- Andrew Yang, a 2020 presidential candidate, launched new marijuana merchandise for his campaign over the weekend.
- Yang, who has no experience in politics, is all set to strengthen his campaign via cannabis support.
Andrew Yang launches marijuana-themed merchandise
On August 24, a Forbes article discussed Andrew Yang’s election campaign rolling out limited edition marijuana-themed merchandise. On the day, Yang tweeted about the release, linking to his campaign website. The products blend Yang’s love of mathematics and his support for cannabis reform. The merchandise includes the following:
- a T-shirt that says “Math. Money. Marijuana.”
- a baseball cap says “Math” on the front and has a cannabis leaf on the back
- a bumper sticker that says “Legalize Marijuana”
Some of his merchandise is already sold out, according to Forbes. An article by The Fresh Toast said Yang is polling at 3% compared to his fellow Democratic presidential candidates. The data comes from a poll released by Monmouth University. However, Yang hasn’t stepped back in his creative attempts to bump his numbers up.
Yang’s cannabis reforms
Yang’s campaign website says, “We need to resolve the ambiguity and legalize marijuana at the federal level. This would improve safety, social equity, and generate tens of billions of dollars in new revenue based on legal cannabis businesses.”
Moreover, on his campaign trail last week, Yang also promised a “mass pardon” for all nonviolent marijuana offenders still serving time. Andrew Yang has been focused on supporting cannabis reforms. Marijuana is still illegal at the federal level. Therefore, he’s also putting effort into resolving the conflict between state and federal laws.
Yang feels that unregulated marijuana leads to safety issues and oversights. His goals to support marijuana include the following:
- provide justice and equity for those convicted of marijuana use and possession
- provide regulation and oversight of the marijuana industry
- generate revenue
Yang isn’t the only one in support of marijuana
Yang isn’t the only one standing in support of cannabis. Many Democratic candidates have come up with numerous reforms and bills. While some support full-scale legalization, others—including Joe Biden—only support decriminalization.
For more information on individual presidential candidates’ stances, check out the following stories:
- Bernie versus Joe: Who Has a Better Marijuana Campaign?
- Can Marijuana Legalization Spark Beto O’Rourke’s Bid?
- Bernie Sanders Tweets on Marijuana Legalization
- Could Bill de Blasio Help the Cannabis Industry?
- Where Does Buttigieg Stand on Cannabis Legalization?
The White House is warming up to cannabis
Additionally, we discussed yesterday that White House officials are warming up to legalization if proper research on the drug is done. Read Marijuana Legalization: Is the White House Warming Up? to learn more. President Trump hasn’t yet given his opinion on the matter. Will he support cannabis? Read President Trump: Is Marijuana Legalization a Key Weapon? for more info.
Cannabis players can benefit from regulations
The cannabis industry is highly regulated. Hence, cannabis’s being regulated at a federal level will keep violations in check. Many cannabis players suffered this year because of regulation violations. CannTrust (CTST) (TRST), Curaleaf (CURLF), and Hexo (HEXO) are among these players. CannTrust stock suffered because of the scandals. It’s down 24.6% YTD (year-to-date). Meanwhile, Hexo is down 23.0%, and Curaleaf is up 34.1% YTD.
However, the industry is also gaining traction due to its growth potential and product variety. The hemp business, for example, is receiving quite a lot of attention in the US. The passing of the 2018 farm bill made hemp legal in the country.
Therefore, many cannabis companies are stepping up their hemp businesses. Tilray (TLRY) closed a deal with the largest hemp foods company, Manitoba Harvest, in February 2019. It also introduced a wide variety of hemp-extracted products in the second quarter. Tilray is down 60% YTD.
Furthermore, Canopy Growth (CGC) (WEED) also plans on opening a New York hemp-growing facility that could boost the US CBD market. It also acquired AgriNext USA to expand its hemp business further. Canopy is down 6.8% YTD.
Aurora Cannabis is also focusing on developing hemp-based products. It acquired Hempco Food and Fiber’s outstanding common shares to make its mark in the hemp business. Its stock is up 17% YTD. To learn more about how the hemp business is expanding amid trade war tensions, read Hit by Trade War, Tobacco Farmers Turn to Hemp.