An article “Cannabis companies, betting on a Biden win, ready IPOs” published in Reuters by Shariq Khan and David Randall highlighted that increased demand for cannabis during Covid-19 caused Cannabis companies to bet on Biden win who aims to decriminalized cannabis at a federal level. Article shared Biomedican’s plan about initial public offering (IPO) of Biosynthetic cannabinoids in the first half of 2021.
Cannabis producers have been facing legal and financial challenges over the past decade. Various cannabis companies faced fines and shutdowns due to regulatory roadblocks that hampered growth prospects. Today’s outlook is different as more and more states show their support for federal acceptance of cannabis.
Shariq Khan mentioned that Biden’s victory a colossal catalyst that can drive meaningful positive aspects for the U.S. marijuana industry. The arrival of Democratic presidential candidate Joe Biden in the White House is associated with increased federal acceptance and decriminalization of the Marijuana industry. Cannabis companies are associating their IPO with Biden’s victory.
Increased sale of cannabis in Covid-19 is opening new doors for federal legalization of the cannabis industry. According to BDS Analytics, a 26% increase in the sale of cannabis was observed in California due to people stuck at home. Moreover, cannabis sales in Nevada showed a 34% jump over last year. Though Canada was the first G-20 that legalized recreational use of cannabis, the growing interest of U.S. residents in the recreational use of cannabis is paving the way for cannabis producers.
Biomedican has biosynthesized cannabinoids from proprietary yeast that is ready for IPO in 2021. We invite our readers to read more from our website and partner with us to revolutionize the cannabis industry.