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What Does The Administration Change Mean For Cannabis?
What Does Biden Mean For Cannabis?
With the ushering in of the new Biden Administration a lot of focus is on how marijuana laws will change. With new people there come new ideas. His past views on this subject were a mixed bag. He has been in the government for over 46 years and his views have changed with the times especially since he joined teams with President Obama. We will have to wait and see what he does since his VP, Kamala Harris, had a mix stance on drugs as well.
Obama's 2012 Cole Memorandum
Under Trumps administration he rolled back Obama’s 2012 Cole Memorandum that directed federal prosecutors not to pursue marijuana prosecutions in states where it was legal.
This was a big deal because when that was rescinded you could wind up in federal prison for a crime legal under state law. Trumps position on marijuana laws was to leave it up to the state and that at a federal level it was still illegal. In the 2021 fiscal budget it was proposed to remove state protections for state medical marijuana laws.
Currently there are 35 states, 4 territories, and 1 district that medical marijuana is legal. Many have pushed forward and voted on legalizing recreational marijuana and there are only 15 states, 1 district, and 2 territories. Some states have laws on the books that are not clearly stated regarding transporting marijuana. These places can wreak havoc on your trip if you are in possessing while crossing state laws. An example would be the DMV Area which encompasses D.C., Maryland, and Virginia. Each state and district have different laws, but you can cross into each other in a matter of minutes. If you are stopped, you are at the mercy of the police officer.
Some states have gone forward and decriminalized drugs so you will not be arrested if you have small amounts in your possession. Depending on your location you can be subjected to a fine or a stint
in rehab while being evaluated for drug abuse. States free up resources by doing this and save money.
Every Day Cannabis Get Closer!
Biden and Harris currently support adult-use marijuana discrimination, moderate rescheduling, federal medicinal legalization, allowing states to set their own laws and expunging prior cannabis convictions, but not federal legalization. Tax revenue and job creation would be the strongest argument for legalization. New Jersey passed legalization during the last election. They are projected to generate up to $400 million in adult-use sales in its first year and $950 million by 2024, as estimated by Marijuana Business Daily.
Americans spent around $12 billion according to Arcview Market Research/BDSA. Even during COVID-19 the marijuana business has thrived. Since most Americans have been home there has been an
uptick on homegrown products. People have more time on their hands, and they are willing to put in the time and effort to try their hand in gardening.
Cannabis' Future
Since marijuana is not legal federally there is a patchwork system that you will have to navigate very carefully. When, if it becomes legal the business opportunities will widen and all the big players will have a hand in it. There are many publicly traded companies on the stock market. It would open the door for a multi-billion-dollar global cannabis market.
Conclusion
Many people are working illegally and in harsh conditions. Who can you report if your boss doesn’t pay you? What happens if the crops burn down and you can not insure it because it is not supposed to be there? Some banks refuse to take your money if they know it is from illegal gains. The government can take your money if they find out it from illegal gains. The only way to get things straight
is if the government legalizes marijuana.