Pennsylvania tries again

PENNSYLVANIA
Bipartisan lawmakers file legalization bill

What happened: A bipartisan group of lawmakers in Pennsylvania are filing a new bill to legalize cannabis in the state.

The bill, filed by Reps. Aaron Kaufer (R) and Emily Kinkead (D), would legalize up to 30 grams of cannabis for adults over the age of 21, Marijuana Moment reports. 

The bill would set an 8% sales tax and a 10.5% excise tax on cannabis products with 30% of proceeds going to a Cannabis Business Establishment Fund. 

Driving the news: Pennsylvania is one of the few holdouts on legalization in its neighborhood. Ohio started legal sales in August, and neighboring New York, New Jersey, and Maryland all have legal cannabis laws on the books.

Pennsylvania lawmakers failed to legalize cannabis through the budget process earlier this year. Gov. Josh Shapiro’s initial budget included legalization, estimating it could generate $250 million in annual tax revenue. 

Why it matters: Pennsylvania is a big, populous state. States that make the switch from medical-only to recreational see a large boost in sales, employment, and the associated tax revenue. Just look at Michigan and Ohio. 

A number of large cannabis firms operate in the state’s medical market, including Cresco Labs, Curaleaf’s SELECT, and INSA, among others. They’ll be well positioned to benefit.

For a sector with slumping stock prices, adding both Pennsylvania — and potentially Florida — could be a big boost, as the industry waits for the December 2 ALJ Hearing on reclassifying cannabis to the less restrictive Schedule III. 

-JB

“Let me say I know nothing about marijuana,” disgraced former President Richard Nixon said in 1973 on newly uncovered tapes reported by The New York Times.

“I know that it’s not particularly dangerous; I know most of the kids are for legalizing it. But on the other hand, it’s the wrong signal to send at this time.”

Nixon is one of the chief architects of the War on Drugs. Read the entire bombshell New York Times story.

Massachusetts chaos 👩‍⚖️

Julie K. Johnson, the Chief of Research at the Massachusetts Cannabis Control Commission called for an “objective, external audit,” to find the truth and “finally right the ship” at the embattled agency. Shannon O’Brien, the former commissioner, was fired this month after being suspended last year over accusations of “racially insensitive,” comments. Read her whole statement. 

FDA can seize cannabis edibles 🍬

A top Food and Drug Administration official said at a Congressional hearing last week that the agency has the power to seize cannabis-infused food and beverage products from the market, but mostly just sends sternly worded warning letters instead, Marijuana Moment reports.

Rasha Salama, the Chief Deputy Director of the California Department of Cannabis Control, is stepping down, WeedWeek reports. A lawsuit filed last week alleged Salama “severely reprimanded,” an employee who surfaced complaints about product safety complaints to law enforcement.

Barstool founder Dave Portnoy says he should be allowed to “smoke weed, watch football, and eat pizza,” on Sundays, regardless if he’s in his Nantucket, Massachusetts or his Miami, Florida home, in an endorsement of the ballot measure to legalize cannabis in Florida.

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