For the first time since late 2019, lobbying spending at the federal level by cannabis-focused entities has jumped. As Cannabis Wire previously reported, the spending peak of just over $2 million in Q4 2019 mapped against the passage of the SAFE Banking Act in the House of Representatives that September. This marked the first vote and the first passage of a standalone cannabis bill in Congress. Throughout 2020, spending steadily declined, which coincided with the pandemic and an intense focus on the presidential election. By the end of 2020, the lobbying spend fell to around $1 million. Now, spending has bounced back, and is just under $2 million, according to a Cannabis Wire analysis of Q2 2021 lobbying disclosures for cannabis-focused entities. The timing, again, is no coincidence: Senate Majority Leader Chuck Schumer and Sens. Cory Booker and Ron Wyden created a buzz with their release of the most comprehensive cannabis reform proposal to date in Congress this month, after first announcing it in February.
Nushin Rashidian, Cannabis Wire, 07/22/2021 20:00:00