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Thursday, Feb 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Biden gets landslide of approval from major cannabis industry players

The long-awaited move has several positive implications for the legal cannabis industry

Biden gets landslide of approval from major cannabis industry players for his pardon plan
Photo by Louis Velazquez via Unsplash.

United States President Joe Biden has been receiving a great deal of positive feedback over his recent decision to pardon all federal offences related to cannabis possession.

On October 6 he issued a statement from the White House outlining steps he will take to end what he describes as a “failed approach” to cannabis legislation in the U.S.

In addition to pardoning federal offences related to pot he also urged all state governors in the country to pardon convictions related to the plant at a state level.

“Too many lives have been upended because of our failed approach to marijuana.  It’s time that we right these wrongs,” said Biden.

Read more: Biden takes steps towards federal cannabis legalization

Read more: Global cannabis market to be valued at US$168.58B by 2029: DBMR

Since that time multiple major cannabis companies have voiced their approval of Biden’s recent actions.

StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) commended the president and outlined some of the potential benefits of the reforms.

“We are, first of all, delighted that the president is pardoning the many thousands of people whose lives have been horribly impacted by minor possession offenses. Secondly, we believe that re-scheduling, or outright de-scheduling, of cannabis would be a very positive catalyst for the legal industry,” said Ed Schmults, CEO of StateHouse.

“The potential benefits to StateHouse from the removal of the Schedule I classification are substantial. It could open us up to vast amounts of potential new investments, reduce our future tax obligations, and eliminate a source of uncertainty that impacts the entire industry,” added Schmults.

Schmults also added that the legal cannabis industry had been awaiting an announcement like this for years and that StateHouse congratulated Biden on a decision that could help drive substantial value for the company’s investors.

StateHouse is an American company that operates 14 dispensaries throughout California and Oregon along with a series of cultivation and distribution facilities.

Bright Green Corporation (NASDAQ: BGXX) is a U.S.-based cannabis company welcoming the reforms announced by Biden too. The company aims to be selected by the U.S. government to legally cultivate cannabis under federal laws for multiple purposes.

“This news encourages us to continue our work on our world-class agricultural complex in Grants, New Mexico, where we expect to be operational in the fourth quarter following a final site inspection by the U.S. Drug Enforcement Administration,” said Terry Rafih, CEO of Bright Green.

“Through our partnership with Alterola Biotech, Inc. (OTC: ABTI), we aim to be one of the very first companies selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research; pharmaceutical development and applications; and affiliated export.”

Read more: Hemp Inc. has 315% revenue increase throughout the last 3 quarters

Read more: StateHouse enters partnership with Nabis to decrease its distribution costs

Hemp Inc. (OTC PINK: HEMP) also applauded the president’s decision and mentioned that the pardons from Biden will impact approximately 6,500 people in the U.S. that were convicted of possession charges between 1992 and now. The company claims to have the largest hemp processing facility in North America located in Spring Hope, North Carolina (85,000 square feet).

Lastly, Agra Ventures Ltd. (CSE: AGRA) (OTC: AGFAF) applauded Biden’s move and stated that it hoped the president’s decision would help add progressive momentum to the current federal review of the Canadian cannabis act.

The company says that despite pot being legalized in 33 states, millions of American citizens have had their lives upended by cannabis convictions and Biden’s actions will help relieve the justice system and those involved in the cannabis industry.

“This is a meaningful time for the cannabis industry, not only in the U.S. but also around the world. Even though AGRA doesn’t currently have operations in the U.S., I believe that the statement by President Biden has already made a positive impact on the valuation and reputation of the North American cannabis sector as a whole,” said Nick Kuzyk, interim CEO of AGRA Ventures Ltd.

“Although more changes need to occur, the statement was definitely a pleasant surprise. It is a step in the right direction as continues the global trend of relaxing the criminalization of cannabis, just in time for the four-year anniversary of legalization in Canada.”

Agra is a Vancouver-based cannabis company with international operations in Germany and the United Kingdom that possesses a 130,000-square-foot greenhouse complex in Delta B.C.


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