The U.S Virgin Islands Governor Albert Bryan Jr. is calling on the lawmakers to consider recreational marijuana legalization in a special session, which would be held later this month.
If the proposed measure is approved, the U.S. Virgin Islands (USVI) will be the third territory in the U.S. to legalize adult-use marijuana, following in the footsteps of Guam and the Commonwealth of the Northern Mariana Islands.
In a press conference, Bryan said that the new measure would create a regulated system and enable tourists to visit the U.S.Virgin Islands. It would also increase the tax fees collected by the Virgin Islands government. He further called marijuana a new revolution that has taken the U.S. by storm.
Bryan also said that the legislature would add the measure to the territory’s current medical marijuana program on Dec. 18. Earlier this year, Governor Bryan signed the bill legalizing medical marijuana; however, it has not been implemented because the legislature has been delaying to make nominations to the regulatory body.
As reported by Vibe High, the new proposal stipulates that people who are 21 years and above would have to acquire a permit from the USVI to purchase and cultivate weed. The term recreational marijuana was not used when the governor was discussing the bill; instead, he used “non-prescribed” or “non-medicinal” when referring to the licenses. The governor also noted that the medical marijuana program would stay intact.
The USVI government revealed that marijuana recreational sales would be eligible for up to thirty percent tax. The government would use this tax as follows: 75% would be allocated to the government retirement scheme, 20% would be assigned to the territory’s senior citizen’s programs, and 5% to the USVI Office of Marijuana Regulations.
Bryan further said that it is time for taking action by having a dependable funding system.
According to Bryan, tourism is supposed to contribute to the Islands’ tax revenue. Day passes for recreational marijuana will be issued to tourists as most of them come to the USVI for a vacation and to relax. He also noted that tourists would be required to pay $10 per day to utilize the legal status of the territory’s marijuana system.
In a year, when tourism is at the peak, USVI receives 2.1 million visitors. They are issued with a $10 per day pass, and if 10% of them smoke weed, that will equate to $2 million in day passes alone.
According to Vibe High, the measure’s language aims to help farmers as it states that retail marijuana outlets must source 70% of their products locally.
Bryan further said one of the key policies in the legislation is to call for the expungement of past marijuana convictions and to exonerate those convicted and serving marijuana felony sentences.
What do marijuana companies like LiveWire Ergogenics Inc. (OTC: LVVV) and Green Hygienics Holdings Inc. (OTCQB: GRYN) think of this plan targeting tourists as the main source of marijuana revenue for the U.S. Virgin Islands? Experts can only speculate.
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.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have a questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.