Legalization? ‘Close enough’ will help

Nov. 19, 2019

Movement on marijuana legislation in the US Congress this week is cause for optimism if not hope. The Marijuana Opportunity Reinvestment and Expungement (MORE) Act is making waves before the 2020 Presidential election, and, if nothing else, legalizing and/or decriminalizing marijuana will be a conversation, maybe a big one. With wide public support for loosening marijuana laws in the US, politicians in favour of legalization are losing their shyness and are coming out from behind curtains — even some Republicans, and the MORE Act has at least some semblance of cross-party support. Behind the scenes MORE Act backers are making moves to expedite the Bill.

Given timelines, full legalization of recreational marijuana pre-2020 election is almost certainly not going to happen. However, if the MORE Act can nudge even ‘minor’ regulatory changes the industry will benefit as federal and state legal discrepancies fall.

A bill allowing banks to service marijuana companies without fear of federal legal penalties was recently approved, demonstrating political support for these kinds of incremental legal changes.

Predicting political change is a mug’s game, but at a minimum it is easy to feel confident the marijuana industry in the US now has enough clout that loosening marijuana regulations is almost unstoppable.