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Joe Biden and Kamala Harris were sworn in on January 20 as president and vice president, setting the stage for Democratic control of Congress and the presidency.
That scenario, dubbed a “Biden Blue Wave,” is expected to provide a major catalyst for the US cannabis industry, according to analysts.
Cowen analyst Vivien Azer has previously said that with a Democratic-controlled government, cannabis-related legislation — like the STATES Act and MORE Act — would have a better chance of passing, creating big opportunities for the US industry.
Democrats control the Senate because both of Georgia’s Democratic candidates won their seats earlier this month.
In December, the US House of Representatives, where Democrats are also in control, voted for the first time on a bill to decriminalize cannabis. The bill was expected to face opposition from a Republican-controlled Senate.
The bill, the Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act, would end criminal penalties for anyone who sells cannabis in states where that’s legal, decriminalize the use of cannabis throughout the US, and formally allow states to chart their own course in establishing commercial marijuana sales if it becomes law.
Cannabis is also gaining ground on the state level. Five states
Source:: Businessinsider – Politics