New Congress gets first cannabis legalization bill • Colorado sales rebound • Trulieve’s Arizona takeover • & more…

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The new sees its first cannabis legalization bill.

As Cannabis Wire reported this week, the nine cannabis bills introduced in Congress so far this year have focused on and business, while onlookers hold their breath in anticipation of a more comprehensive reform bill from Sens. Chuck Schumer, Cory Booker, and Ron Wyden.

Now, make the number of bills ten. Two Republican lawmakers, Rep. David Joyce and Rep. Don Young, have introduced the Common Sense Cannabis Reform for Veterans, Small Businesses, and Medical Professionals Act, or H.R.3105, “to limit the application of Federal laws to the distribution and consumption of marihuana, and for other purposes.”

“It’s past time for Congress to recognize that continued cannabis prohibition is neither tenable nor the will of the American electorate,” said Joyce in a statement

“My legislation answers the American people’s call for change and addresses our States’ need for clarity by creating an effective federal regulatory framework for cannabis that will help veterans, support small businesses and their workers, allow for critical research and tackle the opioid crisis, all while respecting the rights of States to make their own decisions regarding cannabis policies that are best for their constituents.”

Colorado cannabis bounce back. 

After reaching an unprecedented high in mid-2020, Colorado’s cannabis sales plunged by the start of this year. While only about half of the 2020 gains were lost, as they were substantial, sales this year more or less picked up where mid-2019 left off.

But now, they have bounced back. And, if they continue apace, sales are on track by summer to surpass last summer’s records. 

Trulieve takes over Arizona. 

Or, at least, that’s one way to think about the Florida-based company’s forthcoming acquisition of Harvest Health and Recreation. Trulieve already essentially dominates Florida’s medical cannabis industry, making up well over half of all sales. And Harvest has the biggest footprint of any cannabis company in Arizona, where sales have recently launched, and the company helped to bankroll the legalization campaign. 

Now, after this $2 billion deal is finalized, Trulieve is poised to become the highest valued multistate operator in the US. The company will have a presence in 11 states, with 126 shops and nearly two dozen cultivation and processing sites. 

More New Congress gets first cannabis legalization bill • Colorado sales rebound • Trulieve’s Arizona takeover • & more…