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According to state law, any form of marijuana is illegal in South Dakota. Even though state law classifies marijuana as an illegal substance, the Flandreau Santee Sioux Indian Reservation legalized the use and sale of marijuana on tribal land last week.
Last Thursday, the Flandreau Santee Sioux Tribe Executive Committee became the first reservation in South Dakota to legalize marijuana. This move comes after the Department of Justice (DOJ) announced that Native American tribes can grow and sell marijuana on reservation lands in December 2014.
At the forefront on a national debate
Anthony Reider, President of the tribe said, “Throughout Indian country, Flandreau’s been trail-blazers. We were with the casino, we were the second compacted tribe in the United States, the first and largest casino in between Atlantic City and Las Vegas, so it’s something that’s not new to us. We kind of like taking the forefront on issues.”
The tribe’s cultivation and dispensing facilities will have security personnel and surveillance cameras to prevent crime at the operating locations. The tribe try to control the environment by limiting the amount of marijuana sold to one gram at a time. Customers will need a valid registration card to purchase and use marijuana and the tribe believes that these facilities could be operational by as early as this fall.
Not everyone is excited about this announcement
Flandreau Mayor Mark Bonrud is against the decision. Bonrud said, “We don’t see any benefits in having marijuana in one certain entity without any tax structure or anything that’s going to benefit the city, or the state of South Dakota.”
Many residents that live on tribal lands believe that the tribe has no business entering the marijuana industry. These residents believes that legal marijuana could cause more harm than good.
Who will benefit from this?
Techniacl420 provides research and analysis on over 100 publicly traded cannabis companies. One of such companies is Monarch America (BTFL) who trades on the OTCQB for $0.08.
In early February, Monarch America appointed Robert Shepherd to be the company’s Native American Tribal Relations Officer. Shepherd is the former Chairman of the Great Sioux Nation of South Dakota (Feb. 2012 – Jan. 2015) and we believe the company is levered to this announcement.
Monarch America has seen its stock plummet 84% in 2015 and we think that shares could rally if the company is involved in this development.
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