Top Cannabis Investment News, Member Posts, Cannabis Investment Daily Indices and more!

2yrs ago Cannabis harrisbricken Views: 293

Over the last few months, I’ve written a few posts about SB-519, a bill introduced by California State Senator Scott Wiener earlier this year that is intended to decriminalize a host of psychedelics – from psilocybin to ketamine to LSD (you can read those posts here, here, and here). SB-519 has passed through the California Senate and is now working its way through the Assembly before (hopefully) passing a floor vote and getting signed into law by Governor Newsom.

When SB-519 was first proposed, I was pretty skeptical that it would have any chance of success given the fact that over the last three years, the California legislature hasn’t even been able to pass a CBD bill despite numerous attempts. But SB-519’s passage through the Senate and some parts of the Assembly seems to indicate that the bill may have a chance at success.

If you haven’t read my prior posts, keep in mind that SB-519 is not a legalization bill but a decriminalization bill, and that may be why it caught any traction in the first place. Legalization is different from decriminalization in the sense that legalization generally leads to a regulated market, whereas decriminalization generally reduces or eliminates penalties and nothing more.

In other words, SB-519’s not going to lead to psychedelic dispensaries, but if people use or possess psilocybin, for example, that may remove a lot of the penalties. That said, keep in mind that California’s legislature is a lot more conservative than you’d think, and so there have been some changes made to the bill to restrict its breadth. Most recently, the bill was amended to add personal possession limits– people possessing more than the limits could still be subject to more serious penalties.

If SB-519 passes, it’s likely that there could be even more changes between now and signing.

As SB-519 winds its way through the legislature, Marijuana Moment recently reported that California activists filed a petition with the state to start the ballot measure process for a psilocybin legalization measure that would be slated for the 2022 elections. The initiative is called the California Psilocybin Initiative 2022 (CPI) and was submitted to the California Attorney General by Decriminalize California.

The CPI is extremely broad in scope, much broader than Oregon’s psilocybin legalization law and even broader than California’s cannabis law. It would allow unlimited possession amounts, use by any person over 21, cultivation on private property, etc.

The law would give very limited regulatory authority to the California Department of Food and Agriculture (CDFA) but it makes clear that no licenses or taxes can be imposed on psilocybin except those assessed on normal non-psilocybin products. The law would allow businesses on land zoned for agricultural production and approved by CDFA to start producing psilocybin on January 1, 2023 and any business with a seller’s permit to start selling psilocybin products to persons 21 and up (this could include a huge number of businesses). There would also be labeling requirements that are not that different from (but still much more limited than) cannabis labeling requirements.

This is just a brief summary but as you can see, CPI goes way further than any sort of legalization bill I’ve ever seen for psilocybin or even cannabis. Unless it’s modified, I think this one has a pretty slim chance of success going forward. But we’ll have to wait and see. In the meantime, let’s keep our hopes up for SB-519.

California and Psychedelics: Getting Closer on Harris Bricken.


Today's Cannabis Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.