The Legal Problem Of Regulation And Marijuana - 1565 Words

Regulation and Marijuana Since 1863, the United States has had a dual banking system composed of both federal and state chartered institutions. This means that banks and other financial institutions have the option of choosing between a federal charter issued by the Office of the Comptroller of the Currency or a state charter from a state banking regulator (Hill, 2014, p. 8). When it comes to marijuana banking however, federal regulation holds all the power. â€Å"Under federal law, marijuana is still classed as a Schedule I drug which means that it is not legal in any form, including for medical purposes† (Erb, 2015). Federal financial regulators have complete authority to punish institutions that do not comply with federal law. Aaron Smith, executive director of the National Cannabis Industry Association calls the lack of banking services â€Å"the most urgent issue facing the legal cannabis industry today† (Sullum, 2014). Without help from Congress to bring down these walls, most finan cial institutions will not provide their services to those in the marijuana industry. The risk is simply too great. Also, if financial institutions continue to be federally liable for the illegal actions of their potential marijuana business customers, financial services will continue to be unavailable. The next few sections will look at some of the obstacles facing the marijuana industry, specifically how the federal laws are preventing businesses from gaining access to financial services.Show MoreRelated Drugs and Alcohol Essay1599 Words   |  7 Pagesrecreational use. In the United States, marijuana has been and continues to be a very controversial drug. Some states have allowed marijuana consumption for medicinal purposes, while others have completely outlawed the drug. 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The question is whether or not the U.S. government should legalize marijuana possession and sale in the country. Many Americans believe that the drug should be legalized for various reasons; others, however, are against the legalization of the dangerous drug. WhileRead MoreWhy Marijuana Should Be Legal1641 Words   |  7 PagesAbstract Recognizing that marijuana will be in the market for a while, this paper will pinpoint detailed information on the production, transportation, effects of marijuana, and its effective control. The review of the claims integrated in the paper offers evidence and conclusive results of the local and foreign production. While using marijuana can be unsafe to a person, it is not as nearly as harmful as the stereotypes about marijuana claim to be. Furthermore, the drug seems to be well establishedRead MoreShould Marijuana Be Legalized?1475 Words   |  6 PagesMARIJUANA HAS BEEN REGULATED SUCCESSFULLY BY STATE AND FOREIGN GOVERNMENTS There are many places where we can find marijuana successfully legalized, both by individual states here in the United States and by Federal governments abroad. I’ll start by introducing an example here in the U.S.: Colorado. On November 6, 2012, the citizens of Colorado voted in favor of Amendment 64 which allowed for the personal use and regulation of Marijuana (Ferner, 2014). Through this legislation came the ColoradoRead MoreShould Marijuana Be Legalized?1314 Words   |  6 PagesMarijuana, also known as cannabis, has been deemed an unacceptable and illegal substance in Canada, as well as in many other nations. It is a drug which can alter an individual’s sense of perception and distort one’s senses, and may become addictive if used repeatedly. Although marijuana is looked down upon in society when used for recreational purposes, it serves several beneficial purposes in the medical field. The legalization of marijuana is a prominent growing issue in sever al Canadian provincesRead MoreShould Marijuana be legalized?703 Words   |  3 PagesMarijuana has been given a bad image by the media and government, but it is actually a very effective drug. The dispute about medical marijuana is a becoming a major topic and it should be addressed. Marijuana is the most illicit drug used in the United States and it is less harmful than most legal drugs out there, therefore it should be legalized. Marijuana has been used as a mediator for attaining ecstasy since ancient times. In 1545 the Spanish introduced marijuana to the New World. In 1611Read More Marijuana Legalization Why is it the Best Choice for America?1375 Words   |  6 PagesMarijuana Legalization Why is it the Best Choice for America? Marijuana, the most abused drug in America, has had a lot of publicity recently. Marijuana has caused multiple economic problems within the U.S. A controversial question has arisen from the increased popularity and troubles of this drug. The question is whether or not the U.S. government should legalize marijuana possession and sale in the country. Many Americans believe that the drug should be legalized for various reasons; others,Read MoreThe Drug Prohibition Of The United States Of America1629 Words   |  7 Pagesnotion of souring drug consumption. For instance, in the Netherland and Switzerland, where marijuana is legalized, the consumption rate is lower than in the United States of America, where consumption of Marijuana is prohibited in most of the states. This study argues for the legalization of the consumption of drugs and decriminalization of possession and use of drugs in the United States of America. Drugs were legal for many years before the 1914 Harrison Act. The period of massive availability of drugs