Pot companies have been left out of coronavirus stimulus bills, but that isn't stopping lobbyists from trying. “Big and small cannabis companies are going to be in trouble if they don’t get access to federal relief.'
Cannabis businesses were not included in the latest stimulus bill stemming from the COVID-19 pandemic despite concerted efforts by lobbyists that will continue, industry groups said Tuesday.
NCIA spokesman Morgan Fox told MarketWatch in a phone interview that its lobbying effort is now focused on the fourth stimulus package, which the organization expects sometime in May. There is support for the issue among lawmakers on both sides of aisle in congress. Last week, a bipartisan group of 34 members of the House of Representatives sent a letter to Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, asking that cannabis companies be included in the next COVID-19 relief bill.
National Organization for the Reform of Marijuana Laws political director Justin Strekal says that the COVID-19 pandemic has compounded many of the issues arising from prohibiting cannabis in the first place and that his organization is largely making the same arguments on the need for reform.Unlike the companies themselves, workers across the marijuana industry’s supply chain have and may continue to be eligible to access state unemployment benefits, according to Strekal.
“Yes, [our portfolio companies] want help, for sure,” Jon Trauben, a partner at Altitude Investment Management, said in a phone interview. “The industry employs hundreds of thousands of people, generates billion of dollars in taxes, excluding them from [the stimulus] is heresy, in my view.”Altitude is a venture-capital firm that focuses on the cannabis sector and has backed the likes of Privateer Holdings — which spawned Tilray Inc. TLRY, +0.59% — and the Green Organic Dutchman Holdings Ltd.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A 4/20 pot party in NYC busted after tip on social-distancing violationsPolice on patrol were flagged down by a concerned citizen for what seemed like a lot of people in a building on the third floor of a Manhattan commercial building, the official said.
Read more »
Coronavirus lockdowns have caused Americans to stock up on potWeekly marijuana sales last month in California, Colorado, Nevada and Washington were up by 17%, year on year
Read more »
Interim coronavirus stimulus gives more funds to healthcare industry - Business InsiderHospitals and medical practices are getting more money in the latest round of stimulus funding. The bill also sets widespread testing in motion.
Read more »
U.S. Works to Contain Economic Fallout as Coronavirus Deaths Pass 45,000The U.S. death toll from the coronavirus pandemic climbed past 45,000 as a new stimulus package cleared the Senate, the latest effort by lawmakers to prop up an economy battered by lockdowns.
Read more »
Coronavirus live updates: Senate reaches $484B stimulus deal; Trump halts green cards 60 daysThe push to reopen in places like Georgia has set off warnings from health authorities that relaxing the stay-at-home orders too quickly could enable the virus to come surging back.
Read more »
London Fashion Week moves onlineLondon Fashion Week will move online in the face of the coronavirus pandemic, the British Fashion Council says.
Read more »