Marijuana vs. Auto Dealerships: Car Salesmen Not Feeling Cannabis
Cathedral City, California is one of a brace of forlorn, all-but-forgotten towns scattered across the wide expanse of desert stretching west from Los Angeles attempting to reinvent—or, rescue—themselves as marijuana boomtowns.
Nearly everywhere, marijuana is welcomed, or at least coolly embraced, as a badly needed raison d’etre, bringing businesses (and tax revenue) to places where the recession was only the latest in a series of reversals, and one that’s never quite turned back the other way.
In Desert Hot Springs, all the available real estate has been bought up by out-of-town investors, looking to cash in on the city-blessed right to run a million-square-foot marijuana operation (though where they’ll find all the water demanded by thousands and thousands of cannabis plants is an open question); in Coalinga, further up Interstate 5, even the local reactionaries are happy that an abandoned prison—once the local economic driver—has been leased by an outfit on whose board sits Bob Marley’s youngest son.
Marijuana on Religious Grounds? A Cannabis Church Opens in Denver
For the International Church of Cannabis in Denver, there were three reasons to celebrate on Thursday.
First, it was opening day. The church, a more than century-old building recently adorned with brightly colored paintings by the artists Kenny Scharf and Okuda San Miguel, welcomed the public early in the afternoon, at which time no cannabis consumption was allowed inside.
“It seemed to be a nice steady flow of people,” said Lee Molloy, a founder of the church and a member, who estimated that a couple of hundred people had come by.
This Landmark Cannabis Bill Is Great News for Marijuana Stocks
Committee Advises California Judges Not to Invest in Pot
SAN FRANCISCO (AP) — A California Supreme Court committee advised judges in the state Wednesday to stay away from pot – meaning investments in pot businesses.
Maintaining any interest in a business that involves medical or recreational marijuana is incompatible with a judge’s obligation to follow the law, the court’s Committee on Judicial Ethics Opinions said.
California voters have legalized the use of recreational and medical marijuana, but the drug remains illegal under federal law.
The committee said involvement in a pot business could also cast doubt on a judge’s ability to act impartially, particularly in marijuana-related cases.
Houston’s District Attorney Defends Move to Decriminalize Marijuana
While Attorney General Jeff Sessions pushes his tough-on-weed agenda, one Texas District Attorney is sticking to her decision to decriminalize small amounts of pot.
Kim Ogg, Houston’s first Democratic DA in nearly four decades, lost no time in declaring that she was not interested in locking up people for small amounts of pot.
While federal criminal justice reform has lagged on a national level for years, many local, recently elected officials are stepping up to the plate.
Kim Ogg is one of them.
In a politically conservative state like Texas, Ogg is in a constant showdown with Republican, mostly male, leaders who don’t like what she stands for nor where she stands for it: Houston, the lone state’s largest city.
Wall Street Predicts Pot Will Hurt Beer Sales
Despite the fact that marijuana remains illegal in the eyes of the United States government, analysts on Wall Street are predicting the cannabis industry could soon put a hefty dent in beer sales.
According to a report from CNBC, New York investment bank Cowen Group recently downgraded its market performance rating for Molson Coors Brewing Co (TAP), a major producer of mainstream beer brands like Coors Light, Fosters and Miller High Life, because it is convinced the company, whose net sales were close to $11 billion in 2016, will suffer some loss in the coming years because more people are interested in weed.
In a letter sent to their clients on Thursday morning, Cowen analyst Vivien Azer wrote: “We believe alcohol could be under pressure for the next decade, based on our data analysis covering 80 years of alcohol and 35 years of cannabis incidence in the US. Since 1980, we have seen 3 distinct substitution cycles between alcohol and cannabis; we are entering another cycle.”
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