On Thursday, Senator Bernie Sanders released his proposal for legalizing marijuana at 4.20 pm EST. Among weed users 4.20 is referred to as weed or marijuana day.
Senator Sanders is a Democratic presidential candidate, and he proposes to legalize marijuana through executive action within 100 days. His proposal also addresses the potential problems of marijuana and criticizes the method some states have used to legalize the drug. His plan also limits the size and scope of the cannabis industry by implementing procedures that ensure that marijuana legalization offers benefit to the people of color.
He says his first move will be to give a direct order of marijuana declassification as a controlled substance to the Attorney General. Declassification of marijuana is the process of removing it from the list of controlled substances and legalizing it at the federal level.
Senator Sanders’ intention is to push Congress to legalize marijuana permanently at the federal level after which the states would be permitted to legalize cannabis within their states.
Marijuana remains illegal federally despite being legalized in Washington DC and 11 other states.
The federal law has imposed several barriers on state-legal marijuana businesses and among these barriers is that the businesses operate on a cash-only basis since banks would be breaking federal law if they conducted business with marijuana businesses. Furthermore, the inability of marijuana businesses to file several deductions causes their income tax to increase to 90 percent-plus. The classification of marijuana as a controlled substance is also a reason why the restrictions are there. However, compared to other drugs, federal punishment for marijuana is lenient.
His administration plans on rallying the state and federal authorities to decriminalize past marijuana convictions. He also plans on setting up an independent clemency board responsible for granting early release to those who are federally convicted, as noted in his criminal justice reforms.
In his proposal, he promises to create a $20 billion grant program from marijuana tax revenue for black entrepreneurs who have challenges accessing capital for their businesses and an additional $10 billion grant program for companies in disadvantaged areas owned or controlled by people who have been arrested for marijuana crimes.
He also promises a $10 billion grant program for former marijuana convicts to start growing marijuana in their rural or urban farms and a development fund of $10 billion for the communities most affected by the War on Drugs.
Sanders also plans on sensitizing marijuana businesses to transition into non-profits, to ban products and labels meant to attract the young generation as well as ban other companies producing products that cause cancer such as tobacco companies.
Except for Joe Biden, all other Democrats are in support of marijuana legalization. A recent survey by Gallup showed that 66 percent of Americans are in favor of legalization, and this includes 76 percent of Democrats and 51 percent Republicans.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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