You’ve probably heard by now that with the senate turning blue, it means great news for the legal cannabis industry. Now, whether or not you agree with that, or whatever your politics are, isn’t the point. The main takeaway is that change is here in the legal weed industry, and nothing can stop the momentum. So here’s some positive 2021 Illinois cannabis updates to know now:
1. SAFE Banking Act
The most likely development we’re going to see in the near future is cannabis banking reform. The house passed the SAFE Banking Act as long ago as late 2019, but it hasn’t gotten anywhere yet. So what does that all mean, exactly? It means great news for the weed industry and access to capital. Assuming that the new Congress passes the legislation, banks will be able to serve the legal cannabis industry. Assuming that now happens, that will be huge for weed businesses being able to get the cmoney flowing that they need.
2. Jobs, jobs and more jobs
So what will happen when cannabis businesses can bank freely and get the investment dollars they have to have? They’ll be able to invest in creating more jobs, as a result. At a time when U.S. unemployment numbers are still at record highs, this is no small thing. The legal cannabis industry has already been a phenomenal boon to the U.S. economy. This is only going to grow, as we see considerable job growth in the coming months.
3. MORE Act
Remember when we talked about the MORE Act? To jog your memory, the House approved legislation that would decriminalize marijuana, and address the injustices caused by the War on Drugs. Amongst a number of initiatives, the MORE Act would remove marijuana from the Controlled Substances Act, eliminating criminal penalties for those who manufacture, distribute or possess marijuana. It would also remove prior weed related offenses from individuals’s criminal records. Should this act pass through the Senate, it would be a huge step forward for social equity.
So what’s next?
So now we wait to see what Congress does next with all of this. As there’s so much to gain from continuing to legalize cannabis, we have reason for optimism. That said, however, be patient. All things move slowly, especially in D.C., so don’t expect anything to happen overnight. It will happen, though, so stay hopeful, and stay tuned.