The Conversation Around Cannabis Legalization In The U.S. Is Growing Louder By The Minute

The decriminalization of cannabis at the federal level in the United States seems more likely after Massachusetts Senator Elizabeth Warren (Democrat) and New Jersey Senator Cory Booker (Democrat) sent a letter to Attorney General Merrick Garland urging the Department of Justice (DOJ) to remove cannabis from the Federal controlled substances list. 

Under the Controlled Substances Act of 1970 (CSA), the Attorney General can remove a substance from the CSA’s list by proving that cannabis does not have the potential for abuse to the Secretary of Health and Human Services (HHS). 

If cannabis is decriminalized at the federal level, states could choose to regulate cannabis in a manner of its choosing and we believe this would prove to be a major catalyst for the entire sector. 

In the letter, Senators Booker and Warren said, “While Congress works to pass comprehensive cannabis reform, you can act now to decriminalize cannabis. We urge the DOJ to initiate the process to decriminalize cannabis. Doing so would be an important first step in the broader tasks of remedying the harmful racial impact of our nation’s enforcement of cannabis laws and ensuring that states can effectively regulate the growing cannabis industry, including by assisting small business owners and those most harmed by our historical enforcement of cannabis laws.”

Currently, some form of cannabis is legal in the vast majority of states. 36 states, 4 territories, and the District of Columbia (D.C.) have legalized medical cannabis while 18 states, 2 territories, and the D.C. have legalized recreational cannabis. 

During the last two years, we have seen a spike in the number of states that are trying to open a medical and/or recreational cannabis market. We believe the COVID pandemic has made the need for taxable revenue more important for states and consider legal cannabis to be part of the solution to this issue. 

If you are interested in learning more about potential for legal cannabis in the US, please send an email to support@technical420.com with the subject “US Cannabis” to be added to our distribution list. 

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Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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