Marijuana News

Cannabis Debate

I did not watch the VP debates. I had to watch grass grow. Seriously though, to those that watch these high level intellectual engagements and honest dialogue, more power to you. As a child my mother would be glued to it and I would watch people talking shit… My view has not changed, but that is my cynical self.

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However, I did read the next day that Kamala Harris claimed that Biden would enact the MORE Act. What is the MORE Act you ask…. Well if you have not heard it is the Marijuana Opportunity Reinvestment and Expungement Act.

The MORE Act was set to be put to a vote in previous weeks. However, NORML reports that the Democrats pushed the bill back to not have the issue before the presidential election. Interesting that Harris brought it up in the debate.

Specifically Harris said we “will decriminalize marijuana, and we will expunge the record of those who have been convicted of marijuana.” As a result Cannabis stocks saw a huge boost on the stock market the next day. Shares of Aurora Cannabis, Canopy Growth, Tilray and other stocks saw double-digit gains according to Marketwatch.com.

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The cannabis ETF THCX shot up to $9.32 according to Market Watch. While individual stocks benefited so did Cannabis ETF’s as well. ETF are exchange traded funds and are a conglomerate of investment packages related to the cannabis industry.

This is great for middle class America and those elite booming off of Wall Street investments. Democracy NOW reported the next day interviewing a representative from the Poverty Project. Neither Harris nor Pence spoke to the reality of poverty and people losing their jobs during the pandemic. Excellent for the stock market; but as we have seen the Washington Post recently report on people still getting arrested for cannabis in DC; how will either party ensure that the MORE Act is not just an economic measure that will only benefit affluent Americans?

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