The Bengal Bite 🐯 | From the Halls of Congress | October 30, 2020
Election Day 2020 is finally upon us. In the closing days of this election cycle, plenty of uncertainty remains, but it is clear that the ballot box will impact the development of the cannabis industry far beyond November.
With residents in five states voting on cannabis legalization measures this Tuesday, the results will be heard across the country - “from the Halls of Congress” in D.C. to the outer reaches of Montana’s Big Sky.
The Bengal Capital Team
The cannabis industry could be a big winner on Election Day
Given the economic woes caused by the coronavirus pandemic, more states are beginning to see that cannabis legalization could be part of the remedy. New Jersey is expected to approve recreational-use cannabis on Election Day, and some believe approval in New Jersey will trigger a domino effect along the East Coast. Read more on how the results of Election Day could impact the cannabis industry in CNBC.
Marijuana legalization on state ballots: a 2020 election guide
Five states this fall -- Arizona, Montana, New Jersey, South Dakota, and Mississippi -- will be voting on whether to legalize cannabis. The growing map of cannabis legalization is important because, as Steven Hawkins (executive director of Marijuana Policy Project) stated, “Most lawmakers are going to respond for their constituents…Even if they [representatives] don’t become [cannabis] champions, they’re not going to vote no for something their constituents have come to embrace.” Read more on these upcoming ballot measures in Rolling Stone.
Chuck Schumer says marijuana legalization will be prioritized if Democrats retake Senate
Democratic leaders are making it clear that cannabis will be a priority if they retake the Senate. Senate Minority Leader Chuck Schumer explained his own advocacy, “‘I’m a big fighter for racial justice, and the marijuana laws have been one of the biggest examples of racial injustice, and so to change them makes sense. And that fits in with all of the movement now to bring equality in policing, in economics and in everything else. Our bill is, in a certain sense, at the nexus of racial justice, individual freedom and states’ rights.” Read more on how one side of the isle is looking at cannabis legislation in Marijuana Moment.
With eye on election and beyond, marijuana industry spends millions on lobbying
Lobbying for cannabis reform in the U.S. Congress has evolved from a fringe issue a decade ago to a political priority that, this year alone, has absorbed more than $3 million and scores of registered lobbyists in Washington, D.C. Read more on cannabis industry lobbyists in Marijuana Business Daily.