U.S. cannabis firms urge Trump to update laws to keep ‘competitive advantage’ as Canada legalizes


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An American hashish producer is warning U.S. President Donald Trump that Canada is poised to dominate the North American marijuana trade until the US takes steps to remove boundaries to financing and market capital south of the border.

A full-page advert in Tuesday’s Wall Road Journal, framed as a plea to the White Home and its most outstanding occupant, warns the U.S. is “quickly shedding” its aggressive benefit to Canada, the place leisure pot is poised to turn into authorized at midnight.

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“The hashish trade is authorized in 31 states, but most home corporations don’t have entry to conventional banking or institutional financing,” reads the advert that’s signed by Derek Peterson, chairman and CEO of California-based Terra Tech Corp.

“Consequently, many U.S. corporations are being pressured to maneuver to the Canadian public markets to entry capital and construct their companies.”

The advert additionally warns that Canadian companies have tapped into U.S. investor curiosity with the intention to increase and spend cash to amass American hashish belongings.

“Regrettably, it will put what ought to be considered one of our homeland’s best financial drivers in overseas management.”

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The problem for U.S. companies lies in the truth that whereas leisure hashish is authorized in 9 states and medicinal pot in 22 others, it stays unlawful beneath federal legislation. Sending product throughout state strains is unattainable, as is the power for corporations to acquire financing from main banks.

The answer, Peterson writes, is for the federal authorities to permit states to enact their very own hashish regulation, “in order that we will pretty compete and defend our home trade earlier than it’s too late.”

The federal philosophy on leisure pot has been fraught with confusion since Trump was elected in 2016.

Regardless of campaigning on a promise to depart the difficulty as much as particular person states, the White Home appeared to reverse course earlier this yr by rescinding the so-called Cole memorandum, an Obama-era edict that prevented federal interference with these states the place leisure hashish is authorized. Trump has since insisted, nonetheless, that the federal legislation wouldn’t be enforced in these jurisdictions.

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Rep. Dana Rohrabacher, a Republican congressman from California, has since mentioned he has been assured that Trump plans to proceed with reforming federal marijuana legal guidelines as they pertain to medicinal pot as soon as subsequent month’s midterm elections are over.

As of Wednesday, Canada would be the first G7 member to greenlight authorized leisure pot – a transfer Prime Minister Justin Trudeau has justified as an effort to higher defend younger individuals from the drug’s results and remove the affect of organized crime.

U.S. Customs and Border Patrol officers have been set to carry a briefing later Tuesday on how they plan to implement federal pot legal guidelines at Canada-U.S. border crossings.

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