fbpx
Murphy signs N.J. legal weed bills, ending 3-year saga

Murphy signs N.J. legal weed bills, ending 3-year saga

New Jersey finally legalizes cannabis officially.

More than three years after he took office with hopes of legalizing marijuana in 100 days, Gov. Phil Murphy signed three bills that together launch a marijuana industry in New Jersey and put an end to thousands of arrests.

 

But it took more than a marijuana-friendly governor to make reform a reality. There were years of failed legislative attempts, a ballot question that garnered more than 2.7 million votes in favor and three months of negotiations on tax revenue, licensing rules and the ultimate hangup that nearly killed the effort: penalties for those under 21 caught with marijuana.

Murphy signed the bills Monday morning without the usual fanfare, putting his pen to paper just before the deadline to take action struck. If he had done nothing, two measures seeking to launch a legal marijuana industry and to end arrests would have become law without his signature.

“As of this moment, New Jersey’s broken and indefensible marijuana laws which permanently stained the records of many residents and short-circuited their futures, and which disproportionately hurt communities of color and failed the meaning of justice at every level, social or otherwise — are no more,” he said Monday afternoon during his briefing on the coronavirus in Trenton.

The governor signed the bills after both the Senate and Assembly held last-minute voting sessions Monday morning to pass a third bill establishing civil penalties for those under 21 caught with marijuana. Protracted debate drew the voting sessions out, and the bill passed both chambers with only 20 minutes left for Murphy to act on the first two measures.

The legalization and decriminalization bills languished on Murphy’s desk for more than two months awaiting the proposal. The governor said he would not sign them until lawmakers made penalties clear, but refused to issue a conditional veto calling for the change.

As the bills awaited action in 2021, police issued more than 2,000 charges for minor marijuana possession.

And a few plans developed and collapsed In that time. Lawmakers extended the deadline for Murphy to sign the bills by more than two weeks and the lengthy, sometimes tense, negotiations continued.

They finally proved fruitful Monday morning.

Minnesota recreational cannabis bill clears first hurdle

Minnesota recreational cannabis bill clears first hurdle

Minnesota recreational cannabis bill has passed through its first committee

House Majority Leader Winkler’s adult-use cannabis bill would legalize marijuana in Minnesota and set up a framework for regulation, production and sales.

ST PAUL, Minn — The latest effort to legalize recreational pot in Minnesota got through its first committee Wednesday afternoon, once again highlighting the political divide on marijuana at the State Capitol.

All 10 yes votes on the adult-use cannabis bill came from the DFL members of the House Commerce Committee while all seven no votes came from the Republicans on the panel. The Labor and Industry Committee will be the next stop for the measure on its journey to a vote in the full House.

The bill is an effort by House Majority Ryan Winkler to put in a regulatory framework for growing, processing, retailing and taxing marijuana in this state.  It will also set up an expungement process for those who were convicted of marijuana possession, something proponents say is essential due to racial disparities in enforcement in the past.

Supporters say it will also connect medical marijuana patients with more effective treatment options. They also assert it will create jobs and new small business opportunities for budding entrepreneurs.

“Nationally we know the industry added 77,000 jobs last year despite the COVID pandemic,” Anthony Newby, a longtime Minneapolis neighborhood organizer who works for a CBD company, told lawmakers during Wednesday’s hearing.

“This is an opportunity in the age of COVID and political and racial disruption and economic uncertainty to open the doors to grow our local economy and bridge the outrageous racial disparities in our state.”

Rep. Winkler said he’s trying to get ahead of the curve as a growing number of states legalized marijuana for recreational use, something South Dakota voters did in 2020. The drug will become legal there in July, pending the outcome of a lawsuit brought by that state’s governor to try to undo it.

“It is coming. It is time for us to get it right and that’s what this bill represents,” Winkler told his colleagues.

“It becomes too easy to get it from too many places that are legal where they purchase it.”

N.J. cops filed 6,000 charges for weed since voters passed legalization initiative

N.J. cops filed 6,000 charges for weed since voters passed legalization initiative

New jersey still charging citizens with cannabis

Police across New Jersey have filed more than 6,000 charges for minor marijuana possession in the three months since 2.7 million voters said yes to legalizing weed in the Garden State.

The arrests continue as lawmakers and Gov. Phil Murphy work on a last-minute compromise for stalled marijuana legalization and decriminalization bills — and as people mistakenly believe that state has already reformed its laws prohibiting marijuana.

Police filed 2,378 charges for possessing less than 50 grams of marijuana during the month of January, according to a report from the state judiciary.

That’s lower than the pre-election average of arresting 100 some people a day, but higher than in November and December, when police across the state filed 2,125 charges and then 1,703 charges, respectively.

Many thought marijuana would be legal by Jan. 1. — and some argue it is.

But ongoing debate on two bills — one to launch a legal marijuana industry and another to end arrests for possessing small amounts — has left laws barring the drug’s use on the books.

“We’re in a terrible limbo,” said Chris Goldstein, of the cannabis activist group NORML.

“It is a huge concern,” he said. “I think the confusion — the dangerous confusion — isn’t among consumers. I think there’s a dangerous confusion among the police and prosecutors out there. The problem is police are still enforcing prohibition. I think they need a clearer directive.”

New Jerseyans voted 2 to 1 to legalize marijuana, but that didn’t overhaul prohibition immediately. Instead, it gave lawmakers a mandate to create a framework for a legal marijuana industry and to pass a bill to stop arrests.

They did that in mid-December, thinking Murphy would sign it by the start of 2021.

Is now the time to invest in cannabis stocks?

Is now the time to invest in cannabis stocks?

How to invest in cannabis stocks

Legalization talk and Reddit stock warriors are driving more people to invest in cannabis stocks, but the stocks aren’t returning on the investments yet.

The industry is booming and growing at an exponential rate, but due to federal law, there are very few publicly traded “cannabis” companies. For this reason, investors in the US looking to cash in on cannabis will look to Canada.

Aphria, Tilray, and Canopy Growth are a few of the big players in Canada, with billions in investment assets. However anybody who actually follows the industry in Canada could see plain as day that these companies are not performing.

So why are people just now deciding to invest in these companies?

Legalization and Reddit

Unless you’ve been living under a few rocks for the last month, you have likely heard about the GameStop Reddit controversy. If not, here’s what happened; hundreds of users of the social media platform’s subreddit r/WallStreetBets found out that a billion dollar hedge fund was shorting GameStop stock, buying stock in advance to drive down price with the goal of being bought out at their original buying price.

Investors from r/WallStreetBets decided to buy up as much GameStop stock as possible, forcing the hedge fund to cover its losses and pay out for the increased stock price. If it hasn’t become obvious, I’m not a stock expert, so excuse the lazy explanation.

Long story short, GameStop’s stock price rose from $34 to $340 in a couple days, making those who cashed out a lot of money, while others bought in late thinking the stock would continue to rise, only to watch it tank days later.

Now, with a democrat majority in the House and Senate and control of White House, the party is pushing for cannabis reform, and likely federal legalization. With multiple party members publicly speaking about their intentions, the Reddit swarm caught wind and started talking cannabis stocks. But unlike GameStop, Reddit couldn’t manipulate the cannabis stocks in the same way.

Tilray and Aphria Merger

After news surfaced that two of the largest cannabis companies in Canada would be merging together, a lot of investors tried to cash in on the opportunity. In December of 2020 when the merger was initially announced, the stock began to sore as more began to invest.

The investment experts at Reddit appear to have caught on a little too late, pushing everybody on the platform to invest in these companies just in the last week. Unfortunately they couldn’t drive up the price in the same way as GameStop, and the stock eventually fell 4% despite the increased activity.

In other words, the stock spiked temporarily, and smart investors who already bought in at $23/share at the beginning of February were able to cash out at $63/share on February 10th. By February 11th the stock price was halved.

All of this drives the questions a lot of enthusiasts and investors are asking; is now the time to invest in cannabis stocks?

Wait for legalization?

The reality is that for most Americans trying to cash in on cannabis, the market is very small, niche and not very profitable in the United States market. This is why you see so much attention focused on Canada’s cannabis companies, because they federally legalized cannabis in 2018.

While there are some companies in the United States that work within the cannabis industry and are listed on the stock exchange, they are typically ancillary businesses, in other words businesses that don’t work directly with the plant. Equipment supply companies, pharmaceutical companies that research cannabis, etc. are the typical companies you’ll find in the US market.

With little information and education regarding these companies and the industry as a whole in the US due to no federal reporting, now is not the best time to invest in cannabis stocks in the US. Keep in mind that THIS IS NOT FINANCIAL ADVICE, WE ARE NOT FINANCIAL EXPERTS, WE JUST LOVE CANNABIS.

Politicians in the US have been talking about legalizing cannabis for close to a decade, and it has yet to even be decriminalized. To put hope into our politicians and betting money on them (literally) actually making progress toward legalization would be unwise at this time.

Consider that it wasn’t Republicans, but moderate Democrats in the House that refused to pass the MORE Act last October, opting to wait until after the election because they had their own seats to protect. With more elections coming up in 2022, we can expect a similar approach by moderates in the party, inadvertently blocking any sort of legalization from passing.

For now, the smart move is to closely watch the Canadian market, and push your local legislators to support legalization in your state and on the federal level. It’s your money, so spend it wisely!

Idaho Senate Passes Measure To Block Marijuana Legalization

Idaho Senate Passes Measure To Block Marijuana Legalization

Idaho cannabis legalization blocked by state senate

The Idaho Senate on Wednesday approved a resolution to amend the state Constitution to prevent marijuana or other drugs from being legalized.

If the House follows suit, the action could create serious complications for activists who are seeking to put cannabis reform measures on Idaho’s 2022 ballot.

The Senate State Affairs Committee approved the resolution along party lines last week, and the full chamber has now passed it 24-11. If it gets a two-thirds majority in the House as well it will be placed before voters on the midterm election ballot.

The measure stipulates that “the production, manufacture, transportation, sale, delivery, dispensing, distribution, possession, or use of a psychoactive drug shall not be permitted in the state of Idaho.”

It would make an exception for substances that are approved by the federal Food and Drug Administration (FDA), but it would effectively kneecap efforts to establish a medical cannabis program that looks anything like those implemented in other legal states.

What makes the measure problematic for advocates is that, should the legislature ultimately approve it, the resulting constitutional initiative on ballot would take precedence over any statutory legalization measures that appear alongside it, regardless of the margin that any measure ultimately gets approved by.

Activists are dealing with this development as they work to collect signatures on an initiative to legalize medical cannabis and while a separate group is preparing to place adult-use legalization before voters.

The Senate-approved resolution says that the “normalization of illicit drug use is having a profound negative impact on Idaho citizens” and, therefore, it is “reasonable and necessary” to enact the constitutional change.

Activists say the proposal is anything but reasonable and is intended to undermine the democratic process, misleading voters by neglecting to directly explain how the measure would impact medical cannabis reform efforts and instead referring broadly to “psychoactive drugs.”

Here’s the language of the constitutional amendment that the lawmakers hope to place before voters: 

“Shall Article III of the Constitution of the State of Idaho be amended by the addition of a new Section 30 to provide that the production, manufacture, transportation, sale, delivery, dispensing, distribution, possession, or use of certain psychoactive drugs shall not be lawful in the State of Idaho unless such drugs are: (a) approved by the federal Food and Drug Administration and permitted by the state; (b) lawfully prescribed; and (c) lawfully dispensed?”

If approved, that would mean that Kind Idaho’s medical cannabis legalization measure and another initiative in the works to legalize for recreational purposes would be rendered null and void, regardless of whether a majority of Idahoans passed either of them.

Lawmakers reintroduce recreational Minnesota cannabis legislation

Lawmakers reintroduce recreational Minnesota cannabis legislation

Minnesota cannabis legalization bill introduced again

On Monday, House Majority Leader Ryan Winkler and other Democrat lawmakers reintroduced recreational adult-use cannabis legislation that addresses criminal justice inequities created by the current system and also allows law enforcement to focus on more serious issues, according to the bill.

The DFL says the adult-use cannabis bill is based on conversations with Minnesotans during the statewide “Be Heard on Cannabis” tour, which hosted town hall meetings in 15 communities spanning urban, suburban and rural parts of the state. Additionally, meetings were held with more than 30 organizations and associations, as well as consulting with Gov. Tim Walz, Lt. Gov. Peggy Flanagan and 13 state agencies. A House of Representatives spokesperson said 250 meetings were held with individuals and groups.

“The failed criminalization of cannabis has resulted in a legacy of racial injustice that can no longer go unaddressed,” Winkler, the bill’s chief author, said. “Adults deserve the freedom to decide whether to use cannabis, and our state government should play an important role in addressing legitimate concerns around youth access, public health, and road safety. Veterans and Minnesotans with serious illnesses like PTSD deserve better access to our medical program, which is not working well for most people. It’s time to legalize, expunge, and regulate.”

The proposal would “create a responsible regulatory structure focused on developing micro-businesses and a craft market; expunge most cannabis convictions; fund public health awareness, youth access prevention, and substance abuse treatment; provide grants, loans, technical assistance, and training for small businesses; require testing and labeling of products; restrict packaging based on dosage size; and allow limited home grow abilities.”

“It’s clear that our current cannabis laws aren’t working for Minnesota,” House Speaker Melissa Hortman said in a statement. “Smart, sensible legislation can address racial inequities in our criminal justice system, tackle the harms caused by cannabis, and ensure better outcomes for communities.”

According to the House, Black and white Minnesotans consume cannabis at very similar rates, yet Black Minnesotans make up 30% of cannabis arrests while representing just 5% of the population.

“The legalization of adult use-cannabis will result in health, economic, criminal justice, and civil rights benefits for Minnesotans, benefits already experienced by those in other states that have eliminated the criminal prohibition,” said Rep. Rena Moran (DFL-St. Paul). “Minnesotans, especially those from Black, Indigenous, and communities of color who have been disproportionately impacted will have an opportunity to live better lives and contribute to society by participating in the workforce. People have made their voices clear across the state, and it’s time to end our current harmful policies on cannabis.”

As of Nov. 4, 2020, voters in Arizona, Montana, New Jersey and South Dakota approved measures to regulate cannabis for adult-use. That brings the total to 15 states and three territories. A total of 36 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands have approved comprehensive, publicly available medical marijuana/cannabis programs.

“I remain committed to supporting a path forward for a responsible framework to legalize cannabis in our state. For too long we have turned a blind eye to the effects that prohibition has had on many of our communities of color,” said Sen. Melisa Franzen (DFL-Edina). “As more states continue to remove barriers to embark in this industry, Minnesota must not be left behind. We should lead the way toward ensuring public health and safety considerations are at the forefront of any legislation.”

The next steps, following the bill’s introduction Monday, will be a series of public hearings that allow residents to ask questions and provide input on the matter.

Social Share Buttons and Icons powered by Ultimatelysocial
error

Like The Real Dirt? Please spread the word :)