Ending 2020 on a High Note

Progress and change on multiple fronts


Ending 2020 on a High Note

by | Dec 17, 2020 | Government, Regulation

As we move toward 2021, we all need some positive news.  In the first week of December, we received more than enough positivity to flow around the globe!

Here is a quick summary (in no specific order):

  • United Nations Commission votes to reschedule Cannabis from most restrictive to least restrictive
  • United States House of Representatives voted and passed the MORE Act to decriminalize Cannabis
  • The European Union adjusted the definition of Hemp and ruled that CBD is not a narcotic substance
    Mexico legalized adult-use Cannabis
  • United States House of Representatives voted and passed a separate bill meant to promote research into the plant, allowing scientists to access cannabis from state-legal dispensaries
  • NBA extends 2019-2020 policy to not randomly drug test players for Cannabis in the upcoming season

Some quick hits on the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act:

  • Would add (if passed by Senate) $13.7B to federal budget
  • Cut federal prison spending by nearly $1B
  • Removes Cannabis from federal Controlled Substances Act
  • Expunges past marijuana-related convictions and require certain cases to be re-sentenced
  • Reduce time served by 73K person-years
  • Reduce the Federal deficit by $7.344B

I hope some of those numbers gave you goosebumps, but we are not out of the woods yet.  The Senate is still a major roadblock to this momentum.  Senate Majority leader Mitch McConnell (R-KY) is one of numerous Republicans who criticized House leadership for even holding a vote.

However, the vote has passed, and a major milestone has been achieved for the industry, patients, enthusiasts, and those incarcerated.  With the world also opening up to Cannabis and the need to stimulate economies as we hope to push Covid-19 into the rearview mirror, things are moving in a positive direction.  Keep your heads up, and Akene Consulting will be staying on top of these changes as they begin to affect operators world-wide. Be well and stay safe during this difficult time.