A section of Progressive Democrats has been against the federal prohibition of marijuana for long and has been attempting to change the state of affairs. Some of the big names behind the movement include the Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Cory Booker (D., N.J.), and Sen. Ron Wyden (D., Oreg.)
Strong efforts towards change
.The group seems to have made tremendous steps so far, especially considering the successful unveiling of their draft legislation targeted at ending the federal prohibition of marijuana on Wednesday. Reports show that cannabis stocks still sold off over the following days.
Canopy Growth witnessed an 8% decline in shares, but that doesn’t seem to shake CEO David Klein. Instead, he speaks regarding their plan to enter the U.S. market as soon as the sale of cannabis becomes federally permissible. It is interesting watching him call the draft introduction “really positive.” The leader had been speaking during an interview conducted on Thursday.
Klein speaks out
Klein referred to the bill as representing the new dawn of a legislative path to get things done. He said he would be excited to witness any incremental progress on federal reforms, whether in Schumer’s more progressive Cannabis Administration and Opportunity Act or their SAFE Banking Act.
Klein opined, “If you’re going to start having the discussion around Safe Banking, the question that I have is why not try to go all the way? Why not try to fully legalize cannabis, create a federal structure for regulating cannabis and use some of the excise taxes that would be imposed from that federal program to reinvest in communities that have disproportionately been impacted by cannabis prohibition.”
Canopy and some other Canadian peers continue eyeing the larger U.S. cannabis market and benefit from it. Analysts believe that the clock is ticking as most U.S.-based businesses strive to expand their lead.