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Iowa - On Feb. 14, federal law enforcement agencies released guidelines that allow banks to take deposits from state licensed marijuana producers and retailers without fear of money laundering or persecution, according to drugpolicy.org. Prior to this, it was almost impossible for marijuana distributers to deposit money into banks, as dealing with the drug was illegal under federal law. "It appears that the Obama administration is trying to provide as much protection as possible for the marijuana industry given the constraints of the federal law," said Ethan Nadelmann, executive director of the Drug Policy Alliance.
The legalization of recreational marijuana usage in two states has allowed a substantial increase in taxpayer funds. In Colorado alone, the sale of the drug is expected to result in an increase of $134 million dollars in tax revenue, according to Colorado's Gov. John Hickenlooper. However, big banks need to take extra precautions to ensure they are not breaking laws by accepting money from other potentially illegal activities related to marijuana sales.
The future of medical marijuana in Iowa is currently unclear. A bill for the legalization of the drug was introduced a week ago in the Iowa Senate. It was shot down the same day it was introduced due to lack of bipartisan support. Under Iowa law, marijuana is classified as a Schedule 1 controlled substance, which means it contains no medical value. This also is the current federal classification of marijuana, although 20 states have since changed that law on a state level. "The momentum is there," said Carl Olsen, Des Moines marijuana activist. "But when six more states enact marijuana laws, the feds may take a look."
News Moderator - The General @ 420 MAGAZINE ®
Source: Northern-iowan.org
Author: Cassidy Noble
Contact: Contact Us - The Northern Iowan - University of Northern Iowa
Website: New rules enhance pot industry - The Northern Iowan - University of Northern Iowa
The legalization of recreational marijuana usage in two states has allowed a substantial increase in taxpayer funds. In Colorado alone, the sale of the drug is expected to result in an increase of $134 million dollars in tax revenue, according to Colorado's Gov. John Hickenlooper. However, big banks need to take extra precautions to ensure they are not breaking laws by accepting money from other potentially illegal activities related to marijuana sales.
The future of medical marijuana in Iowa is currently unclear. A bill for the legalization of the drug was introduced a week ago in the Iowa Senate. It was shot down the same day it was introduced due to lack of bipartisan support. Under Iowa law, marijuana is classified as a Schedule 1 controlled substance, which means it contains no medical value. This also is the current federal classification of marijuana, although 20 states have since changed that law on a state level. "The momentum is there," said Carl Olsen, Des Moines marijuana activist. "But when six more states enact marijuana laws, the feds may take a look."
News Moderator - The General @ 420 MAGAZINE ®
Source: Northern-iowan.org
Author: Cassidy Noble
Contact: Contact Us - The Northern Iowan - University of Northern Iowa
Website: New rules enhance pot industry - The Northern Iowan - University of Northern Iowa
