Lawmakers love 4/20, apparently

Plus, stablecoin legislation, excise taxes, and more

April 18, 2024

Good morning.

On Tuesday, we shared how one pizza chain in Canada is celebrating 4/20 with the Pizza Pizza pre-rolls. 

But we dug a little deeper for our loyal readers and found other 4/20 food specials this year. Like the Deliciously Dope Dime Bag at Jimmy John’s and the $4.20 Chicken Sandwich deal and Munchies Menu at Popeye’s. Have you seen others?  

Let’s get to it. 

- Jeremy Berke & Jay Rosenthal

Today’s newsletter is 667 words, or about a 3.5 minute read. 

💡What’s the big deal?

4/20 EVERY DAY
Lawmakers push cannabis as 4/20 nears

What happened: Pro-cannabis lawmakers descended on Capitol Hill for a number of cannabis-related events, including a press conference organized by the Last Prisoner Project, as well as the National Cannabis Policy Summit. 

What they’re saying: “I want you to hear what my message is. I’m gonna say one word: Deschedule,” Sen. Ron Wyden said at the press conference. “Descheduling ought to be a Republican dream… Sometimes I think they’re only for states’ rights if they think the state is right.”

Wyden is the chair of the powerful Senate Finance Committee. 

And: Outgoing Rep. Earl Blumenauer, a longtime cannabis champion and co-chair of the Congressional Cannabis Caucus, said at the press conference that this year, “we ought to be celebrating 4/20 every day.” (Ahem, we do…)

Why it matters: Wyden, along with Sens. Chuck Schumer and Cory Booker, are set to file a bill that would federally decriminalize cannabis later this month. They said at the event they’re trying to recruit Republicans to join them. 

What’s next: We’re still waiting for any iota of movement at the federal level. But the symbolism — and the flurry of events — around 4/20 are important signals that this is being taken seriously.

Whether anything happens, on the other hand, is anyone’s guess. 

-JB

🗣️ Quotable

“[I]t is our view that the true measure of success for any industry is the ability to contribute tax revenue from profitable income, not taxation from topline sales,” Village Farms International CEO Michael DeGiglio said in a statement, accurately summing up the issue with Canada’s approach to cannabis excise taxes. 

🥊 Quick hits

Florida Gov. Ron DeSantis again castigated the push to legalize cannabis in Florida, saying that people will just “toke up” by elementary schools. 

The Senate dropped its version of the stablecoin bill that many in the cannabis industry hope will be packaged with the SAFER Banking Act and passed with the Federal Aviation Administration spending bill next month, Punchbowl News reports. 

Illinois cannabis sales were up 9.8% in March, though growth is slowing.

📈 Chart of the day

As we get closer to 4/20, cannabis information site Weedmaps shared some interesting data with us. 

The company says last year, orders doubled on 4/20 compared to regular days. And, average 4/20 order values were up 14% compared to other days — meaning it’s a great day for retailers to take advantage of.

😮‍💨 4/20 round-up

We here at Cultivated want to do a public service. Here’s our roundup of 4/20 related events near you:

😐 One weird thing

A new ad appeared in a bus stop in lower Manhattan, encouraging city residents to buy from legal dispensaries. We think the “kill you” might be overly hyperbolic, but the point stands: Buy legal.

📰 What we’re reading

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