A Kansas Lawmaker Takes Aim At Cannabis Legislation
With the talks of federal cannabis reform marijuana stocks have been finding new momentum. This upward push for cannabis stocks has shown investors that the cannabis sector is still booming. In addition to federal cannabis reform more states are working to pass some form of state-level cannabis legislation. Back in November during the presidential elections, 5 states went legal.
With more states going legal it only expands the cannabis industry but introducing new markets. With having new markets it will allow for more opportunity to take place. For instance with more states going legal more money can be made. From the revenue generated cannabis businesses will have to pay state taxes. The tax money that is collected from each legal state can then be filtered back into helping rebuild various communities. Currently, the U.S. cannabis industry has a great deal of attention surrounding its future.
Back in 2020 when businesses were ordered to close due to Covid cannabis businesses were deemed essential and left open. With dispensaries still open this led to many cannabis stocks having record-breaking Q3 earnings. From the back half of 2020 marijuana stocks were able to pick up the momentum. This uptick has continued currently in the new year. As the market looks to sustain its upward trend on the promise of federal cannabis reform the industry is preparing for more states to go legal in 2021.
Is Kansas Ready To Legalize Cannabis?
Recently Rep. Aaron Coleman submitted a new piece of legislation to decriminalize drug possession in Kansas. Aaron Coleman filled this new bill with the anticipation to expand upon it. In an interview with Marijuana Moment explained he was moved how Oregon ended jail time for small drug possession.
“That’s what got me into this,” he said. “But, you know, I’ve always really believed that drug use is a mental health problem and not a criminal one. It needs to be treated like that.”
In this bill, he included measures that if you are caught with a small quantity of drugs it would be deemed a civil offense. So if you run into this issue it would be punishable by a $100 penalty. As well if you get found with drugs that are not cannabis the courts can refer you to seek mandatory help. Now if you chose to avoid this option you can end up with bigger issues. For example, you can end up in jail and have to pay a fine of up to $250 as well as probation.
the upside to this bill is it would create a system to have reduced penalties for manufacturing or distributing controlled substances. Which would lower the sentencing conditions for those convicted of such crimes. Yet if you get caught with anything more than a small amount of drugs you may face felony charges.
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The Next Step For Kansas To Legalize Cannabis
Currently, Kansas has already passed some form of cannabis legislation. This legislation allows for the production of hemp and the sale of CBD. The state’s next step is to pass a cannabis bill that will allow for medical marijuana to take place. The goal for Kansas is the try to bring this bill to life sometime in 2021. However, in the past attempts have been made to pass such cannabis legislation but failed. Yet in 2021 many cannabis enthusiasts feel that people are adapting to the idea of cannabis. This will help when it comes time for the House and Senate to pass different forms of cannabis legislation.
Aaron Coleman’s bill is a way for Kansas lawmakers to take more action towards legalizing medicinal cannabis. Not long ago the Governor of Kansas shared her plans towards policy change. Gov. Laura Kelly wants to use the tax revenue generated from cannabis to fund the expansion of Medicaid. Coleman feels there may be a chance with his new bill a measure could be added. That measure would involve medical cannabis legislation.
Final Thoughts On Kansas Legalizing Cannabis
Even if a cannabis measure was not included in Coleman’s bill cannabis legislation is still an issue. This issue stems from a Republican-controlled legislature in Kansas. As mentioned before the state’s Republican-controlled legislature has already shot down other pieces of cannabis legislation. If Kansas can pass medical cannabis in 2021 it will only add more value to the U.S. cannabis industry. Also, the amount of revenue each legal state is producing is closer to a 1$ billion on an annual basis.
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The projections for the U.S.cannabis industry are set to hit between $30-$70 billion over the next 5 to 10 years. Furthermore, with additional states going legal, the above projections may be much higher. Overall it’s a waiting game to see what occurs in the near future. Yet with a Democratic administration, many feel strongly that 2021 will bring federal cannabis reform. Which would help to pass measures for states like Kansas.
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