Katelyn Baker
Well-Known Member
Denver - Marijuana's overwhelming success at the ballot box Tuesday dumps a California-sized pile of pressure onto the federal government to answer a fairly basic question: Where are they going to put all that cash?
Because marijuana remains illegal at the federal level, banks refuse to give accounts to marijuana businesses. That means virtually all transactions in an industry that's estimated to reach nearly $21 billion within three years must be conducted with hard currency, instead of through loans, electronic deposits and lines of credit. In states like Colorado and Oregon, marijuana businesses have resorted to having armored cars collect their daily earnings to be stored in offsite vaults. And they pay their taxes with literal bags and buckets of cash.
But cash is only one of myriad challenges facing legal marijuana across the country. It remains illegal to transport across state lines, many federal employees remain banned from using it, and there's little scientifically accepted research on its medical value. Legalization advocates say it's time federal officials started paying attention to one of the only issues apparently able to unite Americans.
"In a number of states, marijuana law reform measures got more votes than the president-elect or the winners of U.S. Senate races. There's no way for Washington to deny the country has spoken resoundingly through these votes tonight, and it's time for Congress to listen," said Tom Angell, the chairman of the pro-legalization Marijuana Majority.
California, Massachusetts, Maine and Nevada voters approved recreational legalization, while Arizona voters rejected recreational legalization. On the medical side, Florida, Arkansas, North Dakota and Montana all voted in favor of medical cannabis.
President-elect Donald Trump has already promised to maintain the Obama administration's policy of respecting states with legal marijuana programs, which Congress has partially codified when it comes to medical marijuana.
But many barriers remain, including a longstanding institutional opposition to marijuana by law enforcement. Tuesday night's votes are prompting soul searching for some police officers.
"The end of prohibition is near, and it would be a mistake for the federal government to continue waging war on its own nonviolent citizens. How do you ask a DEA agent to be the last man to enforce a mistake?" asked Rob Kampia, the executive director of the pro-legalization Marijuana Policy Project. "These votes send a clear message to federal officials that it's time to stop arresting and incarcerating marijuana users. Congress must take action to ease the tension between state and federal marijuana laws."
That tension means investors who want to get in on the ground floor of this American-made and entirely home-grown industry, have largely been withholding their money due to the federal uncertainty.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Legal Marijuana's Next Hurdle - Where To Put All That Cash
Author: Trevor Hughes
Contact: USA Today
Photo Credit: Trevor Hughes
Website: USA Today
Because marijuana remains illegal at the federal level, banks refuse to give accounts to marijuana businesses. That means virtually all transactions in an industry that's estimated to reach nearly $21 billion within three years must be conducted with hard currency, instead of through loans, electronic deposits and lines of credit. In states like Colorado and Oregon, marijuana businesses have resorted to having armored cars collect their daily earnings to be stored in offsite vaults. And they pay their taxes with literal bags and buckets of cash.
But cash is only one of myriad challenges facing legal marijuana across the country. It remains illegal to transport across state lines, many federal employees remain banned from using it, and there's little scientifically accepted research on its medical value. Legalization advocates say it's time federal officials started paying attention to one of the only issues apparently able to unite Americans.
"In a number of states, marijuana law reform measures got more votes than the president-elect or the winners of U.S. Senate races. There's no way for Washington to deny the country has spoken resoundingly through these votes tonight, and it's time for Congress to listen," said Tom Angell, the chairman of the pro-legalization Marijuana Majority.
California, Massachusetts, Maine and Nevada voters approved recreational legalization, while Arizona voters rejected recreational legalization. On the medical side, Florida, Arkansas, North Dakota and Montana all voted in favor of medical cannabis.
President-elect Donald Trump has already promised to maintain the Obama administration's policy of respecting states with legal marijuana programs, which Congress has partially codified when it comes to medical marijuana.
But many barriers remain, including a longstanding institutional opposition to marijuana by law enforcement. Tuesday night's votes are prompting soul searching for some police officers.
"The end of prohibition is near, and it would be a mistake for the federal government to continue waging war on its own nonviolent citizens. How do you ask a DEA agent to be the last man to enforce a mistake?" asked Rob Kampia, the executive director of the pro-legalization Marijuana Policy Project. "These votes send a clear message to federal officials that it's time to stop arresting and incarcerating marijuana users. Congress must take action to ease the tension between state and federal marijuana laws."
That tension means investors who want to get in on the ground floor of this American-made and entirely home-grown industry, have largely been withholding their money due to the federal uncertainty.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Legal Marijuana's Next Hurdle - Where To Put All That Cash
Author: Trevor Hughes
Contact: USA Today
Photo Credit: Trevor Hughes
Website: USA Today
