April 20, 2021
Political Leaders Push for Greater Marijuana Legalization
The growing cannabis market has significant potential for promo distributors.
There was plenty of reason to celebrate 4/20 this year, even if you don’t dance with Mary Jane.
The movement toward greater legalization of marijuana is accelerating throughout the United States, creating new opportunities for the promotional products industry. Currently, 15 states and the District of Columbia have legalized marijuana for adult recreational use. Meanwhile, 36 states permit medical use of cannabis.
On Tuesday, April 20 Senate Majority Leader Chuck Schumer urged the decriminalization/legalization of cannabis at the federal level, CNBC reported. “Hopefully, the next time this unofficial holiday, 4/20, rolls around, our country will have made progress in addressing the massive overcriminalization of marijuana in a meaningful and comprehensive way,” Schumer said . “4/20,” which falls on April 20, is considered a holiday in the world of cannabis culture.
Meanwhile, on Monday, April 19 the U.S. House of Representatives approved a bill that allows banks to work with cannabis companies in states where cannabis is legal. The legislation, which was reintroduced by Rep. Ed Perlmutter and a list of cosponsors, was taken up under a process known as suspension of the rules, which doesn’t allow for amendments and requires a two-thirds supermajority to pass. The governors of 20 states and one U.S. territory, as well as bankers associations and a coalition of state treasurers, expressed their support in letters to House leadership.
“The fact is that people in states and localities across the country are voting to approve some level of cannabis use, and we need these cannabis businesses and employees to have access to checking accounts, payroll accounts, lines of credit, credit cards and more,” Perlmutter said. “This will improve transparency and accountability and help law enforcement root out illegal transactions to prevent tax evasion, money laundering and other white-collar crime. But most importantly, this will reduce the risk of violent crime in our communities.”
The vote marks the fourth time the House has approved the Secure and Fair Enforcement (SAFE) Banking Act. However, the measure never moved forward in the Senate. It’s possible, but not guaranteed, that could change this time around now that Democrats are in control of both chambers and the White House.
With legalization likely to spread, the size of the cannabis market will grow exponentially. Savvy distributors can capitalize by providing branded merchandise and other marketing services to companies that operate in the niche. Employee apparel, point-of-purchase items, packaging solutions and cannabis accessories like storage jars, grinders, lighters, matches, rolling papers and more are other products distributors could pitch.
Where there’s smoke, there’s fire. Now is the time to target the explosive cannabis market.