On November 3, 2020, the world watched eagerly to determine whether President Trump would become re-elected or whether Former Vice-President Challenger Joe Biden would supplant the incumbent. Finally, on November 7th we received the definitive answer.
But many have overlooked another important development. On election day, New Jersey, Arizona, Montana, and South Dakota residents voted YES to legalize recreational cannabis, and voters in Mississippi voted YES to legalize cannabis for medicinal purposes.
The cannabis market continues to expand, and although cannabis is still illegal under US federal law, we predict that eventually that will change. President-elect Joe Biden and Vice President-elect Kamala Harris support adult-use decriminalization. However, even if decriminalization doesn’t pan out, the Biden presidency could re-introduce the Cole Memorandum, which directed the federal Justice Department to not enforce federal marijuana prohibitions in states that legalized marijuana (subject to exceptions).
Whatever the future holds, legalization is the trend, and federal legalization between the two countries offers significant market potential to cross-border investors, banking institutions, and cannabis businesses looking to grow their business internationally.
Canadian cannabis companies have had a head start in this adolescent global market, and as the market expands, more cannabis businesses will need legal services. Whether these services require incorporation, contract drafting, procurement of a Health Canada License, patents and intellectual property, or even the hiring of workers, the Siskinds team is ready to provide these services.
This article was written in collaboration with lead co-author Savvas Daginis, student-at-law.