🌿 A federal legalization bill is finally here

Happy Weed Wednesday. Thanks for checking out the newsletter that makes you smarter about weed in 4 minutes and 20 seconds or less. Here’s what we got for you this week:

  • Federal legalization: The new bill that pretty much has no chance of passing

  • Business highlights: Cookies is expanding to Asia, weed stocks rally after new bill is introduced, 7 highest paid CEOs in the weed industry

  • Midterm elections: Weed coming to ballots in the midwest and the south

  • Pot Politics: BJ Penn is running for governor and supports legalization, Michigan awards $20 million for cannabis research, cannabis banking bill approved for the seventh time

Best of social media

Before we get to the news, here's the funniest thing we saw on social media this week. This goat is the real GOAT.

A federal weed bill is finally here

@politico

The good news is a federal weed bill has finally been introduced by Senator Chuck Shumer and a few of his democrat buddies. The bad news is it pretty much has no chance of passing. As we wrote last week, it’s going to be nearly impossible to get the required votes with a split senate. But hey, anything is possible if Donald Trump can go from hosting The Apprentice to becoming the president.

Key points

If you’re into reading super long and confusing political stuff, have fun reading the 296 page bill. If you’d rather read the cliff notes version, here are the key points:

  • Within 180 days of the bill passing, cannabis has to be removed from the Controlled Substance Act.

  • Records will be expunged within a year of passing for people that have low-level federal cannabis convictions. People that are currently in prison for cannabis will have an opportunity to petition the courts for relief.

  • Creates funding for law enforcement departments to fight illegal cannabis cultivation.

  • Establishes grant programs for small business owners entering the industry who are from communities disproportionately hurt by past drug laws.

  • More taxes: Small to mid-sized cannabis producers would be taxed a 5% excise tax, increasing to 12.5% after 5 years. Large businesses would start at 10% and increase to a maximum of 25%.

  • Requires the Department of Transportation to research and develop a nationwide standard for marijuana-impaired driving.

Where do we go from here

From here we let the political shit show take center stage. While the politicians take turns insulting one another, you can show your support for the bill by visiting cannabisincommon.org and reaching out to your state representatives.

And if you happen to be Louisiana, make sure to vote for Gary Chambers. Since he just smoked a blunt in his latest campaign ad, it’s safe to say he’s in favor of federal legalization.

Business highlights

  • Cookies is opening its first store in Asia

  • Weed stocks sore after new federal bill is introduced

  • Theses are the 7 highest paid CEOs in the cannabis industry

  • New report projects cannabis industry to be worth nearly $200 billion by 2028

  • Planet 13 is opening the first weed consumption lounge in Las Vegas

Weed is coming to ballots across the country

@NORML

For those of you who have been smoking crap weed in the midwest and the south, hang in there, an abundance of good weed might be on the way soon. If all goes well, an abundance of freedom is coming too so you no longer have to be super paranoid like this guy.

The details

With midterm elections coming up in November, there are plenty of people trying to get all kinds of different stuff on the ballot. Some of the stuff makes a lot of sense - like legalizing weed across multiple states in the midwest and the south. Other stuff can get really weird - like the town in Virginia that voted itself out of existence.

Luckily for weed fans in the midwest and the south, there are plenty of states that are gonna see legalization on the ballot. Here’s a rundown of what to expect:

Oklahoma: Safely legalize, regulate and tax recreational marijuana for adults 21 years and older. The group Oklahomans for Sensible Marijuana needed 95,000 signatures to get this on the ballot, but they ended up with 164,000 signatures.

North Dakota: Allow for the purchase and possession of up to one ounce of cannabis or its equivalent in other forms. Individuals could cultivate up to three plants at home. Activists in North Dakota needed 16,000 signatures to get this on the ballot, but they ended up with almost 26,000.

Arkansas: Licenses would be limited to 20 cultivators and 120 dispensaries. Responsible Growth Arkansas only needed to collect 89,000 signatures to get adult-use on the November ballot, but they turned in more than twice that: 193,000 signatures.

Nebraska: Nebraska is a bit of a toss up at this point. Per Leafly, activists needed to submit 87,000 valid signatures for two separate measures to qualify medical marijuana for the November ballot. They ended up with about 90,000 signatures. In other words, if more than 3,000 signatures prove to be invalid, they won’t qualify for the ballot. If it qualifies and passes, the bills would separately establish a regulatory body to create a framework for the state industry and prevent the arrest of marijuana patients.

Based on the number of signatures obtained in Oklahoma, North Dakota and Arkansas, it seems like they have a legit shot at passing their bills in November. Our thoughts and prayers are with those of you in Nebraska. Living in Nebraska, and pretty much anywhere else, without an abundant amount of good weed sounds pretty terrible.

Pot politics

  • Former UFC star BJ Penn is running for Governor in Hawaii and supports legalization

  • Michigan awards $20 million to fund cannabis research for veterans

  • The house approved the cannabis banking bill for the seventh time

  • The Department of Cannabis Control is set to seize $1 billion worth of illegal weed

  • Texas Ag commissioner supports expanding medical marijuana

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Quick hits

Meme of the Week

Before we go, here's the best meme we saw this week. Telling a stoner they smoke too much is like telling a girl she's fat - it's not gonna end well.

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