Weed stocks surge as Kamala Harris vows to decriminalize pot in debate

By Shariq Khan

 

FILE PHOTO: A fully budded marijuana plant ready for trimming is seen at the Botanacare marijuana store ahead of their grand opening on New Year's day in Northglenn, Colorado December 31, 2013. REUTERS/Rick Wilking

 

(Reuters) - U.S.-listed shares of major cannabis producers surged on Thursday after Democratic vice president nominee Kamala Harris said marijuana would be decriminalized at a federal level in the United States under a Biden administration.

 

During Wednesday night's debate with Vice President Mike Pence, Harris said she and Democratic presidential nominee Joe Biden would also expunge the criminal records of people convicted of marijuana-related offences in the past.

 

Cannabis stock tracker MJ ETF <MJ.P> rose 5.5% to mark its best session since early June, while Tilray Inc <TLRY.O> jumped 19.2% on the Nasdaq. U.S.-listed shares of Canopy Growth Corp <WEED.TO>, Aphria Inc <APHA.TO> and Aurora Cannabis Inc <ACB.TO> closed between 10% and 13% higher.

 

Even though many U.S. states have legalized marijuana use, banks and other traditional financial institutions have so far largely refused to work with the industry as cannabis is still a classified substance at the federal level.

 

"Access to safe banking will transform the industry, freeing up capital markets for investment and reducing the risk of operating a cannabis business," said Keith Cich, co-founder of cannabis-related products manufacturer Sunderstorm Inc.

 

Regulatory issues have also restricted cash availability for companies in the nascent sector at a time when they are struggling with a lack of profitability due to high costs.

 

"From a business perspective, (decriminalization) will level the playing field by allowing companies to expense normal operational costs instead of being taxed on gross profit," said Sam Armenia, vice president at producer C21 Investments Inc <CXXI.CD>.

 

Harris, who has supported cannabis decriminalization even before Biden picked her as his running mate, is the lead sponsor of the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act of 2019, which sought to end federal prohibition of marijuana.

 

(Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli and Devika Syamnath)

 

-- © Copyright Reuters 2020-10-09

 

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Political pandering works... I grew up as a product of the hippies. Marijuana likely has some very good medical purposes, but used as yet another coping strategy in your daily lives is a mistake. But... politically right now in a drugged up America, giving the addicts what they want will work. 

Exactly what Donald  Trump needs, a good hit on a big, fat joint every few hours to mellow his ingrained hatred for anything he does'nt agree with!

37 minutes ago, Tounge Thaied said:

Political pandering works... I grew up as a product of the hippies. Marijuana likely has some very good medical purposes, but used as yet another coping strategy in your daily lives is a mistake. But... politically right now in a drugged up America, giving the addicts what they want will work. 

 Not giving ‘the addicts’ what they want is working out just swell isn’t it.

 

 

Edited October 9, 20205 yr by Chomper Higgot

19 minutes ago, PatOngo said:

Exactly what Donald  Trump needs, a good hit on a big, fat joint every few hours to mellow his ingrained hatred for anything he does'nt agree with!

it would make the big mac combo's taste better no ? 

24 minutes ago, Chomper Higgot said:

 Not giving ‘the addicts’ what they want is working out just swell isn’t it.

 

 

The war on drugs is yet another war against the people. It's a control mechanism. 'legalize" all of it. The only way you can fully grow up... is to learn to take full responsibility for yourself. Expecting Mommy (democrats) and daddy (republicans) government to take care of you your whole life is not the solution. Because... Mommy Kamala cares so much about you right?

Edited October 9, 20205 yr by Tounge Thaied
spelling and content

I was kind of shocked when I heard that and also quite pleased.

Legalizing or at least decriminalization of private use of weed nationally is massively popular!

My understanding before was that Biden was against that. If Harris was approved to say that it seems that reflects a change of positive for the ticket.

Groovy.

Edited October 9, 20205 yr by Jingthing

1 minute ago, Jingthing said:

I was kind of shocked when I heard that and also quite pleased to hear it.

Legalizing or at least decriminalization of private use of weed is massively popular!

My understanding before was that Biden was against that. If Harris was approved to say that it seems that reflects a change of positive for the ticket.

Groovy.

Thanks Mom! When do I get my UBI?

Keep the population stoned and passive.  Good way to control the people.

Big Pharma set out to demonize natural remedies because there was no big bucks in it for them. The  growing chemical solutions that they were increasingly manufacturing yielded much more profit.

 

Biden was in no way a back seater when they were establishing the rules on 3 strikes and you're out (or rather in). There are hundreds of thousands of young (mostly black and hispanic) people incarcerated for years for possessing a bit of weed.

 

Some statistician has shown the Dem's that this weed turn around would be a vote winner.

Edited October 9, 20205 yr by owl sees all

9 minutes ago, owl sees all said:

Big Pharma set out to demonize natural remedies because there was no big bucks in it for them. The  growing chemical solutions that they were increasingly manufacturing yielded much more profit.

How Big Oil Conquered the World... that documentary explains it well. 

27 minutes ago, owl sees all said:

Big Pharma set out to demonize natural remedies because there was no big bucks in it for them. The  growing chemical solutions that they were increasingly manufacturing yielded much more profit.

And their reach is global.  Which is why chewing krathom can land you in jail.  Let's not even talk about marijuana which they'll probably allow a select few to cultivate for export while still throwing the plebs in jail for use and possession. 

Look to the countries where their are laws about putting natural substances in your body, and behind those laws stands the pharmaceutical companies.  Greed destroys lives.

4 minutes ago, connda said:

And their reach is global.  Which is why chewing krathom can land you in jail.  Let's not even talk about marijuana which they'll probably allow a select few to cultivate for export while still throwing the plebs in jail for use and possession. 

Look to the countries where their are laws about putting natural substances in your body, and behind those laws stands the pharmaceutical companies.  Greed destroys lives.

Great post.

 

Bang on the money.

 

Injections for all soon.

1 hour ago, Jingthing said:

I was kind of shocked when I heard that and also quite pleased.

Legalizing or at least decriminalization of private use of weed nationally is massively popular!

My understanding before was that Biden was against that. If Harris was approved to say that it seems that reflects a change of positive for the ticket.

Groovy.

IKR? She snuck that in under the wire, and now their campaign will have to stand by it. Too many pundits have said whoever grasps the concept of legalizing weed will win the election.

4 minutes ago, J Town said:

IKR? She snuck that in under the wire, and now their campaign will have to stand by it. Too many pundits have said whoever grasps the concept of legalizing weed will win the election.

There is no way Biden hadn't approved that message. I'm surprised it hasn't gotten more press though. Could be a big f-en deal. 

Damn I love blazing up...

????

 

By the way...support democratic socialism and workers' rights! Unions!

 

Don't support the troops ????????

Edited October 9, 20205 yr by Solinvictus

insiders bought stocks before.....sold after

 

each inside made the baht equivalent of 10 million baht.   easy, easy money

 

it's important to understand the game.   thanks for playing.....

Kamala Harris said marijuana would be decriminalized at a federal level in the United States under a Biden administration.

 

Other governments should also decriminalise marijuana use, current laws put way too many people in jail, just ridiculous. Penalties for using whilst driving etc, same as alcohol.

Edited October 9, 20205 yr by simple1

7 minutes ago, simple1 said:

Kamala Harris said marijuana would be decriminalized at a federal level in the United States under a Biden administration.

 

Other governments should also decriminalise marijuana use, current laws put way too many people in jail, just ridiculous. Penalties for using whilst driving etc, same as alcohol.

Agreed alcohol is far more damaging then marijuana and classified a harddrug. So why not allow this and hope some people switch. Would resolve a lot of alcohol related violence.

A promise like this was so long overdue. The entire "war on drugs" has been an abysmal failure. There are hundreds of thousands of Americans locked up in private, for profit prisons, due to pot possessions. That is insane. She also promised to get rid of private prisons, which are a huge blemish on America. Harris schooled Pence during the debate, and all he did was recite one lie after another. And to compound that, Trump is now having a historic meltdown, with his call into Fox yesterday. And he insists he will not participate in the next debate, as it will be virtual, which means the moderator can finally cut him off! What a blunder. Trump is, and always has been Biden's most valuable ally in the election. Just let him do his thing. 

So says the woman who made her name throwing mostly young black men in prison for smoking weed while letting off the church paedophiles who who coincidentally started making big donations to her election  fund...

I got talked into buying some CBD and weed related stock last year and they have been big losers. I've been convinced that if CH & JB get elected that would be one positive. All the BLM and antifa prats will lay down their molotov cocktails and settle back down to burning something else.  I'll be rich...????????

9 hours ago, Jingthing said:

If Harris was approved to say that

It is afterall the Harris/Biden ticket. I don't think she asked. 

7 hours ago, robblok said:

Agreed alcohol is far more damaging then marijuana and classified a harddrug. So why not allow this and hope some people switch. Would resolve a lot of alcohol related violence.

An understandable viewpoint, but it just doesn't work that way.

24 minutes ago, AgMech Cowboy said:

It is afterall the Harris/Biden ticket. I don't think she asked. 

That's a moronic 45 talking point. It's just not true and it's totally obnoxious to even voice such a blatant lie. But I get it -- such low level insults are the raison d'etre of his vile white nationalist movement. 

24 minutes ago, Kelsall said:

An understandable viewpoint, but it just doesn't work that way.

Yeah I agree. If you're an alcoholic, weed won't cut it. 

9 hours ago, Kelsall said:

Keep the population stoned and passive.  Good way to control the people.

Do u think u are going to be forced to use it? Someone forcing you to drink alcohol?

11 hours ago, Tounge Thaied said:

Political pandering works... I grew up as a product of the hippies. Marijuana likely has some very good medical purposes, but used as yet another coping strategy in your daily lives is a mistake. But... politically right now in a drugged up America, giving the addicts what they want will work. 

alcohol has damaged way more people and families in America than weed will ever do, and if they would of kept the bars closed prior 50,000 or more people might of been still alive..

10 hours ago, Tounge Thaied said:

The war on drugs is yet another war against the people. It's a control mechanism. 'legalize" all of it. The only way you can fully grow up... is to learn to take full responsibility for yourself. Expecting Mommy (democrats) and daddy (republicans) government to take care of you your whole life is not the solution. Because... Mommy Kamala cares so much about you right?

Legalization is profitable regulated control and retains a criminality capacity. Decriminalization makes it a personal choice =responsibility without criminality.

Which one removes Government support ?

 

 

 

 

If you believe what Kamel Harris has to say then you are just plain gullible. That is a nasty defective human product to quote Kim.