The governing coalition supports cannabis cultivation, but not establishing a regulated marijuana market, writes Echo24.
Lawmakers are trying to agree on cannabis legislation language, with the general consensus being the expansion of medical marijuana access. Does this mean that the full recreational cannabis legalization is off the table?
Not yet, writes Business of Cannabis' Ben Stevens after talking with sources familiar with the matter. A bill that includes a full commercial market, drafted by previous National Drug Coordinator Jindřich Vobořil remains unchanged and is still "sitting outside the government’s office." This indicates that the full legalization is still being considered, writes the outlet.
Vobořil recently made headlines when he resigned as the National Drug Coordinator in order to continue to serve on the project in an advisory role. He previously completed two separate versions of the measure. The legislation seeks to set up a cannabis market much like Canada's and certain US states. It has yet to be reviewed internally and by the European Commission.
The bill seems to be stuck among lawmakers though it’s unclear what will happen next. The next step should involve the Prime Minister or another coalition leader raising it again. In that case, the draft bill will be discussed by various departments and each ministry will have to provide feedback. Then, revisions are expected to be made before a final version is introduced.
Read Also: Leaked Documents: Czech Republic Plans To Set Up Legal Recreational Cannabis Market
Vobořil Continues To Push For Significant Reform
Meanwhile, Vobořil continues to push for the reform. “I would like to talk about this again with Prime Minister Fiala and Minister Bartoš, because what is currently on the table is not a good solution and it is not right,” Vobořil told Echo24. "Symbolically, this is the right step, but it is limping in practical terms," he said alluding to people who are ill or handicapped and not able to grow themselves.
"The reality is that the law is without my presence. If we met, I believe we could come up with a model that would be acceptable to everyone. Because we have been working on the legislation for a long time, I have prepared other options," Vobořil added.
While the Prime Minister has previously expressed support to full legalization, it seems that this reform is not among his top priorities.
- Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.
Effects On Illegal Market, Economy
Tomáš Vymazal, a member of the Rational Regulation (RARE) board and chairman of the Safe Cannabis Association previously highlighted the potential benefits of a regulated market. “The new legislation would lead to a significant decrease in the number of persons prosecuted, convicted or imprisoned for possession and cultivation of cannabis, which would result in annual savings of up to 1.2 billion CZK [$51 million]," Vymazal said.
If significant scaling back happens and only home cultivation of up to three plants is allowed, experts believe there will be no significant impact on reducing the illegal market.
The Cabinet under the National Economic Council of the Government (NERV) previously recommended a strictly regulated cannabis market. According to estimates, this garner between two to ten billion crowns ($88.49 million to $442.45 million) annually.
Read Next:
Photo: Courtesy of Daniel Frank via Pexels
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.