Post by
OneBigFish on Jan 22, 2021 1:55pm
Challenges of legislation in the US
I think we will see some legislation passed in the US this year but the current legislation that's been drafted doesn't do a whole lot for Canadian LPs.
The SAFE banking Act is widely regarded as the most likely to pass and it provides legal cover for federally registered banks and credit card companies to do business with MSOs. Currently it doesn't include a provision for capital markets to do the same which stops LPs from joining the party in the US.
The MORE Act is about descheduling and social justice which is much better for Canadian LPs but it's also a big move for a country that's been in a prohibition and war on drugs mentality for so long. It also likely needs support of 60% of the senate in order to overcome the filibustering that will likely derail the legislation otherwise. Without the support of 60 or more senators, debate on the bill can't be ended and the legislation will have to be tabled.
Some of the provisions from legislation could be included in covid stimulus but I don't think that's likely. Provisions were introduced in previous relief packages but their illimination was an easy compromise to make in order to move those bills forward in an expedient manor.
Based on history, the incumbent party usually loses ground in mid-term elections so the next two years are our best window to get the legislation passed.
Thoughts?
Comment by
hevin on Jan 22, 2021 7:07pm
And with the filibuster little or nothing will get passed at all in the Senate as has been the usual case in the last few decades. If you're right and it truly is 60% majority vote without a filibuster then it will not pass. But I still believe Biden can sign an executive order to pass it, citing a dysfunctional, obtuse senate and that 60%+ Americans want it legalized. Thoughts?