The Right to Know. The Right to Grow
Banking on Green
Financial services for marijuana growers have traditionally withered in the long shadow cast by Federal law, but a new bill by Colorado legislators would give marijuana businesses access to basic business banking services. This unique financial system would work through a network of uninsured cooperatives that allow for the pooling of money; but (because there has to be a but), it would only happen with the blessing of the U.S. Federal Reserve, who would have to mandate the co-ops use of credit cards and checks.
Cash may be king, but it also makes the cash-only business model dangerous for business owners as well as bothersome for the taxman. It’s not often that we cheer for banks, but this move could make it easier for proper taxation and increase safety measures for businesses that are routinely targeted by criminals.
OK to Get High and Supply
And speaking of cash, U.S. News is reporting that Oklahoma is actively working toward being the first state to grow marijuana commercially for export to those states that have laws protecting legal recreational and medicinal use.
But wait, there’s more! Part of the proposed ballot’s initiatives would move toward allowing medical marijuana use in OK and legalize possession of 1 ounce for adults (21 and over), and 1.5 ounces for doctor approved medical marijuana. It even makes allowances for residents to grow as many as six plants.
Constitution State Going to Pot
After running it up the poll, it looks like Connecticut’s registered voters have voted (resoundingly in some cases) in favor of marijuana use. Toke of the Town is reporting that 90% of those polled came back supporting medical marijuana while 70% said they were OK with a licensed dispensary being in their neighborhood.
The legalization question was slightly less unanimous, but still shows 52% are in favor of allowing adults to legally possess and use “small amounts of marijuana for personal use.”
Decriminalization in D.C.—The Saga Continues
This continues to be the story of the little District that thinks it can. D.C. lawmakers have already passed the bill decriminalizing the possession of small amounts of marijuana, yet the House Oversight subcommittee continues to debate it.
Representative Mica’s fake joint antics added the right amount of absurdity to the proceedings, to which he then added more by voicing his concerns that MMJ would be a gateway drug to other drugs and crime. Articles like this from the Huffington Post regarding crime statistics in states that have legalized pot could prove interesting reading for him.
It is believed that the House group will not overturn the legislation, but could eventually lead to future budget appropriations riders for the District in the coming months.
Think we missed something important this week? Comment below, let us know.