Amazon Backs Marijuana Legalization
In a blog post Tuesday, the second-largest retailer in the world, Amazon, announced the company had endorsed a bill to legalize marijuana federally. Additionally, the company said marijuana would no longer be included in their pre-employment drug testing. The only positions that will still be tested for the substance are positions regulated by the U.S. Department of Transportation, like delivery drivers.
Amazon’s worldwide consumer CEO Dave Clark said, “In the past, like many employers, we’ve disqualified people from working at Amazon if they tested positive for marijuana use. However, given where state laws are moving across the U.S., we’ve changed course.”
Amazon’s support for marijuana legalization is a big deal, and the company said the endorsement maintains its commitment to being an attractive employer.
The bill in question is called the Marijuana Opportunity Reinvestment and Expungement Act. It federally legalizes marijuana, eliminates criminal penalties for people who grow, distribute, or possess marijuana, and includes investment in communities impacted by the criminalization of marijuana. The U.S House of Representatives passed the bill last year, but it still needs Senate approval.
After Amazon’s announcement, cannabis stocks rallied. Investors are looking at Amazon’s endorsement as a positive sign for the cannabis industry, leaving many to wonder if Amazon has plans to dive into the industry. It’s important to note, this is purely speculation — Amazon has not announced any plans to sell marijuana. But if cannabis becomes federally legal, could we potentially see Amazon Prime drones dropping marijuana on the front porches of America?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.