The cannabis industry is hoping that full Democratic control of the federal government will help push through more liberal cannabis policies—including its long sought after goal of federal-level legalization. That would add fuel to already booming pot sales—topping $20 billion last year during the pandemic—and rising values for marijuana company stocks, Politico writes. Yet despite these rosy projections by industry advocates, the reality is quite different. Washington insiders say the likelihood that Congress will make big changes to federal marijuana restrictions remains slim. That’s because Democrats have only a razor-thin majority and need 60 votes to pass most legislation. Although many progressive Democrats favor such a move, Biden did not support that policy during the campaign, preferring instead to let states decide on their own about recreational cannabis legalization. Still, Congress might be ready to pass the SAFE Banking Act—making it easier for banks to offer financial services to cannabis companies—and of course states will continue the march toward legalization.
Meanwhile, Forbes also takes up the topic of how the Biden administration will impact the cannabis industry. Despite state-level legalization in big East Coast states and reform-minded, pro-pot Democrats in Congress, don’t expect a GameStop-type boom for pot stocks anytime soon.
And finally, the New York Times looks at the newest drug on the block: nitrous oxide. The inhalant’s use and misuse seems to be on the rise—second only to cannabis use among young people in Britain—and fueled by social media, which portrays the drug as fun without mentioning possible risks. Although nitrous oxide is not associated with the dangers of opiates and marijuana, studies show it can lead to neurological complaints and death.