Canopy Growth Corp. Chief Executive Officer David Klein said he expects the pot giant to be operating in the United States in about a year amid hopes that a Democrat-controlled Congress will pass legislation that would effectively legalize cannabis federally.
“What we really need is some combination of SAFE Banking, a revised Cole memorandum, and a reclassification by the executive branch, all of which … probably happens in the next six-to-eight months anyway,” Klein said in an interview. “We’re pretty confident we’ll be operating in the U.S. a year from now. So, we feel pretty good about that.”
On Tuesday, Georgia voters added two more Democrats to the Senate in a special runoff election, meaning its composition is now an even 50-50 split between the two major U.S. parties. However, incoming vice-president Kamala Harris would cast potential tiebreaking votes, giving the Democrats control of the legislative body, in addition to the House of Representatives and the White House.
The Democratic Party has stated its intent to either decriminalize or legalize cannabis and pushed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act through the House last month in a lame-duck session. The expectation is that the bill will be reintroduced and become law sometime in the next year or so.
The SAFE Banking Act, which would allow federally regulated banks and other financial services to conduct business such as lending and accepting deposits with cannabis companies, is also likely to be reintroduced to Congress IN 2021 for a formal vote, analysts said. The Cole memorandum was a document written by Deputy Attorney General James M. Cole in 2013 that said the Justice Department would not enforce federal prohibition in states that “legalized marijuana in some form.”