Schumer Proposes National Pot Legalization: It's About Money
A 51-foot blow-up joint on the National Mall to call on the administration to take action on legalization and expungement of criminal records 4/28/21Credit: Tom Williams/CQ-Roll Call, Inc via Getty Images
July 15, 2021

Chuck Schumer is spearheading pot legalization in the Senate: “It’s not just an idea whose time has come; it’s long overdue.” said Schumer.

This effort is, in part, a push for racial justice. The proposal "would also try to make recompense to communities of color and the poor for damage from years of restrictive federal drug policy," according to The New York Times.

This push may have some unpredicted allies. According to the investment blog Finimize, big banks like Bank of America, whose profits are diminishing in the low interest-rate economy, need the profits that come from loans to pot entrepreneurs. At the moment, they are barred by federal law from participating in the marijuana economy.

Maybe all BoA needs is a new kind of borrower – like, say, weed companies. The drug’s still illegal on the federal level, which means they’ve been locked out of the US banking system up to now. But that could be about to change, with lawmakers unveiling a bill proposing nationwide marijuana legalization on Wednesday. If the bill ever becomes law, banks will finally be able to offer cannabis companies bank accounts and – you guessed it – loans.

Not to mention you currently can't rack up credit card charges when buying weed.

The housing market in some areas (not the coasts) could use the boost that marijuana legalization has proven to bring. A report from earlier this year showed that "property values rose $17,113 more in states where recreational marijuana is legal. With each new dispensary a city adds, whether medicinal or recreational, property values increase by $519."

And of course, there's that lovely sales tax revenue.

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