A top Wall Street analyst lays out why Schumer's legalization bill isn't a slam dunk for US cannabis companies
Elements like decriminalization would be good for current companies, said Cantor analyst Pablo Zuanic. On Wednesday, three Senate Democrats led by Majority Leader Chuck Schumer, it marks the first time leading Senate Democrats have taken up cannabis legalization as a top priority. It's the latest sign of changing attitudes toward marijuana in the US., or CAOA, would end federal cannabis prohibition, expunge some criminal records, and permit companies to transport products across state lines.
This would give a huge boost to cannabis companies, said Zuanic. Four companies — Curaleaf, Green Thumb, Trulieve, and Cresco Labs —The Drug Enforcement Agency would no longer have jurisdiction over cannabis. Instead, the responsibility would fall on the Food and Drug Administration , Alcohol and Tobacco Tax and Trade Bureau , and Bureau of Alcohol, Tobacco, Firearms and Explosives .
Starting from the fifth year, tax rates would be determined by weight for flower products or potency for extracts. Under the bill, companies would be allowed to grow cannabis in one state before transporting it to another to sell directly to consumers, something businesses in virtually every other market are able to do today.
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