The United States (US) cannabis industry is receiving strong support from one of the largest companies in the world, Amazon Inc. (Nasdaq: AMZN).
Earlier last week, the tech giant restated its support for federal cannabis legalization and reiterated that it would like to see Congress pass legislation to end prohibition. As it relates to the types of legislation it supports, Amazon selected the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act and the Cannabis Administration and Opportunity Act (CAOA).
Amazon sent a letter to the senators that are spearheading these bills that said, As your bill would achieve similar objectives, we are pleased to endorse the Cannabis Administration and Opportunity Act as currently drafted.
The letter continued additional information that Is related to expunging prior cannabis convictions and using some tax revenue from the industry for community reinvestment and ending pre-employment testing of cannabis as a condition of employment.
We believe the cannabis industry will greatly benefit from the lobbying power that Amazon brings to the table. Over the next few months, we expect to see additional large-scale mainstream businesses follow Amazons lead.
Although Amazon steals headlines that are associated with federal cannabis legalization efforts, Uber (UBER) was one of the first large corporations to voice its support for cannabis reform. Due the nature of Ubers business, it also has substantial lobby power and we consider its support to be of great significance.
Federal cannabis legalization in the US is nearing an inflection point and we are bullish on this trend. We consider cannabis reform in the US to be the most significant potential catalyst for the sector and will monitor how legalization efforts advance in the near-term.
If you are interested in learning more about any changes to cannabis legalization efforts in the US, please send an email to support@technical420.com with the subject US Cannabis Legislation to be added to our distribution list.
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Authored ByMichael Berger
Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.
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