FILE PHOTO: A Cannabis plant is pictured at the "Weed the People" event as enthusiasts gather to celebrate the legalization of the recreational use of marijuana in Portland, Oregon July 3, 2015. REUTERS/Steve Dipaola
A Cannabis plant is pictured at the "Weed the People" event as enthusiasts gather to celebrate the legalization of the recreational use of marijuana in Portland, Oregon
Reuters

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Happy Friday,

History made: The House voted to federally decriminalize marijuana and expunge records of those convicted under previous laws by a margin of 228 to 164. It’s the first time that a chamber of Congress has passed decriminalization, even if the bill’s chances in the Senate are slim. 

Also, of note, cannabis consumers spent approximately $238 million on marijuana over Thanksgiving weekend, according to data compiled by cannabis tech company Akerna. The sales on what the cannabis industry calls Green Wednesday – the Wednesday ahead of Thanksgiving – were 80% above the daily average for the year. 

-Jeremy (@jfberke) & Yeji (@jesse_yeji)

Here's what we wrote about this week:

US lawmakers just voted to decriminalize marijuana - here's what you need to know

US lawmakers just voted for the first time to federally decriminalize cannabis.

The bill, called the Marijuana Opportunity Reinvestment and Expungement Act, or the "MORE Act, would end criminal penalties for anyone who sells cannabis in states where that's legal, decriminalize the use of cannabis throughout the US, and formally allow states to chart their own course in establishing commercial marijuana sales.

From ETFs to over-the-counter stocks, here's how to invest in the booming cannabis industry, according to 2 expert investors

Figuring out how to invest in cannabis can be complicated, though there are a few ways retail investors can get in on the green rush. David Bonnier, founding partner at cannabis investment firm Enexis, and Mitch Baruchowitz, managing partner at Merida Capital Partners, offered their insight into what investors should consider when looking at the industry. 

In short, both investors say that though tools like exchange-traded funds (ETFs), which offer diversified portfolios of stocks, are a good option "if you don't want to do much work," doing research into the companies and markets themselves are the keys to successfully investing in the nuanced space.

Oregon made history by becoming the first state to legalize a therapeutic psilocybin program, but psychedelics companies like ATAI and MindMed say they don't plan to jump in anytime soon

Oregon made history in November when it passed a measure to create a regulated therapeutic psilocybin program, opening the door to what could be the first legal market for psychedelic medications on the state level. 

But psychedelics giants like ATAI, MindMed, and others say they're unlikely to dive into the state, citing the unknowns surrounding the program as well as the risk associated with entering a market that's still illegal on the federal level.

The legal cannabis industry could skyrocket to $100 billion in the US alone in a decade

Cannabis is expected to become a $100 billion industry by 2030, according to analysts from Cowen. The analysts projected growth in legal sales and illicit sales to give a picture of what the total market could look like in the US by 2030 if marijuana is federally legalized. 

Executive Moves

Deals, launches, and IPOs

Earnings roundup

Policy moves

  • The United Nations on Wednesday voted to reschedule cannabis and acknowledge that the plant has therapeutic value and is not "liable to produce ill-effects."
  • The NBA said it will not test players for marijuana use this upcoming season, building off of the league's decision to not test players entering the NBA bubble in Orlando to finish the previous season. Marijuana is still on the NBA's banned substances list. 

Science and research

Chart of the week

Cannabis debt raises are rising across the US, according to data from Viridian Capital Advisors. Between 2019 and 2020, debt raises among cannabis companies have almost doubled - from $563 million to $940 million. They've also moved East - as has M&A activity. This year, the three states of Illinois, Massachusetts and New York made up 93% of debt issuance, much of which came from larger players like Curaleaf, LeafLink, and Cresco.

Cannabis debt financing is rising
Sawyer Click/Business Insider

What we're reading

Inside the Weed Legalization Bill Congress Is Voting on This Week (Rolling Stone)

Who lobbied on the MORE Act? (Cannabis Wire)

How One of the Reddest States Became the Nation's Hottest Weed Market (Politico)

CannTrust to sell legal pot again as it looks to recover from illicit production scandal (BNN Bloomberg)

Psilocybin Treatment for Mental Health Gets Legal Framework (Scientific American)

Read the original article on Business Insider