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giftedviz.com October 23, 2018


Trump says he may support bill that protects states with legal weed

10 June 2018, 02:15 | Darnell Patrick

A marijuana plant at the Ameri Canna Edibles facility on Tuesday

A marijuana plant at the Ameri Canna Edibles facility on Tuesday

Sen. Cory Gardner, R-Colo., flanked by Sen. "But I will probably end up supporting that, yes". "We're looking at it". Barbara Lee, D-Calif., introduced the Marijuana Justice Act in the past year, which would federally legalize marijuana; it has gained the support of influential senators such as Bernie Sanders, I-Vt., and Kirsten Gillibrand, D-N.Y.

However even as states legalize, marijuana has remained a hazardous and unstable business because of the federal law making it illegal. fears about federal law enforcement seizures have inhibited most lenders from working with marijuana businesses. The bill would expressly overturn that policy.

US President Donald Trump said he likely will support a congressional effort to end the federal ban on marijuana, a major step that would reshape the pot industry and end the threat of a Justice Department crackdown. The letter stresses that the "will of the people as expressed through ballot initiatives and legislative action" has led to 46 states with medical marijuana and nine states with adult use of the drug.

"It is a positive sign", said Gardner, who is attending the Western Conservative Summit in Denver.

The bill would exempt states that have legalized marijuana from the section of the Controlled Substances Act that prohibits cannabis use and lists the drug as a unsafe substance with no medical value. Trump's own former campaign adviser, Roger Stone, is now prominently in favor of regulated cannabis, and former House Speaker John Boehner has joined the board of a marijuana company.

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He said he supports it now and will "probably" support it going forward.

But opponents of legalization cautioned that it would be premature to celebrate. "I am astonished to hear people suggest that we can solve our heroin crisis by legalizing marijuana - so people can trade one life-wrecking dependency for another that's only slightly less very bad. It's really about money". Without that incentive, Scott said medical marijuana businesses in Oklahoma would have an effective tax rate of about 40 percent.

The lawyer noted that long-desired legal banking for pot businesses seems to be an aim of the bill.

Trump's support of the bill was expected since it is seen as the result of an agreement reached by the president and Gardner in April. That forces much of the industry to operate on an all-cash basis, presenting serious concerns over theft and making tax collection hard.



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