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| 1 minute read

Try to avoid reading the tea leaves when it comes to Congress and cannabis

Friends, I recently opined on the future of cannabis legislation in the US Senate, generally speculating that nothing will happen any time soon. (link) Adding further reason for me to constantly doubt myself, both Marijuana Business Daily (link) and Marijuana Moment (link) are reporting that Republican Senator Pat Toomey, the expected incoming Chair of the Senate Banking Committee (assuming the GOP retains control of the Senate), who announced that he’s not running for reelection in 2022 (link), is signaling that he’s willing to work on cannabis banking.

What does this mean? Who knows. None of this matters anyway until a law (if any, as lawyers like to say) is signed by the President. In the meantime, the industry seems to have figured out how to get along okay, a viewpoint I base on recent earnings reports, revenue performance, and, from what I can tell, less of a general sense of impending doom.

Next time I read a report about what someone in Congress said about cannabis, I’m going to instead sit back, nosh on a CBD-infused knish, and find other things about which to either worry or be hopeful (or both).

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cannabis

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