Regulation and Marijuana Since 1863, the United States has had a dual banking system composed of both federal and state chartered institutions. This means that banks and other financial institutions have the option of choosing between a federal charter issued by the Office of the Comptroller of the Currency or a state charter from a state banking regulator (Hill, 2014, p. 8). When it comes to marijuana banking however, federal regulation holds all the power. “Under federal law, marijuana is still classed as a Schedule I drug which means that it is not legal in any form, including for medical purposes” (Erb, 2015). Federal financial regulators have complete authority to punish institutions that do not comply with federal law. Aaron Smith, executive director of the National Cannabis Industry Association calls the lack of banking services “the most urgent issue facing the legal cannabis industry today” (Sullum, 2014). Without help from Congress to bring down these walls, most financial institutions will not provide their services to those in the marijuana industry. The risk is simply too great. Also, if financial institutions continue to be federally liable for the illegal actions of their potential marijuana business customers, financial services will continue to be unavailable. The next few sections will look at some of the obstacles facing the marijuana industry, specifically how the federal laws are preventing businesses from gaining access to financial services.
When analyzing the use of drugs, the first theory that resonates with my thoughts and view point is conflict perspective. The legalization of drugs would benefit the powerful such as local and state government. Retail and medicinal weed generated more than $60 million in tax and licensing revenue for the Colorado in 2014, the lion’s share of which is helping to pay for school construction and the regulatory system that legalization requires (2015).
The Marijuana Policy Project (MPP) is an interest group created on January 1995. It’s the biggest organization in the United States with the objective to eliminate the prohibition of marijuana. Their main goal is to gain public support for these non threatening policies as well as gaining influence in Congress. For states to decide on their own marijuana policies without federal interference, so marijuana would be regulated as if it was beer. Thus properly informing the people about its medical and taxation benefits. But in order to overtake their task the MPP is separated into three branches: the MPP, MPP Foundation, and MPP PAC. The MPP and MPP Foundation are the influential branches. While the MPP deals with lobbying and election initiatives;
Cannabis began being outlawed all across the U.S. during the 1900’s and has remained illegal ever since, until recent years when states began legalizing it (huffpost.com). Although many people believe that the reason behind the prohibition of cannabis was based on genuine concern for the possible consequences it may have on the well-being of people if it remained accessible to all, the truth is that the drive behind the U.S.’s prohibition of cannabis was founded on racism. During the early 1900’s cannabis was considered an “ethnic drug” due to the fact that many Mexican immigrants smoked the plant (huffpost.com). With the tension in Western states regarding the migration of Mexicans into the states, laws concerning the use regulation of
The fight to legalize marijuana has been waged for decades and it’s about time that we find a resolution. I’m not a supporter of marijuana, I detest the culture associated with the drug and have no interest in consumption of the drug. But the effects of enforcing laws outlawing marijuana have done more harm than good in the US. The United States imprisons too many minorities due to minor drug infractions, the costs of enforcing these laws are too high, and the government is missing out on tax opportunities due to the current drug laws.
Ever since the federal criminalization of marijuana in the United States in 1937, there has been a large underground drug market (Paul). Much like how the prohibition of alcohol simply forced imbibers underground, those who chose to partake in marijuana are forced to stay away from the prying eye of the law because of present marijuana laws. This means the drug world is concealed from the average citizen, hiding the dangers of drug deals gone wrong, police shootings, and other dangerous occurrences. In a way this allows the government to mask the fact that their well-funded ‘War on Drugs’ is ineffective, a ‘War’ with a budget of roughly twenty billion dollars; which is not profoundly effective in the curbing the use of drugs (Jillette). If
In the article, “The Rise of Legal Marijuana in America”, by the Week.com, studies have shown that marijuana and other legal drugs are having a great impact on society. In most cases, marijuana is causing people to be jailed and to be driving under the influence. Children are accidentally ingesting marijuana, and they have to be hospitalized because of this terrible drug. Many people may argue the legalization of marijuana has given people jobs, and the government has received more money which could go towards school and public places. Yes, this is true, but people can find many more safe and healthy ways to benefit their community.
The General perspective that society throws on marijuana is that equal to any drug; negative. However, many researchers have found that the effects of marijuana for medicinal purposes can be beneficial to the right patients, as well as the United States government. The negative effects from marijuana use in a medicinal environment are far less than that of most over the counter drugs, while the benefits remain the same. There are instances in which marijuana was legalized for people with prescriptions from licensed doctors; however, full legalization is leaps and bounds away from the current status. Another way full legalization could help is money the government uses to try and fight marijuana
Why should marijuana be legalized? Marijuana can be argued for different reasons. In my case I will be arguing the medical purposes for legalizing marijuana. Marijuana has positive features, and how people prefer using marijuana. Marijuana helps individuals get through a variety of things that they suffer. Marijuana provides relief from pain, rather than other medications out there. Many individuals prefer marijuana over anything else to relax. An argument on why people using marijuana spend more time in jail than actual criminals. So you can say the greatest risk of using marijuana is the risk of arrest. Marijuana should be legalized at the federal law for medical purposes.
The marijuana legalization movement is one of the most controversial social movements of the modern day. Efforts to reform marijuana policy have been organized since the mid 1900s. There are two major organizations leading the battle for marijuana decriminalization. The National Organization for the Reform of Marijuana Laws (NORML) and the Marijuana Project Policy (MPP) are both looking to reschedule and eventually legalize marijuana for the use of responsible adults. These two organizations provide various strategies that, along with additional tactics from other sources, have strongly influenced the position of the marijuana legalization social movement. The mobilization of resources is strongly influenced by the two leading organizations
Since 2900 BC, Marijuana, has been used as a medication for people suffering from illnesses. The Chinese, Egyptian, Indian, Roman, as well as the Ancient Greece cultures became extremely interested in Marijuana’s healing properties when they realized that the drug helped treat people suffering from glaucoma, gout, cramped joints, violent pain, earaches, inflammation, leprosy, edema, and other diseases affecting the body (Deitch). The idea of using Marijuana as a healer became popular all around the World and by the 1900s, it was being used in South Asia to treat asthma, bronchitis, and the loss of appetite (“A Note on Marijuana”). Eleven years later however, Marijuana would be outlawed and prohibited, starting with the state of
Within this paper I will ask the reader to consider different ethical aspects of the legalization of marijuana, utilizing data provided and studies from the past, attempting to further convey my stance as being pro-legalization of marijuana.
Marijuana has a long standing history of being one of the most controversial substances in America. While the history or the Cannabis plant indicates not only acceptance as a useful plant, but even advocated as a source of revenue and medicinal usage, much of the United States government propaganda over the last 100+ years has led Americans to accept very slighted and often false information about the plant and its uses. Based on the origin of the illegalization of marijuana and the inconsistent findings of its effects in comparison to other substances, both legal and illegal, marijuana should be decriminalized and treated as a recreational substance just as alcohol and tobacco are.
November,8, 2016 the ballots were dispersed and votes were submitted. Question four on the ballot was known as the “The Regulation and Taxation of Marijuana Act.” The numbers came in and beginning December 15, 2016 in Massachusetts, individuals above the age of twenty-one will now be able to legally purchase, possess, cultivate, and use marijuana, with limitations on quantity, for recreational and medicinal use under the statutes of the state laws. While the prohibition of marijuana in Massachusetts has ended, many new movements must now begin to maintain, regulate, and pursue a positive outcome. With other states that have already passed such laws, such as Colorado, Massachusetts will begin to piggyback off their models. Developing a system that will hopefully come to fruition of all the possibilities and benefits this new law has promised.
Marijuana or Cannabis is one of the bused drugs in America and the rest of the world. Interesting accumulating evidence show that the significant negative impact of this drug outweighs the positive effects. However, the medical benefits of the drug seem on the process of chemical compounds as compared to the drug itself. Medical debates show that chemical compound in marijuana are the problem as compared to the plant. The said chemical compound affects the mental and physical health of the persons abusing this drug. There have been traditional efforts to control the use of marijuana through legislation laws, (Crick, Haase, & Bewley-Taylor, 2013). However, in the recent past the efforts and the laws are being lifted to relax the implementation of the same legislations and the population is responding fast in accepting the legalization of the use of marijuana. The aim of this paper is to discuss how lifting on the laws of the said drug indicate adverse tolerance of Cannabis among populations. The paper will also discuss impact of legalization marijuana on the safety, security and overall quality of human life. Also, the paper will analyses the effect of relaxation of the laws controlling this drug to other hard core drugs such as cocaine, heroin and meth-amphetamines among others.
Legalizing marijuana is a concept that can potentially benefit the public as well as the local economies. There has been a nationwide debate on whether marijuana should be legalized or not. The major consensus is that marijuana is not only bad for one’s health, but it is also dangerous to the community. These allegations are not true. Marijuana actually has health benefits that most people overlook. The following essay will address these health benefits in an attempt to present this concept in a way that the audience can better understand how legalizing marijuana can beneficial to an individual health, how it can give an increase to the economy.