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Replies to post #213443 on Medical Marijuana Inc (MJNA)
04/19/18 1:06 PM
The potentially first botanically-derived FDA-approved cannabis-based product moved closer to approval today, as an Advisory Committee discussed the safety and efficacy of Epidolex, intended to treat seizures in children suffering from rare forms of epilepsy. GW Pharma (NASDAQ: GWPH), the drug’s sponsor, and the FDA provided testimony to the committee met, which met for several hours and heard testimony from the public, many of which were personal stories told by children and their parents about how life-changing the oral CBD product had been during clinical trials and expanded access programs. The thirteen committee members voted unanimously to recommend approval to the FDA, which is expected to conclude its review by June 27th:
Trading has been halted in GWPH thus far today. The stock had rebounded earlier this week when materials for the committee were shared publicly, leading investors to conclude that the panel would vote favorably. GWPH posted an all-time closing high just under $140 in late January and closed yesterday at 133.39, giving it a market capitalization of approximately $3.9 billion based on 29 million fully-diluted shares.
Bernie Sanders supported marijuana policy reform way before it became popular. Back when he was running for president in 2016, the Vermont senator made history by supporting marijuana legalization. Since then, Sanders has continued to advocate for ending the War on Drugs. Furthermore, he has petitioned the federal government for policy changes and worked to reevaluate marijuana’s Schedule I classification. In his latest pro-marijuana move, Bernie Sanders announces he will co-sponsor Marijuana Justice Act. Here’s a closer look at the proposed marijuana policy and its growing political support.
The Marijuana Justice Act
New Jersey Senator Cory Booker introduced the bill back in August. Since then, Representatives Barbara Lee and Ro Khanna have co-sponsored the House version of the Marijuana Justice Act. According to Marijuana Majority leader Tom Angell, “This is the single most far-reaching marijuana bill that’s ever been filed in either chamber of Congress.”
The act has four major components: It would legalize marijuana on the federal level, retroactively clear all marijuana-related federal convictions, allocate $500 million for job training in communities affected by the War on Drugs and cut law enforcement funding for states that arrest a disproportionate number of people of color.
The Act’s Co-Sponsors
Many other Democrats have stepped up to support the Marijuana Justice Act. To date, twenty-seven legislators are co-sponsoring the bill. Senior Democratic Senator Ron Wyden of Oregon was the first senator to co-sponsor the act after Senator Booker introduced it.
In February, New York Senator Kirsten Gillibrand also announced her support. Senator Gillibrand has repeatedly spoken out against Sessions’ marijuana crackdown, tweeting that [Sessions] is “either willfully ignorant or cowing to corporate greed on behalf of pharma special interest profits.”
Advocates for marijuana legalization are hoping that the Democratic Party will work together to make lasting policy reform. NORML political director Justin Strekal told Forbes, “With Senator Sanders co-sponsoring the Marijuana Justice Act alongside Senators Booker and Gillibrand, it’s time for the party to speak with one voice that they will legalize marijuana and expunge the criminal convictions of the millions who are being held back from achieving both employment and the American dream.”
Senator Sanders Has A History of Supporting Legalization
Bernie Sanders announces he will co-sponsor Marijuana Justice Act after years of work on marijuana policy. Years ago, Sen. Sanders introduced the first Senate bill to reschedule marijuana. This legislation also would have stopped private companies from running jails.
Sanders has been a longtime advocate for prison reform, and through it, marijuana policy change. When he ran for President, the Senator became the first serious candidate who said he would vote in favor of legalization.
Sanders has continued to champion legalization in 2018. Earlier this year, the Senator asked those who supported him in his presidential run to petition Congress. Sanders wrote in his mass email: “Marijuana prohibition is part of a larger failed war on drugs that has led to the great national crisis of mass incarceration.”
Final Hit: Bernie Sanders Announces He Will Co-Sponsor Marijuana Justice Act
Sanders has a long record of advocating for prison reform. Thus, the Senator’s co-sponsorship of the Marijuana Justice Act comes as no surprise to his loyal constituents. This does not make the bill’s growing support any less significant. Not only would the Marijuana Justice Act legalize marijuana nationally, but it would help undo decades of racial policing.
