The Continued Medical Marijuana Tipping Point in the United States
Buried in the headlines of a Presidential election, we had five States pass the legislation for the legalization of cannabis. Medical marijuana will be legal in 35 states, meaning that a majority of Americans will have access to legal cannabis.
The tipping point for legalization has arrived as clearly most Americans support, at minimum, the legal
use of medical marijuana. The stigma of using cannabis has diminished with an aging population and a
millennial group that prefers cannabis versus alcohol consumption.
With the devastating impact of the COVID-19 virus on States and Local Government budgets, more states
will look to expand cannabis business for the sales tax revenues. States need relief for a crazy 2020 and need to find creative ways to create Use Taxes to chip away at the financial legacy of 2020.
Our new legislators in Congress need to now do their jobs and provide Federal guidance on cannabis as
- Safe banking regulations so the business can provide more transparency and essential banking
- Needs to drop the IRS tax provision 280E, which taxes business on gross profits and does not
allow standard deductions for things like rent.
- Congress needs to change the rules that categorize cannabis as a Schedule 1 drug with heroin
- Even rescheduling to a Schedule 3, keeps as a controlled substance but drops the tax
- Expunge criminal records
- Recognize State laws that have legalized cannabis
- Legalize hemp for industrial purposes
- Encourage companies to trade on the American Stock Exchanges so we keep IP, jobs and capital
in the USA.
Author, Malcolm Gladwell, defined in his book The Tipping Point as "the moment of critical mass, the
threshold, and the boiling point." Well, when 67% of the NJ voters say YES to medical marijuana, I feel we have reached that tipping point and it is time for Congress to catch-up. No one else to blame and it is time to accept that a majority of Americans want cannabis as a controlled medicine.
For more information, see the following Tress Portfolio company coverage:
Cannabis Now -