Piper Sandler on US Cannabis Legalization Bill - DOA2022-07-14 02:49:38 PM ET (MT Newswires)
02:49 PM EDT, 07/14/2022 (MT Newswires) -- The long-awaited legalization bill, Cannabis Administration and Opportunity Act, looks headed to the Senate floor next week, according to Bloomberg. "While it is a symbolic step forward to get that far, we believe it is DOA (dead on arrival), as 60 votes are still needed to pass it, and we believe not even all 50 Democrats are supportive," writes Piper Sandler's Michael Lavery.
Lavery believes it likely aims for too much in its current form to gain passage. Much uncertainty on the timing and look of regulatory reform remains, but MSOs appear to be able to continue to grow in any US regulatory environment and continue to benefit from incumbent status by building momentum and brands, he notes.