Cannabis Industry Cuts Lobbying Efforts In Washington Amid Federal Legalization Struggle
Portfolio Pulse from Joana Scopel
The cannabis industry is reducing its lobbying efforts in Washington due to financial difficulties stemming from the ongoing federal illegality of marijuana. Major companies like Curaleaf Holdings and Columbia Care have cut their lobbying budgets by 40% and disbanded their lobbying teams respectively. The lack of access to tax breaks, business loans, and bank accounts has exacerbated these issues. The U.S. Cannabis Council has emerged as a new coalition aiming to unify the industry's lobbying efforts.

August 04, 2023 | 10:11 am
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Columbia Care has disbanded its lobbying team due to financial difficulties stemming from the ongoing federal illegality of marijuana.
The disbanding of its lobbying team could potentially impact Columbia Care's ability to influence legislation and regulations that directly affect its business operations. This could lead to a negative impact on the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Curaleaf Holdings has cut its lobbying budget by 40% in the first half of 2023 compared to 2019 due to financial difficulties stemming from the ongoing federal illegality of marijuana.
The reduction in lobbying efforts could potentially impact Curaleaf's ability to influence legislation and regulations that directly affect its business operations. This could lead to a negative impact on the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100