That Was Quick

I read the countless cannabis newsletters. The fundamental research and data in this space are just beginning. This past week I read a Gallup poll that more Americans smoke weed than cigarettes. Cannabis use has more than doubled in the past decade. Fewer people are drinking. The AARP crowd really likes weed as their use numbers have doubled in the past three years. Teen use is down if not stable. And more important, 70% of Americans support the legalization of cannabis. I am not sure there is anything else in this country that 70% of Americans can get behind.

The elephant in the room is the GOP. Unless something dramatically changes before the Republicans come into power, it is apparent that the Democrats couldn’t get a reclassification of cannabis, banking, or the Federalization of the plant passed, even though most Americans want this.

Based on the Gallup poll, the market share shift is a loss for pharmaceuticals, cigarettes, and alcohol. What is their strategy? Foisting lobbying efforts with deep pockets until they can figure out how to get in on the next vice wave?

Democrats and Republicans rely on these industries for capital to keep them in office. Will the cannabis industry finally get its due? The banks certainly want in on the action. Will Biden surprise us with a last-minute surprise? Who knows, but as usage grows and the other vices ebb, just getting a banking bill passed would be a step in the right direction. It is the bane of every cannabis business.