Previous Impact of the Biden Government on the Cannabis Industry

President Joe Biden was a busy man during his freshman year in the Oval Office. From passing stimulus laws to facilitating the introduction of coronavirus vaccines, it’s hard to imagine when he’ll have time to deal with cannabis matters.

But no matter how much Biden has on his plate, cannabis enthusiasts can be sure that there are plans for the young, emerging industry. Here are some ways the government has already exerted its influence on the cannabis world.

Cannabis research

One of the main factors that has contributed to the stigma of marijuana is the lack of research that has been done on the substance. For decades, all state-approved marijuana research was conducted primarily on marijuana obtained directly from a facility on the University of Mississippi campus. The current monopoly on marijuana research makes it difficult to find details about the marijuana available in pharmacies.

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Happily, Wording contained in the recently passed Infrastructure Act enables various cannabis companies to become government-approved cannabis manufacturers for research purposes. Legislation currently being submitted to the President calls for the publication of a report detailing the effects of marijuana and disabled driving by the Minister of Transport, the Attorney General and the Ministry of Health and Social Affairs. The report is due to be published two years after the bill has been signed.

Bank access

In addition to making cannabis research more accessible, the Biden government has created a framework that will make it easier for banks to do business with marijuana-related companies. When initially legalized medical marijuana came into play, most transactions were cash only, which posed numerous problems for cannabis retailers. Almost three decades later, many marijuana retailers are still facing the same obstacles.

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For the benefit of marijuana retailers, the politicians on Capitol Hill have taken note and drafted laws to help cannabis retailers overcome these obstacles. The SAFE Banking Act is part of the recently passed National Defense Spending Act (NDAA), which is currently awaiting approval from the committee before being signed by the President. Congressman Ed Perlmutter, who serves Colorado’s 7th Congressional District, originally introduced legislation that would provide federal protection to legally operating marijuana companies in 2019.

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How the Biden government could decriminalize cannabis

While certain decisions by the Biden government regarding marijuana are likely to have profound implications in the years to come, many cannabis enthusiasts are excited to see whether or not the government embarks on further decriminalization efforts such as full legalization and breaking records.

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While there are no specific plans to remove marijuana from List 1 Substances, DC politicians, with the help of Congress, have created ample opportunities to do so.

The Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, for example, was reintroduced before the House of Representatives in May 2021 after the House of Representatives passed, but stalled in the Senate in December 2020. In July 2021, Senate Majority Leader Chuck Schumer proposed a bill that would remove cannabis from the Controlled Substances Act while introducing rules on the taxation of cannabis products. The bill, called the Cannabis Administration and Opportunity Act, would need 10 Republican votes to hit the 60-vote threshold required for the Senate to pass.