NAPLES, Fla., April 01, 2022 (GLOBE NEWSWIRE) — The United States House of Representatives will vote Friday on legislation to legalize marijuana nationwide. The bill, titled Marijuana Opportunity Reinvestment and Expungement (MORE) Act, would remove marijuana from the Controlled Substances Act list and decriminalize it.
While 18 states, Guam and Washington DC have legalized marijuana for adult use; the substance is still federally illegal. This legislation would remove the legal uncertainty that has prevented banks and investors from participating in the cannabis market.
Despite the legal “grey zone”, cannabis has become one of the fastest growing industries in the country. Sales of adult and medical marijuana reached $25 billion in 2021, according to a report by Leafly, which was created in partnership with cannabis economics analytics firm Whitney Economics. The researchers also found that last year was the first time that job creation in the marijuana industry exceeded six figures, with 107,059 new jobs created, compared to 32,700 in 2019.
Companies in the CBD industry have not been hit as hard as pure cannabis companies; however, the uncertainty affected all affected markets.
Real Marks, Inc. (OTCMKTS: RLBD)whose main shareholder is the parent company of ZigZag Turning Point Brands, Inc. (NYSEAMERICAN:TPB), offers industrial-scale extraction and processing of CBD oil and hemp isolates, wholesale of CBD oils and isolates, as well as the production and sale of many consumer brands from hemp-derived CBD to smokable, edible and topical products. The company’s products range from cosmetics to CBD for athletes. In the first quarter, he gained distribution in the EU and moved up to QB OTC. CBD companies like RLBD will be eagerly awaiting the House’s decision.
Canopy growth (NASDAQ: CGC) is based in Canada, which is why it was able to operate as a publicly traded cannabis company, much like Tilray, Inc. (NASDAQ:TLRY). However, Canadian cannabis giants are also keeping a close eye on US legislation.
If the MORE Act passes the House on Friday, it will then go to the Senate. If the bill cannot pass, there are still ways for CBD and cannabis businesses to benefit from other legislation. The SAFE Banking Act of 2021, if passed, would prevent federal banking regulators from punishing financial institutions for providing services to a “legitimate” cannabis-related business.
Beacon Policy Advisors LLC analyst Andrew Lokay said Monday in the event the law does not pass through both branches of Congress, “[Senate Majority Leader] Schumer could allow SAFE Banking to be attached as an amendment to must-have legislation.”
Disclaimer of Forward-Looking Statements:
This press release contains forward-looking statements within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. In some cases, you can identify forward-looking statements by the following words: “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “in progress”, “plan”, “potential”, “predict”, “project”, “should”, “shall”, “should”, or the negative of these terms or any other comparable terminology. However, not all forward-looking statements contain these words. Forward-looking statements are not guarantees of future performance or results and will not necessarily be precise indications of when such performance or results will be achieved. This press release should be considered in all filings by the companies contained in the Edgar records of the Securities and Exchange Commission at www.sec.gov.
Capital Gains Report ‘CGR’ is responsible for the production and distribution of this content. CGR was compensated fifteen thousand dollars by wire transfer from Washington Capital to produce and syndicate content for RLBD. CGR is not operated by a licensed broker, dealer or investment adviser.
CONTACT:
Marc McKelvie
[email protected]
