“Big institutional investors are buying big slugs [of cannabis stocks], quietly.” Putnam and Fidelity, massive institutional asset managers, have holdings in some of the industry’s most recognized names including 4Front, Cresco Labs, Green Thumb Industries, and Curaleaf.
“Without banks, state-compliant cannabis businesses can't accept credit cards, acquire loans, set up deposit accounts, write checks, run payroll or pay taxes. All this currently enables money-laundering, presents a safety hazard, and prohibits the US from keeping pace with nearly all of its neighbors in the Western Hemisphere in the new commercial global cannabis economy. The cannabis industry remains unbanked - for six years now - and the government is at fault.”
The prospect of significant expansion for California’s legal cannabis industry is on the ballot this fall in at least 26 municipalities. These pro-cannabis initiatives could result in as many as 150 new business permits for the industry.
Medical-use cannabis has been legal in Montana since 2004, and now residents are getting the chance to vote for adult-use legalization this November. To get this initiative on the November ballot, an activist group submitted 130,000+ signatures (more than 10% of the state’s population).
The new Democratic vice presidential nominee, Kamala Harris, was a leading advocate for the MORE Act, which would have descheduled cannabis on the federal level. It remains to be seen whether this VP pick will push Biden’s cannabis policy towards a more relaxed posture in the future.