Wednesday, August 03, 2016

COTW: Smell That Smell

When US Person supported marijuana law liberalization he did so to achieve three goals: one, reduce the number of citizens going to jail for marijuana violations; two, suppress the illegal market in a relatively harmless drug compared to opiates and alcohol; and three, provide a lucrative source of tax income for states. Now that several major states have rationalized their marijuana policies, the data is in. Cannabis is becoming big business. Here are two charts that tell the tale:

Marijuana is still on the federal hit list of controlled substances, so banks have been reluctant to transact business with marijuana growers, distributors and retailers less they endanger their federal certifications and eligibilities. But that is changing as more banks step up to provide banking services to a new and lucrative industry.

It is estimated by an industry paper that by 2020 cannabis could pump $44 billion annually into the US economy.  Fourteen more states are expected to either legalize recreational use or medicinal use in the near future.  California, Nevada and Massachusetts are expected to legalize recreational use in the upcoming November election.  To demonstrate how pervasive marijuana could become, cannabis plants will be displayed and judged at the Oregon State Fair along with the Pinot Noir grapes and grass seeds.