There is a growing realization in America these days that hemp and marijuana could be the cash crops needs to truly make America great again.
The impacts of widespread legalization of both recreational marijuana and industrial hemp would be a game changer for our nation, and, in turn, for the world at large. Just take a look at places like Colorado, where the state-wide end to marijuana prohibition alone created a tax surplus the likes of which we’ve never seen before.
Colorado has harvested half a billion dollars in taxes and fees since it legalized recreational weed.
VS Strategies, a pro-legalization research company in Denver, says the state has pulled in $506 million since retail sales began in January 2014. That includes taxes and fees from medical marijuana, which was legalized years earlier, but the vast majority of the revenue came from recreational.Colorado was the first state to legalize recreational weed, so its market is the most mature. And lawmakers and entrepreneurs in other states, and other countries, look at Colorado as a measuring stick.
Revenue from taxes and fees has increased each year, from $76 million in 2014 to $200 million last year, and the state is on track to beat that this year, according to VS Strategies, which used state revenue data in its report Wednesday.
And this is in one state 43rd out of 50 that ranks for population density in the U.S. Imagine the impact on the east coast…
Republicans have already jumped on board, at least in part, with men such as Mitch McConnell working to introduce hemp legalization legislation and former Speaker of The House John Boehner jumping on the medical marijuana train just a few days ago.
Now, always late to the party democrats are jumping on board the weed windfall wagon, hilariously dropping a pro-pot bill on April 20th, denoting the marijuana culture’s heady obsession with the number 420.
Senate Minority Leader Chuck Schumer, D-N.Y., plans to introduce legislation on Friday to decriminalize marijuana on the federal level, adding a high-profile advocate in the effort to decriminalize, legalize and normalize marijuana use in America.
Schumer’s legislation would remove marijuana from the list of scheduled substancesunder a 1970 law that classifies marijuana as dangerous as heroin for legal and regulatory purposes. It would establish funding for women- and minority-owned marijuana businesses, require more research on the drug’s public health impact, and maintain federal authority to regulate commercial advertising, similar to existing regulations for tobacco and alcohol.