Last week, I commented on Congresswoman Tulsi Gabbard’s 5-minute speech to Congress where she made her case for the federal decriminalization of cannabis.
If you missed it, here’s the presentation …
Well, this morning a few more level-headed lawmakers introduced new measures to reform cannabis policy and support cannabis businesses.
As reported by the National Cannabis Industry Association, these reforms were introduced by a bipartisan group of senators and representatives that are looking to resolve tension between state and federal cannabis laws. Check it out …
The Small Business Tax Equity Act of 2017, introduced in the House by Rep. Carlos Curbelo (R-FL) and Rep. Earl Blumenauer (D-OR) and in the Senate by Sen. Ron Wyden (D-OR), Sen. Rand Paul (R-KY), and Sen. Michael Bennet (D-CO), would allow state-legal cannabis businesses to take normal business deductions like any other legal business. Currently, the law prohibits cannabis businesses from deducting expenses related to sales.
“Cannabis businesses aren’t asking for tax breaks or special treatment,” said Smith. “They are just asking to be taxed like any other legitimate business. NCIA and its members appreciate this strong support for a fair approach, and we’re especially proud to newly gain that support from Rep. Curbelo.”
The Regulate Marijuana Like Alcohol Act, introduced in the House by Rep. Jared Polis (D-CO), would regulate marijuana like alcohol by inserting marijuana into the section of the U.S. Code that regulates “intoxicating liquors.” It would give oversight authority to the Bureau of Alcohol, Tobacco, Firearms and Explosives, and would establish a permitting system to cover the cost of that oversight.
The Responsibly Addressing the Marijuana Policy Gap (RAMP) Act, introduced by Sen. Wyden and Rep. Blumenauer in their respective chambers, covers a broad range of issues at the federal level, including banking and tax fairness for businesses, civil forfeiture, and drug testing for federal employees. The two Oregon officials see the provisions in this bill, collectively, along with the other two bills introduced today, as the “Path to Marijuana Reform.”
The Marijuana Revenue and Regulation Act, introduced by Sen. Wyden and Rep. Blumenauer, contains the provisions included in the Marijuana Tax Revenue Act and the Regulating Marijuana Like Alcohol Act.
Although the introduction of these measures is the beginning of what is likely to be a long and frustrating process, never before have we seen this level of support in Washington. This is actually a very big deal, and as investors in the cannabis space, we are not only paying close attention, but we’re letting our representatives know how we feel, too. I hope you’ll join us in the continued fight against cannabis prohibition, which, without a doubt serves as a violation of human rights.
Now let’s move on to the market. Here’s how our cannabis stocks performed today …
- Aurora Cannabis (TSX-V: ACB) – Down 0.39%
- Aphria, Inc. (TSX-V: APH) – Up 0.31%
- Emblem Corp. (TSX-V: EMC) – Down 2.95%
- Emerald Health (TSX-V: EMH) – Down 1.6%
- Innovative Industrial Properties (NYSE: IIPR) – Up 0.18%
- OrganiGram (TSX-V: OGI) – Down 3.14%
- Canopy Growth Corporation (TSX: WEED) – Down 3.25%
Here’s what we’re buying …
- Emerald Health (TSX-V: EMH) – Buying below $1.45
And here’s what we’re watching …
