U.S. House endorses legal cannabis, heralding eventual end of Canada's first-mover advantage — via financialpost
Marijuana was legalized in Canada four years ago, in October 2018, giving Canadian cannabis retailers a head start in the North American market. This pre-investment could pay off, as the prospect of national legalization in the United States will only cause more American cannabis retailers to appear on the scene.
Legalization isn’t imminent. The Senate must also endorse the legislation, and senators are less enthusiastic. President Joe Biden would have the right to veto any bill that reaches his desk. Still, many in the cannabis industry say it’s a matter of when, not if. The drug is already legal for recreational use in 18 states, Washington, D.C., and Guam, and it’s been approved for medical uses in 38 states, along with the District of Columbia.
“We’ve got regressive excise taxes, we’ve got oppressive provincial markups and margins, and offensive taxes on medical cannabis,” Savone said. “Medical cannabis continues to be the only medical product that has a tax on it,” he added. “I am less worried about U.S. companies entering our market space as I am about our own ability to compete, based on the way the federal government supports our sector.
“Something as ambitious as the MORE Act will probably not get through the Senate,” said Michael Armstrong, professor of operations research at Brock University and cannabis researcher. However, “U.S. politics are difficult to predict,” he acknowledged.Article content
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