These workers are forbidden from investing in weed — here’s why

Even as many states legalize recreational marijuana, there are still several professions that prohibit the purchase and use of marijuana. After all, it is still a Schedule I substance at the federal level. While these guidelines can seem unfair at times, they are at least straightforward.

Recently, however, messages and directives have been sent out by federal organizations, including the Biden administration, suggesting that not only will using marijuana get you fired, but that financial investment in the cannabis industry can get you fired. This “clarification” has many people wondering how comprehensive this policy is, and whether the investment funds they set up to secure their future could actually jeopardize their security clearance and their jobs.

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Those serving in the U.S. military, working for the federal government, or holding a position that requires specific federal security clearance are currently prohibited from investing in the cannabis industry. But what does that really mean? The general consensus is that as long as you’re not consciously investing in marijuana (ie, choosing marijuana stocks on purpose), you probably have very little to worry about.

According to ClearanceJobs, a network of federally vetted professionals, both the size of your investment and your knowledge of the investment are important factors. Regarding owning a mutual fund that happens to invest in marijuana stocks, the website conditions the “If you don’t personally pick these stocks, share holders probably don’t have to worry.” A good rule of thumb is that unless you’re a willing and active participant in buying these stocks, you should be safe. Still, it’s important to remember that how things appear matters.

If you work for the government or have certain security clearances in your job, it’s not uncommon to have to disclose information about your finances and investments. Although marijuana remains illegal at the federal level, it’s imperative that your investments look sparkling clean. As a popular federal government information resource, FEDweek conditions, “Be Careful To Avoid Federally Illegal Investments. Think about what your investments would look like if they were valued by someone you don’t know.”

This policy has even come into play in the White House. According to an internal Executive Branch presentation obtained by POLITICS, “Eligibility may be adversely affected if an individual knowingly and directly invests in stocks or business ventures specifically related to marijuana growers and retailers.” The presentation goes on to say that these willing investments in marijuana are a “questionable judgement” and “an unwillingness to comply with the law”. This shows that getting caught investing in marijuana is very guilty these days.

It is also important for individuals in the federal government to remember that your finances can be evaluated at any time. In other words, these financial background checks don’t just happen when you accept a job or move into a new role.

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Corresponding military.com“Clearances are now continuously evaluated, so your ownership of such stocks can come up at any time and raise a big, red flag.” The article goes further, suggesting that you could lose your license and even your job because of ownership of marijuana stocks is considered a violation of policy as a military member and you would have no remedy.

Even as more states have legalized marijuana, the current marijuana ban still casts a long shadow over many policies. There are indications that the federal government’s tough stance on marijuana could ease its stance in the not-too-distant future. But as of now, investing in cannabis is off-limits for many Americans.