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Chuck Schumer Is On A Collision Course With The Biden Administration To Legalize Cannabis In The United States

Apr 5, 2021 • 7:51 AM EDT
3 MIN READ  •  By Michael Berger
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Senate Majority Leader Chuck Schumer is determined to pass legal cannabis legislation and we are favorable on how he has supported the advancement of the industry.

In April 2018, the Senate Majority Leader introduced legislation to legalize cannabis and has been an outspoken advocate for the burgeoning industry. Now that the Democrat have control of both the House of Representatives and the Senate, he is working on new federal cannabis reform legislation with Senators Cory Booker (Democrat -New Jersey) and Ron Wyden (Democrat -Oregon).

Going forward, we are going to monitoring how President Joe Biden responds to Schumer and the Democrats’ effort to legalize cannabis at the federal level. So far, President Biden has failed to support the legal cannabis industry. When compared to the Democrat’s view on cannabis, President Biden is less favorable the prospect of legalization and is somewhat of an outlier when compared to the party.

We are favorable on Schumer’s stance toward cannabis legalization and his willingness to not change the Senate’s decision to take action to change how the plant is view at the federal level. Schuman said, “We will move forward. He said he’s studying the issue, so [I] obviously want to give him a little time to study it. I want to make my arguments to him, as many other advocates will. But at some point, we’re going to move forward, period”.

After New York passed legislation to legalize recreational cannabis last week, it became the 15th state in the US to have a legal recreational cannabis market. We are bullish on the trend that we are seeing as additional states jump on the legal cannabis bandwagon and believe the US cannabis industry is in the early innings of a major growth cycle.

So far, 2021 has been a volatile year for the cannabis industry and several industry leaders have recorded mixed price movements. During the first calendar quarter of the year, the US cannabis industry has been recording impressive growth and this is a trend that we expect to continue to as new state markets open up or evolve.

Do Not Miss Our Next Report On The US Cannabis Market

Over the next month, we are going to conduct a breakdown on 5 Canadian Licensed Producers (LPs) that have been highlighted on CNBC as some of the most attractive ways to have leverage to the US cannabis market. Although we believe these operators will be positioned to capitalize on the US market, we believe there are several other attractive ways to be levered to it.

The companies we plan to highlight include: Canopy Growth Corporation (WEED.TO) (CGC), Aurora Cannabis Inc. (ACB.TO) (ACB), Tilray Inc. (TLRY), Aphria (APHA.TO) (APHA), and HEXO Corporation (HEXO.TO) (HEXO).

If you are interested in learning more about Canadian LPs that are positioned to capitalize on the US cannabis market, please send an email to support@technical420.com with the subject “Canadian Licensed Producers With US Leverage” to be added to our distribution list.

For the fastest access to our information on North American cannabis companies, please create an account by clicking here!

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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