The U.S. House of Representatives passed the More Act last week; the Senate debate is set is next.
Having navigated a bumpy road over the past few years, marijuana legalization at the federal level is closer to fruition than ever.
Last week, the House of Representatives approved the Marijuana Opportunity Reinvestment and Expungement, or More, Act, which would remove cannabis from the list of drugs regulated by the Controlled Substances Act.
That would effectively legalize the drug by removing criminal penalties. Past federal cannabis convictions would also be expunged under the new law.
The bill, which passed the full House by a 220-204 vote, now heads to the Democratic-Party-controlled Senate, where it has been defeated after passing a House vote in December 2020.
This week, Senate Majority Leader Chuck Schumer (D-New York) responded to the April 1 bill passage by saying that the plan was to introduce the Cannabis Administration and Opportunity Act this month.
Schumer was to reach across the aisle to get Republican Party input about what to include in the bill, Marijuana Moment reported. Schumer said that Democrats hope to introduce the bill toward the end of the month and that members of his caucus have already reached out to a few Republicans.
Marijuana reform might be a tough nut to crack with just seven months left until the midterm elections. Proponents say that legalization would have little chance of passage if the Republican Party takes control of Congress. But for now they say that progress is progress, and they remain optimistic about the bill’s chances.
Airport Weed-Discard Boxes Go Unused
With O’Hare and Midway airports, Chicago is one of the busiest airport hubs in the world. And since it legalized marijuana a couple of years ago, it is also one of the busiest cannabis markets in the country.
In 2020, the state of Illinois legalized marijuana. And for passengers at those busy airports, the state set up “cannabis amnesty boxes,” which enable passengers to dispose of their weed instead of — illegally — carrying the drug on planes that cross state lines.
Millions of passengers have flown out of Chicago-area airports since the large green boxes first appeared, but a report by the Chicago Sun-Times shows that the boxes are very rarely used.
Officials have had to make only 34 collections, including 22 at O’Hare and 12 at Midway, since the boxes first appeared in January 2020 through March 20, 2022.
Of those collections, only half the logs show that cannabis, suspected cannabis, or a green leafy substance was recovered from the boxes.
This means either that those leaving the Windy City are leaving their cannabis behind, using it before they get to the airport, or choosing to fly the federally regulated not-marijuana-friendly skies.
Local authorities have said they aren’t arresting passengers caught with weed, but the drug can be confiscated, and the boxes offer flyers an opportunity to avoid that hassle.
Tilray Swings to Surprise Profit
Shares of Tilray Brands (TLRY) – Get Tilray Brands, Inc. Report jumped on Wednesday after the Leamington, Ontario, cannabis operator swung to a fiscal-third-quarter profit from a year-earlier loss.
The company reported net income of $43.2 million, or 9 cents a share, against a net loss of $273.5 million, or $1.03 a share, in the year-earlier quarter.
Tilray generated revenue of $151.9 million, up 23% from $123.9 million a year ago.
Analysts polled by FactSet were expecting the company to report a net loss of 8 cents a share on revenue of $156.2 million.
The company says it is on track to reach its goal of $4 billion in annual revenue by the end of fiscal 2024.
Medical Marijuana Bill Fails in Georgia
Georgia’s state senate voted 28-27 against a bill that would have legalized the production and sale of medical cannabis products in the state this week, the Atlanta Journal-Constitution reported.
Georgia allows low-THC marijuana-based oil to be used as a treatment for the 22,000 patients registered in the state’s medical-marijuana program.
The decision came after the Georgia Access to Medical Cannabis Commission last summer gave six licensees tentative approval to grow medical marijuana.
The bill that failed this week would have finalized those permits by June 7 and added another three cultivation licenses by next year, MJBizDaily reported.
