It was only last month another federal lawmaker from Oregon, Rep Earl Blumenauer, would stencil his name into American political history as he filled a congressional bill to regulate marijuana. The H.R 420 Bill may strike as a pun but it is the furthest from a joke as it proposes to regulate marijuana like alcohol. It now marks the second time this year that marijuana legislation was primed through a bill numbered 420, and with Congress and the mainstream cannabis culture rearing their heads in influential lawmaking, it may be time for Capitol Hill to rethink their stance.
Within the 2019 year, both Ron Wyden and Earl Blumenauer’s bill proposals have covered various topics on the rescheduling of the cannabis plant. First and foremost, their priorities lie in removing it from the controlled substances act, while equally proposing an entire federal framework work on the sale of cannabis. This would include plans for businesses to partake in commerce, with the proper licenses, of course, a plan that looks very similar to the landscape of their Canadian neighbors. “The federal prohibition of marijuana is wrong, plain and simple. Too many lives have been wasted, and too many economic opportunities have been missed,” Wyden said in a press release. “It’s time Congress make the changes Oregonians and Americans across the country are demanding.” – This was the message pulled from Ron Wyden’s Twitter statements.
Many politicians backing his message advise that it would be wise to follow his lead, as his unique perspectives will reduce the gap between the States, and bring a policy made for the 21st century. The proposition goes into detail, numbering changes as far as allowing banking access for cannabis companies and eliminating a slew of advertising prohibition. This is a massive difference from the Canadian markets, where advertising is heavily restricted, making it almost impossible to portray lifestyle brands. S.420 also covers rolling back criminal records, shielding immigrants from marijuana-related deportation issues, and allows the department of veterans affairs to issue medical cannabis.
This new Cannabis legislation could not be better timed, as today the public has never been more hopeful about the possibility of federal marijuana reform. Oregon continues to lead the way with what the politicians call “common sense policies,” however it’s hard to tell if these bills will truly end federal prohibition. What we can say is that the American people have significantly backed these policies and have pushed to elect the “greenest” Congress in History. With President Trump’s signals towards the end of prohibition, we can officially stay optimistic in spirit.
Stay connected to the story, and Happy investing!
6 years experience in Capital Markets with a degree of Entrepreneurship and finance Ryerson University. You can find Alex on his free time, pursuing his multiple business endeavours, with his family, or playing music around the city. Feel free to follow him @alexxsimonelli
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