Cannabis is a gateway drug and must remain tightly regulated, at least according to Democratic presidential hopeful, Joe Biden during a town hall discussion last Sunday.
“The truth of the matter is, there’s not nearly been enough evidence that has been acquired as to whether or not it is a gateway drug.”
Cannabis investors who have soured on the nearly uniform decline in their holdings may need to be concerned about Biden’s outdated opinions on cannabis if the sector, particularly in the U.S., is to receive its much-needed catalyst.
A national poll conducted by YouGov in conjunction with The Economist found Biden in poll-position, leading Senator Elizabeth Warren by eight percentage points.
In the Democratic debate last night, Biden appeared to soften his stance on cannabis after criticism from Senator Cory Booker about his gateway drug comments.
“I thought you might have been high when you said it,” the senator from New Jersey said.
In response, Biden said he would decriminalize cannabis in addition to releasing and expunge the records of Americans arrested for possession. Biden also expressed his interest in studying the long-term effects of cannabis use.
The former vice-president has a long and hawkish record of drug policy, however, dating back to the 80s.
His campaign has been dogged by his participation in the racialized War on Drugs: Among others, Biden helped to pass a bill which made penalties for possession of crack cocaine far more severe than possession of powdered cocaine.
Interstate commerce is still illegal in the U.S., meaning multi-state operators like Curaleaf (CURA.C) and iAnthus Capital Holdings (IAN.C) are precluded from shipping product across state lines.
So, these MSOs are required to set up shop in each state they want to sell in. The problem is nothing can be done in states like Oregon which are dealing with oversupply. Excess product cannot be moved elsewhere.
Eleven Democratic candidates have espoused their support for legalization, including frontrunners Warren and Senator Bernie Sanders.
Nearly two-thirds of voters now back legalization, according to Gallup — more than double the level of support two decades ago.
Biden stands alone as the sole proponent of decriminalization, but his comments about the plant’s gateway drug status has raised questions about his commitment to his position.
— Seven ☥ Jackson (@SevenJackson) November 21, 2019
If this guy is our best bet to beat Trump, don’t expect a former Drug Warrior to flip the script. U.S. MSOs still have a long way to go yet.
–Ethan ReyesDisclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
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