Agriculture Secretary Sonny Perdue on farmers' concerns over the USMCA deal as well as the trade tensions with China and the impact of numerous states legalizing marijuana on the agriculture industry.
“I believe we can get this done.”
Those were the words from Rep. Ted Lieu, D-Calif., Wednesday in support of removing marijuana from the Schedule I classification as labeled by the Controlled Substances Act.
A
group of experts testified on Capitol Hill Wednesday in favor of
changing federal laws to allow for the legal sale and use of marijuana,
which was largely embraced by lawmakers on both sides of the aisle
throughout the hearing.
Topics ranged from
racial disparities among incarceration rates for possession, to the
economic impact of legalizing the plant's use.
Cannabis
Trade Federation CEO Neal Levine, who represents companies within the
industry, noted “the state-based cannabis industry today is not only
serving consumers, but has also become a driver of economic growth and
tax revenue in states across the country.”
But
having a federal law in the books making the product illegal has proven
difficult for people who make their living in the legal sale and
consumption of marijuana.
“This
gap between state and federal law also creates a tension for cannabis
workers and employees who must show up to work every day knowing their
activity could put them in danger of federal prosecution,” Levine said.
According to his research, Levine noted estimates of more than 200,000 people who currently work in the industry.
In Colorado, he noted, since 2014, legal sales of the product have raked in $6.5 billion since 2014 and $1 billion in tax revenue from fees.
State legal cannabis sales are expected to exceed $20 Billion in 2019, according to Levine.
He
believes the federal law stops workers from getting mortgages, car
loans and even has business owners paying an effective federal tax rate
higher than 70 percent.
“Cannabis businesses struggle to obtain and maintain accounts with financial institutions due to the underlying activity being illegal under federal law,” Levine testified.
“These are dedicated and passionate workers acting in strict compliance with state law, with the support of their state and local government, who have families and should not be under constant threat of arrest and punishment by federal authorities for going to work.”
The
experts on the panel and even lawmakers pushed for Congress to come to a
consensus on legalizing the drug, claiming it is difficult to legislate
the end of marijuana prohibition if lawmakers aren’t on board.
“If
we further divide out the movement, then I fear that we’ll continue to
fall victim to that which has plagued other Congresses where we won’t
get anything done, ” said Rep. Matt Gaetz, R-Fla.
Gaetz
and others are pushing for the passage of the States Act, which would
protect businesses from federal prosecution as long as they adhere to
the regulations of their respective states pertaining to cannabis sales
and consumption.
“As an industry, we are not
only concerned with how the policy is shaped, but how it impacts our
businesses, our employees and our state and local economies,” Levine
advised.
“The situation has become untenable.”
“My
concern is looking at the industry as a cash cow and applying all sorts
of exorbitant taxes upon it is the same effect as prohibition. It will
drive what should be legal commerce back into a violent underground
economy,” said Rep. Tom McClintock, R-Calif.
“Our
main competition is the criminal markets,” Levine admitted – while
still noting that, in his opinion, “regulation works better than
prohibition.”
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