Following the forced resignation of US Attorney General Jeff Sessions, stock in marijuana rebounded. And now, President Donald Trump says it is likely the psychedelic herb will be decriminalized during his term in office.
The LA Times reports that President declared that he would “likely” support a congressional effort to end the federal ban on pot. The move would signify a significant change in the legal cannabis industry, as well as end the threat of a Justice Department crackdown.
A bill to decriminalize the herb is presently being pushed by a bipartisan coalition. It would allow for states to go forward with the legalization process without the threat of federal prosecution.
Trump made his comments to a group of reporters before boarding a helicopter to attend the G-7 Summit on Friday. He expressed support for the bill, which was proposed by the bipartisan group the day before.
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“I support Sen. Gardner,” Trump said, referencing one of the bill’s main sponsors, Sen. Cory Gardner (R-Colo.). “I know exactly what he’s doing. We’re looking at it. But I probably will end up supporting that, yes.”
So far, Washington D.C. and nine US states have legalized the legal consumption of marijuana for adults. Additionally, 20 US states permit marijuana for medical use.
Once cannabis is decriminalized at a federal level, many of the restrictions and roadblocks preventing established businesses from conducting affairs in states where it is legal will disappear. For instance, as Gardner explained at a recent news conference, “If you are in the marijuana business … you can’t get a bank loan or set up a bank account because of concern over the conflict between state and federal law.”
“We need to fix this. It is time we take this industry out of the shadows, bring these dollars out of the shadows,” he concluded.