Legal Perspective on Legalization of Cannabis

Editors Note: This is a guest post.

Cannabis has been a topic of discussion for ages. Its legalization is a topic of conflict around the entire world. Some people believe it should be legalized for recreational and medicinal purposes, whereas some don’t. But all of these laws and rules are in the government’s hands. 68% of American residents favour its legalization and hope for it to come through under President Joe Biden. It has already been legalized in 15 states entirely and in 36 states for medicinal purposes. Now, with the news of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act possibly taking place in the USA, speculations of its legalization are higher.

The MORE Act was introduced in 2019 with the thought of removing cannabis from the controlled substances list and expunge prior criminal convictions and reforms for the new laws. With its reintroduction under the presidentship of Joe Biden, several reforms to this Act were introduced which weren’t there previously. The MORE Act provides funds via two significant grants. The Community Reinvestment Grant provides funding for services for legal aid of cannabis, and the Cannabis Opportunity Grant allows companies and small businesses in the marijuana field to open up. This Small Business Administration aid will be given to gain access to marijuana, especially for employment by those who were affected due to the ‘War on Drugs’ campaign.

When the MORE Act was released initially, it did not include the people affected by the ‘War on Drugs’. Now, with the new reforms taking place, not only were their criminal records expunged but also that they were provided funds to startup businesses as a means of employment. This Act is backed by around 150 other organizations in the country, including the Drug Policy Alliance and by 120 House cosponsors, and by whopping voters. With so much support from the federal level, the transactions related to marijuana can also be approved. All of this is possible only if the ActAct is passed and converted into a law. 

Joe Biden had claimed that individual states should decide the legality of marijuana in his 2020 campaign, which continued through 2021 and legalized marijuana in 5 more states. Right now, if Joe Biden does stand by his statement and legalize cannabis federally, the economic growth is going to be exceptional and exponential only. Not only that, but medical usage will also increase, which is beneficial to a lot of diseases and can cure some forms of mental illnesses too. Most of this legalization campaign supporters put forth points such as medicinal benefits, considerable tax revenue, and safer usage with regulation. 

The news of legalization has got many companies that sell weed to get prepared for a larger market and reach a wider audience. These businesses can legally sell and transact using online payment modes as well. Many of these weed companies have large investors, but with the legalization, there will be a rise in investors, the stock market, and profits. Companies that not only sell marijuana but also other equipment such as bongs, vapes, and more have gained a larger audience and more profits. All of these businesses will also get legalized with the legalization of cannabis. The MORE Act will support them and other small businesses to achieve employment means not just for them but also for others. Online websites such as Lookah that sell bongs, vapes, and the famous dab pens have seen an increase in sales and gotten a more extensive list of customers from all over the world. 

Before, the federal laws were causing a lot of harm to all the marijuana companies as they weren’t legalized. Even in the states that it was, they could not achieve complete freedom or more customers due to it not being federally legal. Big corporations such as Canopy Growth and Cannabis Wheaton could start without funds or loans from banks, but small businesses could not do so. These big corporations have profited due to the same reason, but with the federal legalization, small businesses will also see a rise and become potential competitors for big corporations.

Unfortunately, these are all just speculations, and there is no guarantee that these laws will be passed. But there are still specific rules that may not allow the Act to be passed into a bill. We’ve seen the various benefits it has for recreation or medicines and the economic and employment field. Thus, it is necessary to legalize marijuana federally for the betterment of the country. Hopefully, Joe Biden will look into the technicalities soon and open up a new world of businesses in the USA. 

 

Prospects for Legalization of Cannabis

 

Cannabis legislation has been a topic of discussion for ages. Its legalization is a topic of conflict around the entire world. Some people believe it should be legalized for recreational and medicinal purposes, whereas some don’t. While all of these laws and rules are in the government’s hands, there is immense pressure from public opinion to consider. 

68% of American residents favor its legalization and hope for it to come through under President Joe Biden. It is already legalized in 15 states entirely and in 36 states for medicinal purposes. Now, with the news of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act possibly taking place in the USA, speculations of its legalization are higher.

The MORE Act was first introduced in 2019 with the thought of removing cannabis from the controlled substances list and expunge prior criminal convictions. With its reintroduction under the democratic leadership, the ActAct has been adjusted to help gain more significant support in the houses. The MORE ActAct provides funds via two significant grants. The Community Reinvestment Grant provides funding for services for legal aid of cannabis, and the Cannabis Opportunity Grant allows companies and small businesses in the marijuana field to open up. This Small Business Administration aid will be given to gain access to marijuana, especially for employment by those affected by the War on Drugs campaign.

When the MORE Act was released initially, it did not include the people affected by the war on drugs but now, with the new reforms taking place, not only were their criminal records expunged but also that they were provided funds to startup businesses as a means of employment. This ActAct is backed by around 150 other organizations in the country, including the Drug Policy Alliance and by 120 House cosponsors, and by the majority of voters. With so much support from the federal level, there is a big hope this newly amended ActAct will finally be approved. But all of this is possible only if the ActAct is passed and converted into a law. 

Joe Biden had claimed that individual states should decide the legality of marijuana in his 2020 campaign, which continued through 2021 and legalized marijuana in 5 more states. Right now, if Joe Biden does stand by his statement and legalize cannabis federally, the economic growth is going to be exceptional and exponential. Not only that, but medical access and use will also increase, which is beneficial to a lot of people suffering from a range of diseases and mental illnesses. Most of this legalization campaign supporters put forth points such as medicinal benefits, significant tax revenue, and safer usage with regulation. 

The news of legalization has got many companies that sell cannabis and related products to prepare for a larger market and reach a wider audience. 

These businesses will be able to transact business with a broader range of payment options as well. Many of the larger weed companies have big investors. Still, with the legalization, there will be a new influx of money that will drive up the whole sector and have a knock-on effect for supporting industries, such as cannabis paraphernalia, vaping, transportation, finance, and legal fields. 

All of these businesses and services will be legalized with the legalization of cannabis. The MORE Act will support them and other small businesses to achieve employment means not just for them but also for others. Online websites such as Lookah that sell bongs, vapes, and the famous dab pens have seen an increase in sales and noticed a marked increase in the number of wholesale and store clients anticipating the growth to come. 

Until now, only the big companies with prominent backers like Canopy Growth and Cannabis Wheaton could afford the startup costs without turning to bank loans. Still, small businesses were barred from entry due to restrictive legislation and costly licensing. 

These big corporations have profited due to the same reason. Still, with the federal legalization, small businesses will also see a rise and become potential competitors for big corporations with a more level playing field.

Unfortunately, for this vast potential to be achieved, the country’s leadership needs to follow the science and act to guarantee that these laws will be passed and result in a more equitable market for all. 

We’ve seen the various benefits it has for recreation or medicines and the economic and employment field. Thus, it is necessary to legalize marijuana federally for the betterment of the country.

 

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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