The cannabis industry has seen quite the surge in recent months. From the signing of the MORE Act in December to President Biden’s recent extension of a cannabis business filing deadline, there’s no denying that the industry is continuing to evolve and mature within the nation.
Last week was no exception. We saw a few major developments that pertain to the future of cannabis in the United States. Let’s take a look at the highlights:
Biden Extends Cannabis Business Filing Deadline: President Biden signed an executive order extending the cannabis business filing deadline for another 90 days. This order enables state and local jurisdictions to comply with the cannabis regulations that were issued by the U.S. Treasury Department in February. This move by the Biden Administration is seen as a positive sign of support for the burgeoning industry.
Maryland Exceeds Expectations: Since the start of legal cannabis in Maryland, the state has seen more success than expected. Last week, the state reported that it has hit its $20 million sales mark after only five weeks of operation. This news was met with joy from advocates and businesses alike as it provides the needed validation that legal cannabis sales have a strong presence in Maryland.
Cannabis Pardons Suggested: Representatives in Congress have asked President Biden to pardon individuals who have been convicted of cannabis-related charges. This comes in the wake of the MORE Act, which would expunge all non-violent federal cannabis convictions from individuals’ criminal records. This action would be a huge step in rectifying the wrongs made by the War on Drugs and would also offer a method of relief to those who continue to suffer from its devastating consequences.
These recent moves have all helped to raise the profile of the cannabis industry. The momentum is continuing to build as more states legalize and the industry expands. What’s more, with President Biden’s positive stance on cannabis, it is likely that more action will be taken in the weeks and months ahead. We anticipate that as the federal outlook on cannabis continues to improve, the industry will experience even more growth.
