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Illinois Could End its War on Cannabis as New Equity-Focused Legalization Bill Lands

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Illinois cannabis

The land of Lincoln could soon become the land of legal recreational cannabis ending its war on cannabis. Governor J.B. Pritzker introduced the legalization bill recently, and if passed it would mean 12.74 million more of the American people would get a modern and functioning cannabis marketplace.

The Massive Bill

Pritzker announced the 522-page legislation bill and Democratic lawmakers would allow individuals with the age of 21 years and above to purchase recreational marijuana in the state of Illinois at any given licensed dispensary. 

The state currently has a prohibition on cannabis with only an exception for medical use. However, with the new bill, Illinois residents would have a chance of possessing 30 grams of cannabis as well as grow a maximum of five plants at their homes. The nonresidents will be allowed to possess up to a maximum of 15 grams.

Notably, the plan is to expunge what the lawmakers have estimated to be 800,000 cannabis convictions and hence allow individuals with those convictions to work in the marijuana industry.

Also, there’s a $20 million low-interest loan program for the minority-owned businesses hence promoting social equity in the industry.

The Bill Boasts Support

The bill is an amendment to Senate Bill 7 that is sponsored by state Rep. Kelly Cassidy and state Sen. Heather Steans – both Democrats who had proposed similar measures in 2017 which eventually got turned down under the former Gov. Bruce Rauner who happens to be a Republican.

According to Steans, legalization will surely create state revenue which Illinois needs. For Pritzker, in his gubernatorial campaign equity-centric marijuana legalization was a top aspect of his platform.

Impacted Communities to Benefit

Pritzker notes that 25% of the sales revenue from cannabis will go directly to those communities which have been affected by discrimination in the prosecution of drug laws in the criminal justice system.

Also, 20% of the revenue will be for supporting services that are related to substance abuse as well as mental health. Another 35% will be directed to the state’s General Revenue Fund and another 10% to help Illinois’ stack of unpaid bills.

Unfinished Business

Several stocks are poised to benefit from the bill including Cresco Labs which is among the most significant cannabis operations in the United States operating in seven states. With its headquarters in Chicago, Illinois would be a key market.

Green Thumb Industries (GTI) is the other company to benefit in Illinois as it already has operations in 12 states. MariMed, a cannabis and hemp operations in America which initially provided advisory services to marijuana businesses will be another one to benefit.

However, as much as those stocks are poised to benefit, still there’s some unfished business. The bill has to pass both the houses of the state legislature.

Currently, it’s pretty likely that Illinois is to become the 11th state legalizing recreational pot with Democrats enjoying majorities in the House of Representatives as well as the Senate. Given that there hasn’t been any success for any effort to legalize by the legislature, the resistance will be immense. So the question stands, will Illinois overcome the opposition?

Photo by heather bozman from Pexels

Cannabis News

Why Buy From Marijuana Seed Banks?

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marijuana seed banks

If you’re interested in growing marijuana and live in a state that allows its cultivation, then you might want to consider buying seeds from seed banks. Some of the best cannabis get cultivated outside the country, which means that, sometimes, you have to find a seed bank that ships to the US. 

There are a lot of options when it comes to sources for marijuana seeds online. However, not all of them can ship to the US due to strict regulations in the country. Thus, it’s best to find a legit seed bank that can process orders from United States customers.  

Avoid transacting with other sources aside from seed banks. If you do so, you run the risk of receiving low-quality products, wasting your money in the end. Look for a company with positive feedback and has a proven history of dealing with US customers. Some of the most popular ones include Seedsman and I Love Growing Marijuana (IGLM). You can check out GreenBudGuru’s Seedsman review and their review of other companies to find the best fit for your needs.

If you’re looking to get your seeds online, below are some reasons you should buy marijuana seeds from a trusted and reliable marijuana seed banks.

You Don’t Have Any Other Option

As mentioned above, some states in the US still don’t allow local buying and selling of marijuana, even if medical marijuana consumption has already gained momentum. If…

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22nd Century Group Inc (NYSE:XXII): 3 Reasons You May Want To Buy The Stock This Month

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NYSE:XXII

The tobacco industry is huge and growing. The cannabis industry is already booming yet it is only in the early stages of development and the future looks incredibly bright as more countries legalize pot. 22nd Century Group Inc (NYSE:XXII) is the stock that offers investors the chance to own the best of both tobacco and cannabis worlds.

The stock currently trades at $1.00/share. But that is not where it belongs as that is its lowest watermark. As recently as September, NYSE:XXII was trading above $2.40/share.

About NYSE:XXII

For investors who may have just come across 22nd Century Group for the very first time, here is a brief profile of the company. 22nd Century Group is a plant biotechnology company and a leader in tobacco harm reduction. It has also set its sight on the legal hemp and cannabis industries. In the tobacco space, NYSE:XXII has developed a low-nicotine tobacco plant variety. In the hemp/cannabis space, the company is working to develop hemp and cannabis plants with specific desirable qualities.

If you are looking to have a footing in both tobacco and cannabis industries, here are three reasons you may want to buy NYSE:XXII.

  • 22nd Century Group on track to take control of CBD products maker Panacea Life Sciences

On December 3, 22nd Century…

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Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) Tumbles 90%: What’s Behind The Dive?

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TGODF

A nearly 90% pullback from its all-time highs has brought Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) down to its record lows. The selloff in TGODF comes as Canada’s regulated cannabis industry struggles with a number of headwinds.

First, Canadian authorities aren’t approving the opening of new cannabis retail outlets fast enough. For instance, in Ontario, Canada’s most populous province with a population of more than 14 million people, there are just 24 cannabis shops. That means that while there is demand for cannabis in Canada, the shortage of shops, getting the products to customers remains a major challenge. In turn, that limits sales for cannabis producers like TGODF.

In addition to the shortage of cannabis shops, black market is another headwind that Canada’s regulated cannabis businesses like TGODF have run into. Experts estimates that black market accounts for 86% of cannabis sales in Canada, thereby chocking the regulated market.

In response to the sluggish development of Canada’s regulated cannabis market, which is caused by shortage of cannabis shops, TGODF has decided to slow down investment in its production capacity expansion.

Slowing down capacity expansion will see TGODF cut back on spending. In turn, the company expects this move and other actions in plans to take will reduce its cash burn and  set it firmly on the path to profitability in the near-term.

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