Does Weed Have a Federal Chance?

As it stands 11 states including the District Capital have adult use in their law books, medically 33 states have passed regulations, 24 have decriminalized in some form. How do you like those apples?

The MORE and SAFE Acts.

The Marijuana Opportunity Reinvestment and Expungement (MORE) proponents hope to remove cannabis from the Controlled Substances Act. The MORE Act aims to create equity programs to support those most affected by the drug war and expunge low-level cannabis records as well. 

The measure received the support in the form in two forms when long-time anti-cannabis advocate Joe Kennedy III signed on to the Act as a cosponsor. 

For years cannabis businesses and banks have anticipated some change concerning the status of banking for some time now. Under current regulations, companies can’t bank with institutions like other industries. The situation leaves marijuana ventures exposed to theft and other crime as it handles its revenue in an all-cash, unsecured setting.

The Secure And Fair Enforcement (SAFE) Banking Act, hopefully will resolve this. The solution will include allowing financial institutions to do business with the cannabis industry while not having to fear any federal consequences. Additionally, the Act contains parameters that would protect legalized states’ markets from federal prosecution. 

The SAFE Banking Act has made progress through the House but now finds itself stuck in the Senate Banking Committee, where Idaho Senator Mike Crapo heads the committee. Crapo is currently considering an amended version of the bill, which makes restrictions to the Act, notably a 2% THC potency cap. Recently, the Chair received letters pleading from lawmakers and industry groups that Crapo consider the passed version of the Act. Otherwise, the market could see new rounds of banking and regulatory headaches. 

Lawmakers tell the media they remain optimistic about the SAFE Banking Act, while the MORE Act requires additional steps to be considered realistic at this time. Despite the longer road ahead, the MORE Act seems like a possible passable measure, according to Nebraska-based criminal defense lawyer Seth Morris. Though, the Berry Law Firm lawyer believes that the MORE Act, or any marijuana legalization bill, almost assuredly won’t pass in 2020. 

Although all this negative talk, to me is just speculation. Let me paint this scenario for 2020 several north east states will be legalizing. Nation wide we are expecting up to 10 more states from what is speculated nation with for 2020. For 2021 the federal government will find itself outwitted by the legal states. Leading the Federal Government to finally do what they are set out to do. Which happens to be working for the people. Will have no choice but to reschedule and legalize.

Published by The New York Cannabis Times

The New York Cannabis Times Magazine. Monthly magazine with a weekly print newspaper. Cannabis Culture, Cannabis news, Cannabis Cuisine, Cannabis Film, Cannabis Stocks, Cannabis Laws and Legislation.

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