Legal cannabis sales could flourish thanks to Trump’s executive order for restoring jobless benefits

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

Unemployment insurance offered during the COVID-19 outbreak has provided much relief to the jobless population in the United States. However, the temporary lifeline came to an almighty end on July 31, 2020. Thankfully, Trump has plans to reinstate coronavirus-related jobless benefits.

An executive memorandum was recently signed by President Donald Trump. The memorandum would replace the $600-weekly payout with a $400-weekly benefit. Although it remains uncertain as to when these jobless benefits can be claimed, it is likely that the cannabis industry will reap the financial rewards.

After all, cannabis sales have climbed across the nation since the virus pandemic started in early 2020. However, since the $600-weekly payout was terminated, merchants have raised concerns about the negative implications it may have on the cannabis industry amid a recession. Fortunately, reintroduced coronavirus-related jobless benefits could provide a safety net.

Trump’s executive action would charge states $100 weekly per qualifying individual

With the intention of resolving issues that Congress has failed to act on, four executive orders were signed by Trump at his Bedminster, New Jersey-based country club. One of the president’s most important actions involved agreeing to continue dishing out Coronavirus-related federal unemployment benefits; aimed at supporting Americans who have been left without a job amid the pandemic.

Although the $400 weekly benefit is sure to help, it means that recipients will receive $200 less than previously. On the other hand, Congress’ decision to terminate payments on August 1 meant that Trump saved the day. Not only did Trump salvage recently axed Coronavirus-related federal unemployment benefits but also, he is optimistic that the federal government can fund each customer’s tab on a case-by-case basis.

Congress has the last say on federal spending decisions  

Trump’s executive orders were announced after Congress stumbled in its efforts to hash out an economic stimulus funding deal. While Democrats were keen to sustain a weekly payout of $600, Republicans were seeking out options to reduce the federal stimulus funding to just $200 per week.

In addition to his decision to roll out funding to the amount of $400 weekly, Trump also announced a referral of federal student loan payments, payroll tax and the ongoing suspension of evictions. Now, as Congress hurries to prepare the fifth coronavirus stimulus package, the Trump administration is aiming to withdraw “billions of dollars” in federal funding for COVID-19 testing.

Once the new round of stimulus funding is made available, cannabis stores are likely to attract an influx of new buyers. Until that time, it remains uncertain as to whether or not sales will hold up amid the pandemic.