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.”
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.
Instagram Hackers Target Weed Business Accounts
Instagram hacking has more than doubled since last year with large accounts falling victim to intruders, especially accounts connected to the weed industry.
Why? Because weed-related accounts tend to have a lot of followers and happen to be connected to legit companies that are still forced to deal only in cash.
Instagram, currently the fastest growing social media network, also provides marketing tools for weed companies who are still dependent on alternative outlets due to marijuana’s tentative status. This is especially true these days with so many anti-weed crusaders in the White House trying to turn the clock back.
According to the LA Weekly, an employee of TLC Collective in Los Angeles, said an affiliated account—the Jungle Boys grow operation with more than 300,000 followers—was recently disabled for 24 hours.
Meet the Hardcore Trump Republican Pushing Pot Reform’s Best Hope
Matt Gaetz is a conservative Republican’s conservative Republican.
Gaetz is a 34-year-old attorney who, while in the Florida legislature, pushed for accelerated executions and blocked any revision of the stand-your-ground law following Trayvon Martin’s shooting death. He now represents most of the Florida Panhandle in Congress.
Most of us would call those solid conservative bona fides “textbook reactionary,” but back at home in Gaetz’s First Congressional District, they’re local mores. His district is so solidly Republican, it’s an island of dark red floating in a less-red sea.
The district is the most conservative in Florida, with a plus-22 conservative rating from the Cook Partisan Voting Index—which may be off by double-digits. In November’s election, Gaetz defeated the Democratic challenger by nearly 40 percentage points.
Advocates Assail Argentina Medical Marijuana Measure
The medical marijuana advocacy organization Mamá Cultiva, which has been advocating on the issue across South America, is criticizing the new measure just passed by Argentina’s Senate for failing to legalize personal cultivation.
The Senate voted unanimously on March 29 to legalize cannabis oil and other derivatives for medical purposes. Talking Drugs blog reports that the bill is set to become law immediately upon receiving President Mauricio Macri‘s signature, as it was already passed by the lower-house Chamber of Deputies in November.
Under the law, patients must register with a planned national program to be overseen by the Ministry of Health.
Department of Homeland Security Will Continue to Enforce Marijuana Laws
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