Illinois became the 11th state to legalize recreational marijuana. There is no reason to hold marijuana illegal under Federal Law. Cannabis is a multi-billion dollar industry that can be taxed and create jobs, and decrease the influence of the pharmaceutical industry in our government and society. There is also no reason why family-run and state-regulated dispensaries and cultivators should be denied banking services. It is due to our own Federal government’s anti-money laundering regulations that require banks to file suspicious-activity of customers when banks suspect dealings in illegal activities: i.e. controlled substance of marijuana. If banks do not file such reports it can open up banks to potentially large fines and regulatory sanctions. We need to change this and legalize it.
I will support full federal legalization taking marijuana off the controlled substance list and treat it like alcohol. Business can prosper and tax revenue with it.
With the 2018 Hemp Bill, we already made huge headways with the legalization of cannabinoids like Delta-8 on the federal level, derived from hemp with less than 0.3% Delta-9 THC. Hundreds, if not thousands, of businesses blossomed. But we need the federal government to come in and create testing standards to make sure all cannabinoids products (including CBD) are safe to use without any heavy metals, residual solvents, or any leachables arising out of an improper extraction process.