While Attorney General Jeff Sessions lobbies Congress to reduce protections
for medical marijuana, President Donald Trump is considering supporting
a congressional effort to end the federal ban on marijuana.
Last Thursday a bipartisan group of lawmakers lead by Colorado Senator
Cory Gardner and Massachusetts Senator Elizabeth Warren proposed the measure
that would completely reform federal marijuana policy in America. The
following morning, Trump was getting ready to board a helicopter headed
to the G-7 summit in Canada when he commented on the bill to a crowd of
reporters, stating “I support Senator Gardner. I know exactly what
he’s doing. We’re looking at it. But I probably will end up
supporting that, yes.”
Although twenty-nine states have enacted laws permitting the use of medical
marijuana, and nine states have legalized recreational marijuana use for
adults, the clash with federal policy on cannabis has been a nightmare
for marijuana businesses. With the fear of federal asset forfeiture in
conjunction with the current banking laws, lenders and investors have
been severely hindered in their ability to work with marijuana businesses.
Marijuana industry operators are unable to get bank loans and set up bank
accounts for their businesses, and if their marijuana business proves
unsuccessful, filing for bankruptcy is not an option under current federal policy.
Senator Gardner called the federal government’s double-standard of
requiring these businesses to pay taxes while also barring their participation
in the financial system “public hypocrisy”.
So what exactly would a congressional effort to lift the federal ban on
marijuana do? The answer: for marijuana in America, everything.
The Gardner-Warren bill would amend the Controlled Substances Act, exempting
from its marijuana provisions any person or business that is in compliance
with state laws. The bill even specifically addresses banking for marijuana
businesses with its provision that marijuana sales conducted in compliance
with state laws would not be considered trafficking, and therefore would
not be deemed illegal financial transactions.
While it is true the area in which the bill could most help pot companies
is banking, if the Gardner-Warren bill makes it all the way through Congress
and into federal law, uniform testing and regulatory standards for marijuana
would also be possible. This would ultimately grant scientists the freedom
to conduct the much-needed research regarding the medical benefits marijuana
could reap for a variety of different illnesses and diseases.
At the forefront of medical marijuana research are the benefits of cannabis
in cancer patients. A 2017 research review report indicated evidence of
certain oral cannabinoids’ effectiveness in both cancer prevention
and treatment of chemotherapy-induced nausea and vomiting. Research of
this sort takes time and resources, and with the current federal regulations
and ban on marijuana, large-scale trials have been difficult to achieve.
But if the Gardner-Warren bill passes, these necessary trials can finally
be launched.
With 116 people dying from opioid-related drug overdoses each day in America,
doctors are also looking into medical marijuana as an alternative for
opioids in cancer patients. JAMA Internal Medicine recently reported a
14% percent reduction in opioid prescriptions in the states that provide
relaxed access to medical marijuana. The bill could result in the production
of data that would allow scientists to reach a clear understanding of
whether medical marijuana is as effective as opiates in treating cancer-related
pain, as well as any other kind of pain.
Although President Trump’s apparent support of legal marijuana in
America is certainly a win for marijuana businesses, the federal law as
it currently stands is still at odds with states that have legalized,
whether it is for medical or recreational use. It is important that marijuana
industry operators know the laws of their state, and achieve and maintain
strict-compliance. Marijuana Business Attorney Charles Feldmann helps
his clients establish strict regulatory compliance protocols. Mr. Feldmann
uses his background in law enforcement to provide assistance to his clients
in achieving and maintaining compliance at both the state and federal
level. If you are a marijuana industry operator, or are interested in
getting involved, contact our team at Cantafio Feldmann Nagel Margulis today, and
we will provide you with the assistance you need.