Federal Laws Are Holding Back the Cannabis Industry | cannabisMD

Federal Laws Are Holding Back the Cannabis Industry

Cannabis Industry

Legal Weed Boom

The Cannabis industry is proving to be a huge boost to the USA’s economy of any states that legaise weed. These states have experienced job growth and a massive boost to tax dollars. Unfortunately, despite widespread leagalisation, cannabis remains illegal at a federal level.

Federal Ban

The US government considers marijuana a Schedule 1 drug, which means that it is seen to have no medical benefit and a high potential for abuse. Due to this many cannabis companies are finding it hard to find a bank that is willing to work with them, so they are forced to deal in cash. This can lead to a whole range of additional costs and overheads

Positive Public Opinion

Public opinion is more positive towards cannabis for recreational and medicinal use than it has ever been. According to a poll conducted by Quinnipiac University, 94% of Americans say they are in favour of medical cannabis.

Though cannabis is still illegal at a federal level cannabis companies are still expected to pay taxes on their profits. The tax revenue has been incredible, in Colorado cannabis tax revenue has exceeded that of alcohol.

Get With The Times

More and more states are electing to legalise cannabis in some form, and with their neighbor to the North, Canada, legalising recreational cannabis in September it is only a matter of time before the Federal Government gives in and gets with the times.

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