What better time to talk cannabis? And a big pop for those stocks across the board this week on some optimism of legalization legislation in the House of Representatives as a bill from Jared Nadler will apparently receive a vote next week.
What’s going to be really interesting is just to watch the debate– I believe it’s on Tuesday– just to see how many Republicans actually show support for it.
But, you know, the reality is, is that even though this is becoming a bipartisan issue and almost 2/3 of Americans live in a legalized state right now, there’s still a lot of political posturing going on and it’s about, you know, whether it was a Republican or Democrat that drafted the bill and submitted it.
It’s really only helping out the more affluent part of the cannabis crowd while you have thousands of lower income people stranded in jail right now for a crime that could potentially become not a crime.
But the Safe Banking Act, in and of itself, is good for the industry for a variety of reasons, mainly because it will reduce the cost of capital to the industry, it will open up the larger banks just to take deposits.
So when do you think we’ll see something get through the Senate, in particular Safe Banking? And as an aside, I just want to ask you about, I know 20 CEOs from the cannabis industry were on Capitol Hill last week.
But again, to your point at the very beginning, it’s been much ado about nothing because there needs to be something done to push this forward and to tax and regulate this the way the legalized states are doing and they’re ultimately tamping down the illicit market in the process.
JARED BLIKRE: Well, and Matt, I want to keep talking about taxes here because I only recently learned that where weed and cannabis products are legalized in the US, those businesses are not able to deduct their own business expenses, so they’re already paying a lot of taxes.
But yes, it’s getting taxed to there and gone and we need major reform in order for this to be the thriving business and to produce more jobs like it’s doing currently.
– If there’s optimism, it’s probably not related to DC, it’s more the tri-state area.
I mean, the most populous state short of Texas, there is either a very, very robust medicinal program or it’s recreationaly legal.
A similar bill in 2020 failed in the Senate, however this time the Senate is controlled by the Democrats that support the bill.
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