What to Expect from the Cannabis Industry in 2021
2020 was a hell of a year for the cannabis industry. Cannabis was deemed an essential business during a global pandemic. It proved to be a bipartisan issue, as several red states voted to legalize recreational and medical cannabis. Plus the House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) and the Medical Marijuana Research Act (MMJ Research Act), both now pending before the Senate. As we move into 2021, what can we expect from the industry next?
Pending Cannabis Legislations
Passage of the MORE Act
The MORE Act’s passage would remove marijuana from the schedules of controlled substances under the Controlled Substances Act (CSA). The MORE Act demonstrated that there is enough bipartisan support to pass in the House of Representatives, and it could likely pass the Senate in 2021. However, the timeframe for the passage of this act heavily lies on the Senate race in Georgia. Should Democrats win the two Senate seats in Georgia’s upcoming special elections, the bill will quickly pass the Senate.
The Secure and Fair Enforcement Banking Act of 2019 (SAFE Banking Act) is a bipartisan bill seeking to allow Marijuana-Related Businesses (MRBs) access to federal banking services. According to Nathaniel Gurien, CEO of Fincann, a cannabis banking solutions provider, the SAFE Banking Act is likely to pass in 2021. However, Gurien noted, it would have little effect on the industry since it primarily ensures it will protect the cannabis protocols put …