PM - Marijuana legalization undermines drug cartels senators argue

2023-08-23 15:22:34 ET

A bipartisan group of senators say that state legalization of marijuana has dented the impact international drug cartels have in the cannabis trade in the US.

Writing to Secretary of State Anthony Blinken earlier in August, Sens. Bill Cassidy (R-La.), Mark Warner (D-Va.), Bob Casey (D-Penn.), Marco Rubio (R-Fla.), and Bill Hagerty (R-Tenn.) made the point even though they focused on a different topic: illegal cigarettes.

The letter notes that criminal enterprises in Mexico have focused on trafficking fentanyl and other synthetic drugs in light of cannabis legalization in many states.

In late July, the three Republican senators along with Ted Budd (R-N.C.) wrote separately to FDA Commissioner Robert Califf asking the chief to reconsider the Biden administration's plan to ban menthol in cigarettes and cap nicotine content as it could fuel illicit cigarette sales.

Multi-state operators: Cresco Labs ( OTCQX:CRLBF ), Columbia Care ( OTCQX:CCHWF ), Trulieve Cannabis ( OTCQX:TCNNF ), Green Thumb Industries ( OTCQX:GTBIF ), Curaleaf Holdings ( OTCPK:CURLF ), MedMen Enterprises ( OTCQB:MMNFF ), Acreage Holdings ( OTCQX:ACRHF ), Ayr Wellness ( OTCQX:AYRWF ); Verano Holdings ( OTCQX:VRNOF ), and Jushi Holdings ( OTCQX:JUSHF ).

Tobacco companies: Altria ( MO ), Philip Morris ( PM ), British American Tobacco ( BTI ), and Japan Tobacco ( OTCPK:JAPAY ).

More on marijuana legalization and tobacco

• Republican support for marijuana legalization rises - Gallup
• States brought in $3.8B in marijuana tax revenues in 2022
• Altria unchanged on report Biden administration to advance ban on menthol cigarettes

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