Tiger Global Leads Investment into Green Bits with Snoop Dogg’s Casa Verde Capital
Tiger Global (which invested into Facebook early on) just added some credibility to the legal cannabis investment market. According to CNBC, the investment company is spending $17 million on compliance software company, Green Bits. Tiger Global is leading the investment with Snoop Dogg’s Casa Verde Capital, which is his cannabis investment fund.
Green Bit already provides compliance software to over 1,000 dispensaries that have $2 billion in transactions. The software that Green Bit offers is an essential part of reducing the risk for investors investing in the cannabis industry. It helps dispensaries stay compliant and avert heavy fines by state regulators, keeping them more profitable. This investment is a big win for the cannabis industry. Tiger Global is a well-known investment firm with foresight, so this should send a positive signal to the investment community.
Federal Government WeedUpdate
There has been some huge news on the federal level. Senator Cory Gardner (R – Colorado) mentioned President Trump has assured him that he would support legislation that would protect states from federal action regarding legalized cannabis. Senator Gardner has been withholding his approval of nominees to critical federal positions when AG Sessions rescinded the Cole Memo. But with President Trump’s assurance, he has lifted his hold on the nominees. Senator Gardner is an impressive man; he fought for his state’s constituency and got what they entrusted him to do. More impressive is Trump’s support for federalism, which supports state’s rights –something candidate Trump was running on.
To the surprise of some, Mitch McConnell (R.) introduced a bill to legalize hemp nationally. Now that’s some excellent news. The potentials to industrial hemp are too much to list, and it could save our planet from fossil fuels and waste. Industrial hemp replaces paper and plastic, and even replace fossil-fuel-diesel with bio-diesel. Furthermore, it’s packed with nutrients that are excellent to have as a daily supplement. It would be great for farmers and the economy. Show your support for the bill.
WeedUpdate from Across the Country
Alaska
The Alaska House passed a bill to erase passed cannabis convictions. Just like other states that have legalized recreational cannabis, this is a sound and compassionate public policy that all states will eventually begin doing. Alaska is also discussing permitting cannabis clubs and might be the first in the nation to pass a law regulating them.
Louisiana
The Louisiana House backed a bill that will expand their medical cannabis program to “Individuals suffering from Parkinson’s Disease, chronic pain, severe muscle spasms and P-T-S-D.” The supporters in the House cited the fact that many patients are dying from Opioid dependency, and they believe that cannabis is a great alternative (which it is).
Maine
Even though the voters of the great state of Maine approved recreational cannabis in 2016, the legislator has been unable to finally allow—mostly because of a veto (and a threat of more) by Governor LePage. However, the state Senate passed a bill that would allow the sales of legal weed by 2019, and avert a potential veto by LePage. Even though there are the fear mongers, such as Scott Cyrway (R.), the voters have already spoken.
Maryland
Anne Arundel County, which also houses the state capital, Annapolis, held a meeting to pass a bill that would make it extremely difficult to open up any medical marijuana business within its boundaries. According to the Baltimore Sun, it’s going to be virtually impossible to open up a dispensary in most of the county, so this bill is effectively a ban. The law will be revisited on May 7th. If you live in Anne Arundel County and want to express your opinion about this bill, your only chance is at the meeting on May 7th.
New Mexico
This update is for the city of Albuquerque, which has recently decriminalized the possession of small amounts of marijuana. That means that there will be no more jail-time for possession, and it will no longer be a criminal offense. A $25 fine has been approved by the city council and will go into effect immediately. This law is sound public policy, and it’s good to see many other municipalities enact such laws regarding cannabis.
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