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Investor Ideas #Potcasts, #Cannabis News and #Stocks on the Move-Episode 638: New #Legalization Following #Midterms
Investor Ideas #Potcasts,
#Cannabis News and #Stocks on the Move-Episode 638: New #Legalization Following #Midterms
Delta, Kelowna, BC, November 10, 2022
(Investorideas.com Newswire), investorideas.com, a global news source covering leading sectors
including marijuana and hemp stocks and its potcast site release today’s podcast edition of cannabis news and stocks to watch plus insight
from thought leaders and experts.
Listen
to the podcast:
https://www.investorideas.com/Audio/Podcasts/2022/111022-StocksToWatch.mp3
Read this in full at https://www.investorideas.com/news/2022/cannabis-potcasts/11101New-Legalization-Following-Midterms.asp
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Today’s
podcast overview/transcript:
In today’s podcast we look at the recent
Midterm results and how this impacted cannabis legalisation and decriminalisation
in the U.S.
Maryland and Missouri joined 19 other states and the
District of Columbia in legalising recreational cannabis, while
legalisation proposals did not pass in Arkansas, North Dakota and South Dakota.
Following the passage of Maryland’s Question 4, adults in the state will be
allowed to possess up to 1.5 ounces, or two marijuana plants, beginning July 1,
2023. The amendment also allows for the expungement of records for people
arrested for cannabis possession, and for people serving time for simple
possession to have their sentences reconsidered. It would also establish a
cannabis business assistance fund for small businesses, as well as minority-
and women-owned businesses, entering the cannabis industry. Laws surrounding
liscensing and taxation still need to be determined.
In Missouri, voters approved the state’s Amendment 3, which removes existing
prohibitions on marijuana and allows adults to purchase and possess up to three
ounces and grow up to six flowering plants at home. A 6% sales tax will go
toward facilitating automatic expungements for certain nonviolent cannabis
offences, veterans’ health care, substance misuse treatment and the state’s
public defender system. It also adds at least 144 new small business licensees
to the existing businesses licensed for medical marijuana, according to Legal
Missouri 2022, the advocacy group that sponsored the measure. New licence
holders will be selected by lottery.
While these two states moving forward was another great
win for cannabis advocacy, are states saw more of the same as voters in Arkansas
rejected Issue 4, which would have allowed for the
purchase of up to an ounce of marijuana from licensed retailers, and in North
Dakota, voters rejected Measure 2, which would have allowed for the
possession of up to an ounce of marijuana and finally voters in South Dakota rejected Measure 27, which would have legalised
possession of up to one ounce of marijuana.
Moving away from the State level, voters in five Texas
cities decided in favour of municipal ballot initiatives
eliminating the local enforcement of low-level cannabis offences.
Voters in the cities of Denton, Killeen,
San Marcos, Elgin and Harker
Heights decided ‘yes’ on the measures. Specifically, the ordinances
limit local law enforcement from making arrests or issuing citations for most
marijuana-related violations. It also prohibits police in most circumstances
from considering the odour of cannabis as probable cause of a crime.
Local activists are anticipated to place
ballot questions before voters in additional cities in the coming year.
Meanwhile in Colorado, Proposition 122, Access to Natural Psychedelic
Substances, was passed with about 51% of the vote
according to the Secretary of State’s Office.
Possession, use, cultivation and sharing of psilocybin,
ibogaine, mescaline (not derived from peyote), DMT and psilocyn will be
legalised for adults 21 and older, without an explicit possession limit. There
will be no recreational sales component.
The Department of Regulatory Agencies will be responsible for developing rules for a
therapeutic psychedelics program where adults 21 and older can visit a licensed
healing centre to receive treatment under the guidance of a trained
facilitator.
There will be a two-tiered regulatory model, where only
psilocybin and psilocyn will be permitted for therapeutic use at licensed
healing centres until June 2026. After that point, regulators can decide
whether to also permit regulated therapeutic use of DMT, ibogaine and
mescaline.
This makes Colorado the second state, following Oregan,
to legalise psychedelic substances.
With another Midterm election over the US continues its
slow march forward with regards to drug reform policy but like most of the
world, including Canada, when it comes to dealing with the many who are in
prison for cannabis offences, there is still much lacking.
When it comes to Biden's pardons announced Oct. 6, only about
6,500 people convicted of cannabis possession at the federal level were
affected. None remain in prison. Without a felony on their record, they won't
be tripped up when applying for a job or trying to rent an apartment.
While this is a clear positive, Biden's pardon does not
affect some 3,000 people convicted of higher level marijuana crimes who remain
in federal prisons, and as many as 30,000 who are still in prison in several
states, according to the advocacy group the Last Prisoner Project. Those
numbers do not reflect people with convictions for marijuana possession at the
state level, although approximately 2 million marijuana convictions have been
expunged or pardoned by states where the drug is now legal.
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