As with this support for Gay Marriage. Newsom shrewdly supported the “legalization”of cannabis on a ballot initiative in the fall of 2016.
Just as his support for Gay Marriage garnered him campaign contributions from wealthy gays and lesbians, so his support for cannabis decriminalization (while taxing it and regulating its sale) has attracted donations from the “industry.”
The LA Times reports:
Some in the industry see Newsom as a candidate who listens to their concerns and will stick up for them. Although Newsom says he has never smoked marijuana himself, he was one of the first statewide officeholders to support legalization of recreational use.
The host of the Salinas fundraiser on March 3 was Indus Holding Company, maker of cannabis confections such as Toasted Rooster and Crispy Kraken chocolate bars.
Dinner gave way to a roundtable discussion among the 20 or so guests, who raised with Newsom some of the issues affecting their nascent businesses, according to interviews with multiple attendees.
Banking was a major topic that night, they said. Currently, the vast majority of banks and credit unions will not work with cannabis companies, because the federal government considers their revenue illegal. Some operate on an all-cash basis, and most lack the ability to find traditional financing.
A proposal discussed that night would have the state create a special bank that would serve the cannabis industry. Newsom has not taken a public position, but he expressed interest in the idea of a pot bank, three attendees said.
Newsom declined to be interviewed for this story.