Amazon Announces Support for Cannabis and the MORE Act
- Jun 17, 2021
In a blog post on June 1, Dave Clark, Amazon’s CEO Worldwide Consumer, announced that Amazon’s public policy team will be actively supporting the Marijuana Opportunity Reinvestment and Expungement (“MORE”) Act of 2021. Additionally, Mr. Clark invited other employers and policymakers to support the MORE Act as well.
The MORE Act provides for the de-scheduling of cannabis in the Controlled Substances Act. It also facilitates the expungement of past cannabis convictions and the taxation of cannabis products on a federal level. Additionally, the MORE Act would prohibit the denial of federal benefits, such as housing, on the basis of cannabis use or possession of cannabis.
Amazon’s support for the cannabis industry could have significant implications toward federal legalization. As one of the biggest companies and employers in the U.S., Amazon’s position on cannabis carries significant weight. Amazon’s recent policy change may sway other companies to support cannabis legalization in the U.S. and to lobby their local policymakers to pass the MORE Act.
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Benjamin Aspir is a Partner and a member of the firm’s National Tax Group, with more than 10 years of public accounting experience. He has extensive experience with IRC Section 1202 - Qualified Small Business Stock and advising cannabis clients on IRC Section 280E, within the Manufacturing and Distribution practice.
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