As of this past Wednesday, Democrats have control over both the executive and legislative branches of government. The recent Democratic party takeover will have several positive effects on the cannabis industry. Read more below to find out the details!
Decriminalization & Record Expungement
Although Joe Biden doesn’t back full legalization of cannabis, he does approve decriminalization. According to Forbes, now that the Senate is controlled by the Dems, the Majority Senate Leader Chuck Schumer said legalization would be a major priority. Expungement of criminal records related to marijuana convictions is also a priority laid out in the Marijuana Justice Act that was reintroduced by Senator Cory Booker. In conjunction with decriminalization and federal record expungement, the Biden administration supports removing cannabis from the DEA’s Schedule I drugs list.
More Research & Access to Medical Marijuana
In the last year, both the House and the Senate passed bills to expand research on medical marijuana. Joe Biden also has stated that rescheduling cannabis will help researchers study its health impacts. Despite the President Elect’s stance on full legalization, his Twitter page indicates that he does back federal legalization of medical marijuana.
Lifting Restrictions & Regulations
This aspect of the Democrats’ stance on cannabis is probably the most beneficial to the industry at large. Democrats will likely move swiftly to pass two specific acts as they take control of the Senate, as historically, there is usually a takeover of the opposite party at the midterm elections. The two crucial movements to focus on that would provide more access and assurance to the cannabis industry are: the SAFE Banking Act and the STATES Act. The SAFE Banking Act would allow banks and other financial institutions the safety to do business with cannabis companies without federal prosecution. The STATES Act is similar in that it would recognize states’ ability to legalize cannabis without federal intervention.
The political climate is right to start your business plan, so contact Canna Business Services to help you move forward with your next venture.