The legal marijuana industry has seen a boom like no other over the course of the past year or so. With so much in the works, it seems as though now is the time for the cannabis takeover. Much of the industry however, at least as far as the U.S. is concerned, has been halted by the lack of federal legislation for the substance.
This means that companies don’t have access to normal financial services, and generally have a tougher time doing business than other legal industries. Despite this, it appears as though there are several things in the works that could help to shape and reshape the future of legal cannabis.
One of the biggest updates to the legal weed market has been the advent of Canadian recreational legalization, which went into place back in October of last year. Not only did this signal the first G7 nation to do so, but it has also helped to show that a legal cannabis market can succeed when given the right legislative backing.
On the other hand, California has also shown an example of how successful cannabis can be when legalized. Currently in the U.S., there are ten states that have legalized the use of recreational cannabis, but each one is doing so quite differently. Although federal legalization of cannabis seems to be a distant dream at this point in time, there are several legislative changes that could help to make the industry run even smoother as we enter the future.
Something known as the SAFE Banking Act, a bill that would allow banks to be involved in handling the money from legal cannabis businesses, could soon see its day in the nation. Ed Perlmutter, a Democratic congressman from Colorado stated that “thousands of employees and businesses across this country have been put at risk because they are forced to deal with piles of cash, while Congress stuck its head in the sand.”
The issue of banking has become quite large for the marijuana industry. With billions of dollars floating around, companies have had to resort to using private money transport companies to hold and handle all of their free cash. This system of course is flawed, and causes a large amount of difficulty for companies involved.
This means that businesses have to pay their employees in cash, as well as having the dangerous situation of holding on to so much currency in the first place. Perlmutter went on to state that “the American voters have spoken, and you cannot put the genie back in the bottle. Prohibition is over.”
The fact is that the overwhelming majority of the public are fully supportive of the legal cannabis industry, but the federal government has not been quick to fix this injustice. The hopes are that as we continue to traverse the world of legal cannabis in the U.S., the government can begin to respond by adding new legislative changes to represent what the majority of the public wants to see.