HOPE
SOARED WITH THE POSSIBILITY OF A FEDERAL CANNABIS REFORM IN 2022. by Tatiana Melendez
Hope soared with the possibility of federal cannabis reform in 2021. Some of those reasons – the induction of a new, more liberal administration, state-level legalization, great support by Americans, and growing bipartisan backing led many to believe that 2021 was going to be the year where federal decriminalization of cannabis would become a reality. But, as 2021 progressed, optimism dwindled as any advancement in federal cannabis reform was hobbled by the inability of Congress to agree on the appropriate level of reform and the proper mechanics for passage. In many ways, 2021 was a banner year for the U.S. cannabis industry, largely thanks to the continued legalization of adult-use cannabis at the state level. While the industry will face some of the same headwinds it did last year related to continued federal prohibition; there is hope! It looks like 2022 promises to be another exciting year for cannabis. Despite federal prohibition, the U.S. cannabis industry has experienced dramatic growth in recent years. By estimates, total U.S. cannabis sales were expected to surpass $24 billion in 2021, representing 38% growth over 2020 sales. Additionally, in considering the industry's broader effects on the economy, a recent analysis states the industry is projected to add $92 billion to the U.S. economy in 2022. Still, momentum for reform has not been lost this year. If anything, last year saw more bills introduced into Congress, which included two new federal legalization proposals, than before. It can be presumed its import to our nation's leaders. For example, Justice Clarence Thomas from the Supreme Court has advised Congress to address legalization, noting that the Federal Government's current "half in, half out regime" on cannabis strained the principles of federalism. As mentioned earlier, one of the federal legalization proposals is the SAFE Banking Act. Mainly focused on granting cannabis-related businesses access to federally backed financial institutions. The bill was introduced early in 2021 and passed in the U.S. House of Representatives in April 2021. At the House's passage, many believed the SAFE Banking Act of 2021 would quickly move its way through the Senate. However, after its passage in the House, the SAFE Banking Act stalled in the Senate's Committee on Banking, Housing, and Urban Affairs. Partially due to those opposing it campaigning for more comprehensive legalization. In late September 2021, the SAFE Banking Act of 2021 arose again when the House passed, by voice vote, an amendment to the National Defense Authorization Act for Fiscal Year 2022 to add the SAFE Banking Act of 2021. Still, no dice. On a positive note, activists claim the stage is set for an active year for drug policy reform; it is unclear how many of these bills and ballot proposals will ultimately advance and become enacted. thechronicmagazine.com
MARCH 2022
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