Creso Pharma hails US House vote to decriminalise cannabis at federal level
Health & Biotech
Health & Biotech
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Special Report: Australian cannabis company Creso Pharma (ASX:CPH) is lauding a historic vote in the US House of Representatives to decriminalise cannabis at the national level, and says it is well-positioned to enter the US market should the bill eventually become law.
The lame-duck US House voted mostly along party lines on Friday in favour of the Marijuana Opportunity Reinvestment and Expungement (“MORE”) Act, which would remove cannabis from the US Controlled Substances Act and facilitate the expungement of low-level federal cannabis convictions.
The vote was symbolically important and reflects a huge shift in sentiment in the United States on cannabis.
Many cannabis advocates see federal reform as eventually inevitable as more and more US states pass marijuana legalisation measures. Four more states legalised recreational cannabis on Election Day last month, meaning recreational weed is legal in 15 states plus the District of Columbia. Thirty-five states have legalised medical marijuana.
Creso says with its established global distribution network and leading Canadian subsidiary, Mernova Medicinal, it could easily scale up operations to meet potential demand.
There is also substantial appetite for Creso’s Swiss CBD products in the United States, the company says.
Creso Pharma co-founder Boaz Watchtel called the House vote “historic” and said it could create significant growth in the industry.
“It follows similar regulatory shifts in the European Union and from the United Nations that highlight public acceptance for cannabis and CBD-derived products is at an all-time high.
“Creso is very well positioned to capitalise on opportunities arising from the market in the USA, including expanding distribution of its existing cannabis products through the scale up to its operations in Canada and Switzerland.
“As a listed vehicle with access to capital, Creso is also an attractive partner for merger and acquisition opportunities, and, following the appointment of Canopy Growth founder Bruce Linton to Creso earlier this year, the company looks forward to exploring such opportunities for the benefit of its shareholders.”
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.