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Pete Buttigieg, mayor of South Bend, in Indiana, is one of the Democratic candidates in the US presidential election of 2020. Previously, he served in the US Naval Reserve. If he is elected, Buttigieg could become the youngest president – and the first gay president – of the United States.
The legalization of cannabis by Buttigieg
As mayor of South Bend, Buttigieg has not implemented any cannabis legislation. However, he signed an order prohibiting companies from selling synthetic cannabinoids. In one tweetHe said: "Synthetic marijuana attracts much less attention than opioids, but it can also be fatal. Our community continues to work proactively on the issue. "
Compared to his nominee Democratic colleagues, Buttigieg did not insist too much on the legalization of cannabis. However, it supports the legalization of cannabis, criminal justice reform and the removal of criminal records for cannabis-related convicts. Speaking to Boston GlobeButtigieg said, "The safe, regulated and legal marijuana sale is an idea whose time has come for the United States, as evidenced by the voters who demand legalization in all states of the country."
Buttigieg believes that black Americans across the United States have been disproportionately arrested for cannabis-related offenses. To put an end to this racial disparity, he supports the legalization of marijuana.
Implications of cannabis legalization
At present, US federal law prohibits cannabis and the DEA has classified it as Schedule 1 drug alongside heroin and ecstasy. As a result, banks can not carry out cannabis-related activities and you can not transport cannabis-infused products from one country to another. Legalization would allow banks to offer services to cannabis-related businesses that require a capital injection.
In December 2018, the United States legalized hemp with the adoption of the US Farm Bill of 2018. Since then, many cannabis companies have entered the US market, the largest cannabis market. The main players Tilray (TLRY), Aurora Cannabis (ACB) and HEXO (HEXO) focus on expanding their hemp business in the country.
Performance of cannabis companies
Marked by scandals, the cannabis sector underperformed the broader equity market this year. ETFMG Alternative Harvest (MJ) and Horizons Marijuana Life Sciences Index ETF (HMMJ) returned 4.2% and 7.7%, respectively. In comparison, the S & P 500 index is up 16.6% since the beginning of the year.
Tilray, which acquired the Manitoba Harvest hemp food manufacturer in the United States in February, is down 57.6% since the beginning of the year. Forest Cover Growth (WEED) is down 2.6%. Canopy posted a lower-than-expected business figure in its latest earnings report on August 14. Aurora Cannabis (ACB) performed better than its competitors, with a return of 15.0% this year. The company's management presented optimistic outlooks for the fourth quarter of its 2019 fiscal year.
Proponents of Buttigieg
On July 24, Netflix CEO Reed Hastings organized a fundraiser for Buttigieg in Menlo Park, California. Many Silicon Valley executives also support Buttigieg.
In addition to Buttigieg, many Democratic candidates support the legalization of cannabis. Bernie Sanders, Joe Biden and Andrew Yang want to legalize marijuana at the federal level. To learn more about President Donald Trump's views, check with his chair: Is the legalization of marijuana an essential weapon?
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