased over the past several years and more lawmakers are publicly advocating for the same. On December 4, 2020, Congress voted 228-164 to pass H.R. 3884—the Marijuana Opportunity Reinvestment and Expungement Act of 2019 (the “MORE Act”).

MORE Act

On the business side, the MORE Act would allow the SBA to provide loans and other relief to cannabis and cannabis-ancillary businesses and would completely remove marijuana from the federal Controlled Substances Act (decriminalizing and descheduling it). The descheduling of marijuana would eliminate the banking access woes, IRC 280E tax implications and intellectual property protection issues which are faced by these businesses as a result of the conflict between federal and state laws.  

 

Medicinal Marijuana Image

Questions? Shannon M. Wilson, Esq. has been practicing corporate, transactional, and regulatory compliance law in the marijuana industry since 2016. 

When Aretha Franklin died in 2018 without a legal will (intestate), she joined a remarkably long list of legendary stars, including Bob Marley, Sonny Bono and Prince, who also did the same. By simply not preparing an estate plan, she made the task of settling her affairs much more complicated and expensive for her heirs. … Read more

Divorce in the Digital Age: Be careful what you post. Social media can not only ruin your marriage, it can ruin your divorce. Because we can, many of us share personal information about ourselves on social media and networking sites. Although you may believe you are sharing your information with one or only a few … Read more

9 Noteworthy Divorce Laws in Nevada If you are seeking or going through a divorce, you have likely been inundated with advice and anecdotal accounts from friends and family. While well-intended, the information relayed to you by friends and family may not be entirely accurate or applicable to your case.  To help you sort fact … Read more

  Is​ the Family ​​Court​​ open?​​ ​ The short answer is, yes. Following Governor Sisolak’s declaring ​​a state of emergency in Nevada in response to the ​​outbreak of Corona​​virus Disease, ​​Nevada Chief ​​Court​​ Justice Pickering and Eighth Judicial District ​​Court​​ Chief Judge Bell ​​issued Administrative Order 20-01 on March 13, 2020, which dictates ​​alterations to ​​Court​​ procedure … Read more

co-parenting

Our Family Wizard (OFW) is a program that is designed to assist your family in your new co-parenting roles. Transitioning from spouses to co-parents following a divorce or separation can be difficult, especially if the issues that led to the separation or divorce continue to affect the parents’ relationship. This can be particularly problematic, however, … Read more

Schedule your Consultation Now that marijuana is legal for recreational use in Nevada, our Family Courts are likely to face tens of hundreds of cases involving parents who use marijuana and do not believe this should infringe on their custodial rights.  Courts traditionally restricted the contact between cannabis users and their children. Possessing and using … Read more

How Much Does a Divorce Cost? When couples start thinking about divorce, one of the first questions they have is: How much does a divorce cost? This is the most common question we hear, and understandably, people are frustrated with our answer: “It depends.” The average divorce cost in the United States is between $10,000 … Read more

In today’s changing economy, it is important to understand under what circumstances an order for alimony may be modified.  While litigants can read the law and understand it, knowing what actually happens in the courtroom is not always the same as the law.  In Nevada, both the basis of an award of alimony and the … Read more