legalizing

Banking activity in the first four U.S. states to make recreational marijuana legal grew significantly more than in other parts of the country despite federal laws that prohibit financial companies from any involvement with cannabis, according to our new study. This isn’t to suggest that banks illicitly benefited from the burgeoning pot business by taking deposits from cannabis companies or giving them loans. Our data doesn’t back that up – and those practices remain illegal under federal law. Rather, we believe our findings suggest legalization may have spurred more economic activity generally. Using data from regulatory filings, we compared the deposits and loans of banks in the first four legalizing states – Colorado, Washington, Alaska and Oregon – with those in every other state. We...

In early December, the House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act, or the MORE Act. The bill sought to decriminalize marijuana nationally by removing cannabis from the federal government’s Schedule I controlled substance list. That category indicates the drug has high potential for abuse and no therapeutic value. It also includes drugs like methamphetamine and heroin. The bill is a long way from passage. With a new Congress just seated, it would need to be reintroduced and pass again in the House. Even if that happens, it is unlikely to get through the Senate. Still, the initial success of the MORE Act is an important sign that sentiment in Washington is changing, guided by increasing public backing for cannabis reform. Two-thirds of Ameri...

Tag: legalizing

In First 4 States To Do So Legalizing Recreational Pot May Have Spurred Economic Activity

Once A Pipe Dream On Capitol Hill, Legalizing Marijuana Takes An Important Step Forward