Joe Biden and Kamala Harris are expected to lead a party which will legalize recreational Cannabis federally in the United States. There are a number of indicators that Biden is headed this way: his party is behind the Safe Banking Act, he has spoken about expunging criminal records related to cannabis possession, and he and Harris have spoken openly about decriminalizing recreational use federally.
Safe Banking Act
Currently, recreational use of cannabis is legal in over half of the states, but it is still classified as a Schedule 1 Drug federally, meaning it is still treated under the same laws as LSD, Heroin and Ecstasy. As a result, most financial institutions, including major banks and credit cards, and unwilling to work with the cannabis industry for fear of federal prosecution. Big and Small businesses in other industries are able to access banking services and this finance access plays a critical role in the success of many businesses. The cannabis industry has had to be all self financed until now. Participation of the financial industry will contribute to the lowering of cannabis prices as the cost and barriers to producing cannabis come down. The Democrats are behind the Safe Banking Act – a bill which allows Financial Institutions to work with Cannabis companies without retribution. Access to legal banking will open the doors for many more people and businesses to partake in the cannabis industry and will lower costs industry-wide.
Expunging Criminal Records Related to Possession of Cannabis
Biden stated in July 2020 that cannabis convictions represent a major economic barrier to Americans nation wide, but especially to communities and people of color. “Getting caught for smoking marijuana when you’re young surely shouldn’t deny you, the rest your life, being able to have a good paying job or a career or a loan or an ability to rent an apartment.” Biden stated. A criminal record as such can keep an otherwise productive citizen from “contributing their full talents and capacity.” Cannabis criminal records are kept at the state level, and Biden’s plan is to work with the states to create an automated expungement process. His stated overall goal is to “advance a pathway for redemption and re-entry—and make real the possibility of second chances for all Americans”
Decriminalizing Cannabis Federally
Biden has historically advocated against relaxing cannabis drug laws, but in his recent campaign his position softened saying cannabis should be decriminalized and that individual states should decide whether to legalize it for recreational use. Harris stated their administration “will decriminalize marijuana, and we will expunge the records of those who have been convicted of marijuana” crimes. This move is supported by a strong majority of democratic voters, who will now try to hold Biden and Harris to their campaign promises.
Until marijuana is decriminalized federally, many consumers, especially those seeking the effects of CBD will look to hemp-based products. “Hemp” is the term for cannabis products containing less that 0.3% THC, and is considered a different legal entity than marijuana, which contains more THC, and has the potential for intoxicating effects. Hemp was made legal federally in 2018, partly due to it’s growing reputation as safe, and there is now a booming market of federally legal CBD products. Here at CBD Delivery Company, we sell only fully-legal, hemp-based CBD products, such as CBD Oil and CBD Gummies. While federal decriminalization of cannabis is exciting, we feel the most important step has already been taken, with the 2018 legalization of our favorite cannabinoid, CBD.
