After being opposed to the legalization of marijuana for years, Boehner has made a big 180-degree shift – saying “my thinking on cannabis has evolved.”
Boehner, along with Weld issued a joint statement Wednesday, saying the time has come for changes at the federal level. “We both believe the time has come for serious consideration of a shift in federal marijuana policy,” the statement said, according to the Boston Herald.
Acreage Holdings is an investment company with a well-established footprint in the cannabis industry, Acreage operates in 11 states and has a diverse portfolio in the marijuana industry that includes cultivation, processing, and dispensing operations.
Prime Wellness Centers, Acreage’s parent company, is one of 20 companies granted priority certification for a recreational license by Massachusetts’ Cannabis Control Commission earlier this week. The company now has licenses from the Department of Public Health to operate medical dispensaries in Worcester, Shrewsbury, and Leominster.
Vahan Ajamian, an analyst at Beacon Securities Ltd., wrote in a note Wednesday: “It is difficult to overstate the impact of this monumental event for the U.S. cannabis sector.” The announcement by Boehner and Weld “should send shockwaves throughout the industry and act as a positive catalyst for the sector as a whole,” Ajamian said, reports Bloomberg News.
Marijuana stocks, many of which are listed in Canada because of U.S. legal uncertainty, have suffered this year after nearly tripling in 2017. The BI Global Cannabis Competitive Peers index has lost about a third of its value since the first of the year.
This is partly because of The move in January this year by Attorney General Jeff Sessions is rescinding the Obama-era policy that had paved the way for legalized marijuana to flourish in the U.S. – and Canada’s plans to legalize recreational pot use later this year,
Ajamian believes U.S. cannabis producers “represent the next wave of outsized returns for investors,” and once the newness of the legalization of marijuana in Canada wears off, maybe we will see some progress in the U.S., especially with Boehner and Weld legitimizing the industry.
