Wall Street is no longer screening job applicants for cannabis

Wall Street is no longer screening job applicants for cannabis

Bethan Rose Jenkins, Cannabis News Writer/Editorial

Newly-hired Wall Street employees no longer need to undergo cannabis drug testing, based on a recent report by Business Insider. The report, which saw reporters consult with officials at seven major banks in New York City, found that THC (tetrahydrocannabinol) testing is not required nowadays; likely due to sweeping legalization across the United States.

THC is a psychoactive constituent of the cannabis plant and is renowned for making consumers feel “stoned”, “baked” or “high”. Due to its mind-altering nature, employers have long-banned employees from using the substance, which purportedly may affect their ability to conduct work-related tasks efficiently and safely.

Aside from testing Wall Street employees for THC, many employers operating in the home of the New York Stock Exchange (NYSE) have also eliminated other/all types of drug testing.

Four U.S. states will vote for adult-use cannabis during the November ballot

In just a few months time, voters in Arizona, Montana, New Jersey and South Dakota will decide whether or not cannabis should be legalized for recreational purposes. Successful votes could see these states reap the financial benefits and attract a flood of new employment opportunities that, consequently, could provide an economic boost.

Should the aforementioned states legalize cannabis for adult-use purposes, many large corporations, including MSOs Acreage Holdings, Cresco Labs, Curaleaf and GTI, stand to benefit. Ultimately, this will lead to an increased need for cannabis banking services and new employees; something that Wall Street has likely acknowledged.

What’s influencing Wall Street’s cannabis drug testing policies?

Numerous cannabis industry deals, launches and initial public offerings (IPOs) have taken place recently. This is undoubtedly swaying Wall Street’s employment policies, which must be amended if the stock trading epicenter of the U.S. is to adapt to the blossoming industry.

Examples of some deals include cannabis company ManifestSeven’s $10.2 million equity and debt funding closure, which has occurred in advance of its reverse merger to go public on the CSE; Village Farms International’s agreement with Emerald Health Therapeutics to purchase 100 percent of Pure Sunfarms; Columbia Care’s acquisition of California cannabis company Project Cannabis.

Policy moves could trigger changes to Wall Street’s cannabis drug testing policies

Something else that is likely stimulating Wall Street’s cannabis drug testing policies is the forthcoming September 21 vote for the Marijuana Opportunity Reinvestment and Expungement Act (MORE) Act, which, if approved by Congress, would see the federal decriminalization and expungement of cannabis-related convictions.

Furthermore, Republican Rep. Matt Gaetz’s Medical Cannabis Research Act will head for a full House floor vote this month and there’s a good chance that The Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act would enable sellers to market hemp-derived CBD products as a dietary supplement.

Should these policy changes take effect, Wall Street is sure to further reconsider employment screening practices as a means of creating an equal working environment for the consumers of an industry that is progressively becoming predominantly mainstream.