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Harborside Inc. $HBOR $HBORF Announces Closing of Upsized Private Placement For Gross Proceeds of C$35,103,045 $VFF.ca $HARV.ca $ACB.ca

Posted by AGORACOM-Eric at 3:56 PM on Thursday, February 18th, 2021

Harborside Inc. (“Harborside”, or the “Company) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, is pleased to announce that it has closed its previously announced upsized brokered private placement of units of the Company at a price of C$2.55 per SVS Unit (as defined below) and C$255.00 per MVS Unit (as defined below) for aggregate gross proceeds of C$35,103,045 (the “Offering”). Beacon Securities Limited and ATB Capital Markets acted as co-lead agents in connection with the Offering (the “Agents”).

“We are very pleased with the strong investor interest and demand we received during our recent upsized offering,” said Peter Bilodeau, Interim CEO of Harborside. “With a strengthened balance sheet, Harborside is well positioned to further accelerate our growth as we enter 2021. We remain focused on continuing to build scale in the California market by optimizing and generating further efficiencies at our Salinas farm while continuing to provide best-in-class retail experiences and the high-quality cannabis products our customers in California have come to expect from Harborside.”

Each unit issued to non-residents of the United States (an “SVS Unit”) is comprised of one subordinate voting share of the Company (a “Subordinate Voting Share”) and one Subordinate Voting Share purchase warrant (a “Warrant”) of the Company. Each Warrant underlying an SVS Unit is exercisable to acquire one Subordinate Voting Share of the Company for a period of 36 months following closing of the Offering (the “Closing”) at an exercise price of C$3.69 per Subordinate Voting Share, subject to adjustment and acceleration in certain events. A total of 5,806,700 SVS Units were issued pursuant to the Offering.

All investors that are considered residents of the United States under the United States Securities Exchange Act of 1934 were issued units (each, an “MVS Unit”) comprised of multiple voting shares of the Company (the “Multiple Voting Shares”) and Multiple Voting Share purchase warrants of the Company, based on the same economic equivalency of each Multiple Voting Share converting into 100 Subordinate Voting Shares. The Multiple Voting Shares are intended to minimize the proportion of the outstanding voting securities of the Company that are held by residents of the United States for purposes of determining whether the Company is a “foreign private issuer”. The holders of Multiple Voting Shares are entitled to one vote in respect of each Subordinate Voting Share into which such Multiple Voting Share could be converted, and as such the Multiple Voting Shares do not necessarily hold voting rights that are superior to the holders of Subordinate Voting Shares, on an as converted to Subordinate Voting Shares basis.  A total of 79,592 MVS Units were issued pursuant to the Offering.

In consideration for their services, the Company paid the Agents a cash commission equal to C$1,451,340.75 and issued the Agents an aggregate of 569,154 broker warrants (“Broker Warrants”). Each Broker Warrant is exercisable to acquire, within 12 months from Closing, one SVS Unit at an exercise price of C$2.55 per SVS Unit.

Read More: https://agoracom.com/ir/HarborsideInc/forums/discussion/topics/755620-harborside-inc-announces-closing-of-upsized-private-placement-for-gross-proceeds-of-c-35-103-045/messages/2304273#message

VIDEO – Harborside $HBORca $HBORF Expects 2020 Revenues of $61M – $63M, Company Poised to Dominate California Cannabis Market $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-JC at 4:20 PM on Thursday, February 4th, 2021

California is one of the largest cannabis markets in the world and Harborside has more than a decade of market success, making it one of the oldest and most respected retailers in California, commanding a 3% share of the entire market.  

  • Awarded one of the first six medical cannabis licenses in the USA 
  • Operations have generated over $400M in cumulative sales since inception 

For the full year ended 2020, the Company is expecting:

  • Gross revenues in line with previously issued guidance of approximately $61 – 63 million, and positive EBITDA
  • Standalone gross revenues of between $68 – $72 million full year ended 2021
  • Expects a 2021 full year of Adjusted EBITDA in the range of 15 – 17% of revenues 

Sit back, relax and watch this powerful interview.

Harborside Inc. $HBOR.ca $HBORF Announces Upsize of Previously Announced Private Placement to C$27 Million $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 9:39 AM on Wednesday, January 20th, 2021
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  • Upsized its previously announced brokered private placement for gross proceeds of approximately C$27 million

Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, is pleased to announce that it has upsized its previously announced brokered private placement of units (the “Units”) of the Company at a price of C$2.55 per SVS Unit (as defined below) for gross proceeds of approximately C$27 million (the “Offering”), representing an increase of C$7 million, due to excess demand.  ATB Capital Markets and Beacon Securities Limited are co-lead agents to the Offering (the “Agents”).

The Company has granted the Agents an option to sell up to an additional 15% of the Units in the Offering, exercisable in whole or in part at any time prior to closing of the Offering.

As previously announced, Entourage Effect Capital, LLC, one of the largest shareholders of Harborside, is participating in the Offering with approximately C$9.0 million in commitment.

Read More:https://agoracom.com/ir/HarborsideInc/forums/discussion/topics/753458-harborside-inc-announces-upsize-of-previously-announced-private-placement-to-c-27-million/messages/2299033#message

Harborside $HBOR.ca $HBORF Announces C$20 Million Private Placement of Equity Units and Provides 2021 Outlook $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 6:35 PM on Tuesday, January 19th, 2021
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  • 2020 Preliminary Results and 2021 Outlook also provided

Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, today announced a brokered private placement of units (the “Units”) of the Company (the “Offering”) at a price of C$2.55 per SVS Unit (as defined below) for gross proceeds of approximately C$20 million with approximately C$9.0 million of commitment from Entourage Effect Capital, LLC (“Entourage”), one of the largest shareholders of Harborside.

The Company has granted the Agents (as defined below) an option to sell up to an additional 15% of the Units in the Offering, exercisable in whole or in part at any time prior to closing of the Offering.

Each Unit issued to non-residents of the United States (an “SVS Unit”) will be comprised of one subordinate voting share of the Company (the “Subordinate Voting Shares”) and one Subordinate Voting Share purchase warrant (each a “Warrant”) of the Company. Each Warrant will be exercisable to acquire one Subordinate Voting Share of the Company (a “Warrant Share”) for a period of 36 months following the closing date of the Offering (the “Closing Date”) at an exercise price of C$3.69 per Warrant Share, subject to adjustment and acceleration in certain events.

All investors that are considered residents of the United States under the United States Securities Exchange Act of 1934, will be issued units comprised of multiple voting shares of the Company (the “Multiple Voting Shares”) and Multiple Voting Share purchase warrants of the Company, which will be based on the same economic equivalency of each Multiple Voting Share converting into 100 Subordinate Voting Shares.

“We are continuing to expand our footprint in the robust California cannabis market, delivering our best-in-class service and the high-quality product selection that Harborside is known for,” said Matthew Hawkins, Chairman of Harborside. “California is one of the largest cannabis markets in the world and Harborside has more than a decade of market success for our team to build on. I would like to thank our current and new shareholders for their overwhelming support of our growth strategy. This additional capital will solidify our balance sheet and provide a platform for us to continue to consolidate in the California market through accretive M&A transactions.”

Read More: https://agoracom.com/ir/HarborsideInc/forums/discussion/topics/753428-harborside-inc-announces-c-20-million-private-placement-of-equity-units-and-provides-2021-outlook/messages/2298963#message

Four Cannabis Resolutions for 2021 SPONSOR: Harborside $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 2:27 PM on Thursday, January 14th, 2021
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SPONSOR: Harborside is a California-focused, vertically integrated, fully licensed cannabis company with its business consisting of three primary segments, Retail Dispensaries, Cultivation and Processing and Wholesale Sales (including branded product sales). Harborside operates the only drive through dispensary in California

  • Here are four resolutions for conscientious local cannabis consumers to consider.

By all accounts, the Bay Area cannabis industry did remarkably well for itself in 2020.

Forced to deal with new COVID-19 restrictions, a crumbling economy, fallout from multiple wildfires, and a string of high-profile robberies, cannabis companies still managed to rake in close to $1 billion for California in state tax revenue alone.

At the same time, the window for equity brands to establish a viable foothold in the industry continues to rapidly close.

It’s now been a full three years since California’s adult-use market began in earnest. That’s a lot of time for consumers to develop brand loyalty, be it on the product side or the shops they frequent. Nonetheless, the time required to move through San Francisco’s equity program means that a number of new, equity-owned businesses are just now getting off the ground.

And they could use your help. In fact, there’s a number of ways individuals can make a difference! On that note — and in the spirit of starting 2021 on the right foot — here are four resolutions for conscientious local cannabis consumers to consider.

Shop Equity-Owned

There are two types of dispensaries that exist in San Francisco: those that were grandfathered in from the Prop. 215 days and those owned by equity operators. To be sure, there are plenty of great pot shops that fall into the former category, but in the spirit of spreading the love around, it’s also extremely important to support the new crop of Black and brown-owned dispensaries now open in the city if we hope to see them endure. In 2020 alone, new shops to open from equity owners include Stiiizy-Union Square (SF’s first dispensary owned by a Latina woman) and Posh Green (SFs first dispensary owned by a Black woman). There is also a newly created “SF Equity” seal that customers can look for when shopping for local products across all categories. More new shops, including one affiliated with the combo print shop and arcade, Free Gold Watch, are expected to open in 2021 as well.

Tour a Legal Grow

It may sound like a flowery platitude, but to truly understand cannabis, one should really see it grow. In the past, such a visit might have put you at risk of doing time, but nowadays, there are legal opportunities for individuals or groups to tour outdoor and indoor grow sites. Walking between rows of towering plants at the peak of harvest is something everyone should experience. From the scents to the scale to the solace, there is so much to soak in at a cannabis farm. As an added bonus, you’ll likely also get to meet the farmers responsible for growing your medicine. They can tell you about the ways smoke changes sunlight, which in turn affects terpene output. They can share their personal stories of what led them to this career (hint: when it comes to craft growers, the answer is not “getting rich”)

Cook with Cannabis

If we haven’t yet arrived at the molecular gastronomy phase of the cannabis cooking revolution, it’s assuredly coming soon. From the golden days of brownies baked by intuition, the modern edibles market is, by contrast, a brain-bursting cornucopia of choice and potential confusion. If you’re tired of trying to understand the difference between live resin and raw flower or continue to question how dosing works, why not get a little hands-on experience? The time has quite honestly never been better to bring cannabis into your home kitchen. Local cannabis chef (and Mellows founder) Stephanie Hua has a cookbook to guide newbies along, while San Francisco’s Potli prides itself on offering products designed to serve as staples of a cannabis-friendly pantry. Once you’ve tackled a few recipes on your own, you’ll likely have a far more nuanced appreciation for all of the many ingredients that go into preparing an infused edible!

Support Pot Non-Profits

Yes, 2020 was a big year for people asking for money. No, that’s not likely to end anytime soon. Of the many worthy causes in need of your funds, several groups focused on advocacy and racial justice within the legalized cannabis space are notably also seeking donations. In the Bay Area, Oakland’s the Hood Incubator is calling for financial contributions. It’s difficult to overstate how the industry — both in the Bay Area as well as across California — might look without their tireless efforts to empower local equity applicants to reach the finish line and remain viable. Another one to consider is the California chapter of the National Organization for the Reform of Marijuana Laws (NORML). Advocates for patients and sensible drug laws, it’s likely both CA NORML as well as the organization’s national wing will both be very busy this year as the prospect of federal decriminalization (or outright legalization) continues to gain traction in Congress.

SOURCE: https://www.sfweekly.com/culture/pacific-highs/four-cannabis-resolutions-for-2021/

Harborside Inc. $HBOR.ca $HBORF Announces Participation in ATB 9th Annual Institutional Investor Conference $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 1:46 PM on Wednesday, January 13th, 2021
  • Matt Hawkins, Chairman of Harborside, will participate at the ATB 9th Annual Institutional Investor Conference, January 14, 2021

Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, announced that Matt Hawkins, Chairman of Harborside, will participate at the ATB 9th Annual Institutional Investor Conference, being held on January 14, 2021. Mr. Hawkins is scheduled to participate in a panel discussion, “U.S. Retail: What Leadership Looks Like Today and Tomorrow”, at 9:40am ET as well as host one-on-one investor meetings throughout the day.

About Harborside:
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating three of the major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California’s only cannabis drive-thru window, a dispensary in Oregon and a cultivation/production facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. In 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States and today holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly listed company on the CSE trading under the ticker symbol “HBOR”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com.

Harborside Inc.$HBOR.ca Completes Acquisition of San Francisco Dispensary $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 8:48 AM on Monday, December 21st, 2020
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  • Expands Footprint with Social Equity Dispensary in Historic Haight-Ashbury District 

Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, announces the closing of the transactions contemplated by the previously announced agreement to acquire 50.1% of the equity (the “Shares”) of FGW Haight, Inc. (“FGW”), a California corporation which has the conditional use approval necessary to operate a cannabis dispensary and related businesses in the Haight Ashbury area of San Francisco, California (the “Acquisition”).

With the completion of the Acquisition, Harborside expands its retail dispensary footprint in the state of California to five and solidifies a strong presence in the historic and culturally-significant Haight-Ashbury district of San Francisco. The Company expects to complete the build-out, receive all necessary regulatory approvals, and open the social equity retail dispensary in the third quarter of 2021.

“I’m excited to continue to expand our footprint in California and look forward to serving consumers in Haight Ashbury,” said Peter Bilodeau, Interim CEO of Harborside. “Together, we will work with the team from FGW to give back to the community and support initiatives to address the negative impact of past cannabis policies which have disproportionally impacted low income and minority community members. This new location will also introduce the best-in-class service and unbeatable product selection that Harborside has become famous for to an iconic area of San Francisco.”

Upon closing of the Acquisition, Harborside paid an aggregate purchase price of USD $2,179,350 based on a post-build-out and proforma working capital enterprise value of USD $4,350,000 (the “Purchase Price”). The Purchase Price is comprised of: (a) USD $1,265,000 as consideration for convertible notes of FGW entitling the Company to such number of underlying Shares equal to 29.1% of the Shares; and (b) the balance of the Purchase Price in multiple voting shares (“MVS”) valued at CAD$125 per MVS as consideration to certain selling shareholders of FGW for 21% of the issued and outstanding Shares.

Subject to regulatory approval, Harborside has also agreed to purchase an additional 29.9% of the issued and outstanding Shares (the “Subsequent Shares”) to get to an 80% ownership of FGW, subject to regulatory approvals. The aggregate purchase price for the Subsequent Shares will be USD $1,300,650, which will be satisfied in MVS valued at the greater of: (i) the 30 day VWAP of the subordinate voting shares of the Company on the Canadian Securities Exchange (“CSE”) at the time of issuance less a discount multiplied by 100; (ii) CAD$150 per MVS; or (iii) such other price as may be approved by the CSE. Harborside also retains the right of first refusal to purchase, in its discretion, in whole or in part and in one or more closings, the remaining 20% of the Shares, subject to regulatory approvals.

About Harborside:
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating three of the major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California’s only cannabis drive-thru window, a dispensary in Oregon and a cultivation/production facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. In 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States and today holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly listed company on the CSE trading under the ticker symbol “HBOR”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com.

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Cannabis Tax Revenues Climbing in California SPONSOR: Harborside $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 11:04 AM on Wednesday, December 16th, 2020
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SPONSOR: Harborside is a California-focused, vertically integrated, fully licensed cannabis company with its business consisting of three primary segments, Retail Dispensaries, Cultivation and Processing and Wholesale Sales (including branded product sales). Harborside operates the only drive through dispensary in California

  • Purchasers of Marijuana Pay About 10 Percent in State Taxes on Retail Buys

The sale of cannabis in California went legal in 2016, and retailers were able to open their doors two years later. Along with the legal retail sale of cannabis came two new taxes — a cultivation tax on all harvests and an excise tax on the purchase of weed and products made with it; the usual sales taxes, both state and local, also applied. They add up, and in the third quarter of 2020, California’s total cannabis tax revenue was $306.7 million. Of that amount, the state gained sales and excise tax on $11 million worth of retail cannabis sold in cities in Santa Barbara County.

For $30 worth of cannabis flower, or buds, the taxes can raise the consumer’s payment to $41.77, the state Tax and Fee Administration (CDTFA) calculated. That includes a 15 percent excise tax and the state’s 8.5 percent sales tax. The CDTFA also added a 10 percent cannabis business tax, which is charged by most California jurisdictions, although Santa Barbara County’s cities’ rate is 5-6 percent. The cultivation tax is paid by weight when the farmer sells to a distributor.

The breakdown of the $306 million in taxes are excise tax of $159.8 million, cultivation tax of $41 million, and sales tax of $105.9 million. For the previous year’s July to September, the cannabis taxes to the state were $170.8 million.

The previous quarter, or April through June, generated $260 million for the state, and the first quarter of January to March generated close to $206 million. Santa Barbara County’s retail cannabis sales saw a similar move upward from the first to second quarter, the Tax and Fee Administration reported. January to March sales were $9 million, and April to May sales were $16.7 million. Many speculate the increase is due to the shutdown.

Santa Barbara County has yet to permit any retail cannabis stores and is in the process of determining where eight will go in the county’s unincorporated areas. If the $11 million in sales would have occurred in county areas, the income would have been about $441,000 with the county’s 4 percent retail cannabis tax, said Jeff Frapwell of the County Executive Office.

Correction: Santa Barbara County plans eight retail cannabis stores, not six; and this story has been updated to reflect local business tax amounts.

SOURCE: https://www.independent.com/2020/12/14/cannabis-tax-revenues-climbing-in-california/UnfollowRecommend

California Cannabis Businesses Praise The Action Taken In Washington On Decriminalization SPONSOR: Harborside $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 9:37 AM on Tuesday, December 8th, 2020
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SPONSOR: Harborside is a California-focused, vertically integrated, fully licensed cannabis company with its business consisting of three primary segments, Retail Dispensaries, Cultivation and Processing and Wholesale Sales (including branded product sales). Harborside operates the only drive through dispensary in California

SAN DIEGO — On Friday the United States House of Representatives passed a bill decriminalizing marijuana at the federal level. Although it is unlikely to pass the Senate, it has industry leaders here in California excited that the conversation towards decriminalization is rolling in Washington.

After receiving some rare bi-partisan support, the Marijuana Opportunity Reinvestment and Expungement or MORE Act passed the House of Representatives by a large margin. Highlights of the bill include:

  • Decriminalizing marijuana federally
  • Establishing a 5% federal tax on all cannabis products
  • Prohibiting the denial of federal benefits to people convicted of cannabis-related crimes
  • The bill would start the process of expunging the records of those convicted of Cannabis-related offensives

Will Senn is the founder of Urbn Leaf, a marijuana dispensary in San Diego. He says that the bill has been a long time coming and that it was a historic win for the industry. He went on to say that attitudes towards marijuana are shifting around the country. “I think the writing is on the wall, right? Everybody is voting for cannabis legislation nationwide. You had five more states pass some legislation in the last election year. There’s a number of upcoming bills in the near future here.”

Marijuana has been decriminalized in California since 1996 but attitudes about the plant differ drastically around the country. According to the FBI and the Pew Research Center, in 2018 40% of the 1.65 million drug arrests from around the country were marijuana-related and 92% of them were for possession.

Jason Ortiz from the Minority Cannabis Business Association said, “So, I mean, there are thousands at the very minimum, especially on the federal level. But as you start to extend the impact statewide, it could be upwards of millions of records that would get affected.”

Ortiz added that the potential expungement of cannabis-related crimes off a person’s record  could change the lives of thousands of people, “And having that on your record denies you access to housing, to jobs, to other sorts of social services.

Although the bill passed in the House, it’s unlikely that it will see a vote in the Senate. Still, business owners like Senn see it as an important benchmark of just how far the conversation around decriminalizing marijuana has come since he entered the industry.

SOURCE: https://www.cbs8.com/article/news/local/marijuana-opportunity-reinvestment-and-expungement-act/509-a4567228-ad82-4f48-85b3-556e282aa8ed

House Gets Ready For Historic Vote On Federal Marijuana Prohibition SPONSOR Harborside $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-Eric at 1:03 PM on Thursday, December 3rd, 2020
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SPONSOR: Harborside is a California-focused, vertically integrated, fully licensed cannabis company with its business consisting of three primary segments, Retail Dispensaries, Cultivation and Processing and Wholesale Sales (including branded product sales). Harborside operates the only drive through dispensary in California

This week the U.S. House of Representatives is expected to vote on a bill that would remove marijuana from the Controlled Substances Act and require federal courts to expunge many prior marijuana offenses. It will be the first time the full House will vote on ending the federal prohibition of cannabis.

Morgan Fox with the National Cannabis Industry Association says House passage would “send a really strong message to not only the rest of Congress, but to a lot of other states that the time to end prohibition has come.”

The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act), introduced by Rep. Jerry Nadler (D., N.Y.), would eliminate conflict between state and federal law and allow states to set their own marijuana policies.

 “We don’t need to have one size fits all. We just need to get rid of prohibition and then let the states do what the states are doing. It’s essentially what the states have done already. They haven’t waited for the federal government, which is why we have a lot of these discrepancies and challenges,” said Rep. Earl Blumenauer (D., Ore.), who has long pushed for marijuana legalization.

 Blumenauer and Rep. Barbara Lee (D., Calif.) — who also wrote parts of the legislation — told Yahoo Finance the bill is a racial justice issue.

 “It’s coming at a time when Americans are recognizing how hopelessly flawed the criminal justice system is,” said Blumenauer.

‘You’ve got to repair the damage’

The MORE Act would impose a 5% sales tax on marijuana and marijuana products. The revenue would go toward a new trust fund for grant programs designed to help people “adversely impacted by the War on Drugs” access job training, re-entry services, legal aid, treatment and more. The bill would also provide protections prohibiting denial of federal benefits based on use, possession or conviction for a marijuana offense.

“Regardless of who you are, if you’ve been incarcerated and if you’ve done your time and you get out, you should be provided for a second chance,” Lee told Yahoo Finance. “When you’ve been incarcerated or when you have have a record based on unjust laws — they’re really targeted in many ways, Black and Brown people — then you’ve got to make restitution, you’ve got to repair the damage. This fund is about the time that was lost because of barriers to employment, because of incarceration.”

The MORE Act would open up more opportunities for marijuana businesses, including access to Small Business Administration funding. It would also require the Bureau of Labor Statistics to gather demographic data on cannabis business owners and employees to ensure people of color and economically disadvantaged people are taking part in the industry.

“That really sets out a process for equity in the industry. This is a job-creating industry, and it also provides economic opportunities for minority-owned business owners,” said Lee.Graphic by David Foster/Yahoo Finance

The House Judiciary Committee passed the MORE Act last year 24 to 10 — Rep. Matt Gaetz (R., Fla.) and Rep. Tom McClintock (R., Calif.) were the only Republicans who voted for the bill.

In an interview with Yahoo Finance, McClintock said while he didn’t endorse marijuana, it’s clear U.S. marijuana laws have “not accomplished their goals.”

“These laws have done far more harm than good. They’ve created a violent underground economy and ruined the lives of so many young people who’ve had a youthful marijuana conviction, follow them and ruin their lives,” said McClintock.

The House was scheduled to vote on the bill in September, but Democratic leadership postponed the vote because some members in tight races worried passing the MORE Act before a stimulus package could hurt them at the polls.

Nearly a month after the election, there is still no additional coronavirus relief and many Republicans are again slamming Democrats for what they see as prioritizing the cannabis bill over coronavirus relief efforts.

Democrats have already passed two versions of the Heroes Act and argue it’s the Trump administration and Republican Senate that’s holding up stimulus talks.

SOURCE: https://finance.yahoo.com/news/house-gets-ready-for-historic-vote-on-federal-marijuana-prohibition-192829701.html