The Bengal Bite 🐯 | Rising Tide of Legalization | May 14, 2020
The "rising tide of legalization" around cannabis has produced the fastest growing industry in the United States, created hundreds of thousands of American jobs, and generated significant tax revenue for state governments. In this time of uncertainty, we anticipate the benefits of legalization will be illuminated in states that are able to battle unemployment and budget shortfalls with jobs and revenues created by the cannabis industry.
The Bengal Capital Team
Cannabis employees are in high demand during economic crash
Despite the economic hardship caused by the pandemic, cannabis companies in a half-dozen U.S. states are hiring thousands of workers. The cannabis industry is playing a pivotal role in the American economy as it is one of the few industries providing jobs and needed services right now, alongside groceries and medical care. Read more about how cannabis is impacting the economy in the expanded POLITICO article here.
Cannabis banking reform included in latest Congressional COVID relief bill
The House Democrats and Speaker Nancy Pelosi affirmed the importance of cannabis to the economy in their newly proposed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. This bill includes language from the SAFE Act which, if passed, would grant safe harbor for banks that provide financial services to legal cannabis companies. Read more about what is included in the new HEROES Act here.
Marijuana delivery moves closer toward reality in Massachusetts
Massachusetts is one of the few states that chose to shut down recreational cannabis sales during the initial COVID-19 lockdown. Now, steps are being taken to allow recreational dispensaries to do what the medicinal market has been allowed to do for years -- deliver. Read more about recreational cannabis in Boston here.
Cannabis shows promise blocking coronavirus infection: Alberta Researcher
The federal government of Canada has pledged C$1.1 billion in funding for COVID-19 research, and the anti-inflammatory properties of the cannabis plant have shown promise as a potential treatment for the virus. The University of Lethbridge's Dr. Igor Kovalchuk posits that CBD may be helpful in reducing COVID-19 infection rates and in rebuilding cells after the ravages of the virus. "Our work could have a huge influence," he says. "There aren't many drugs that have the potential of reducing infection by 70 to 80 percent." Read more about his research here.