Billionaire entrepreneur Richard Branson said the Trump administration's move to end the legalization of non-medical marijuana is backwards and unproductive, business news channel CNBC reported.
His comments came a day after Attorney General Jeff Sessions rescinded the Obama-era policy that enabled states to sell non-medical marijuana.
Branson praised the Obama policy, which had gone into effect this week before Sessions took action, describing it as “sensible.” Former Deputy Attorney General James Cole in 2013 published a memo saying the federal government basically let states decide for themselves whether to legalize marijuana.
"Short of a much-needed change of US federal drug laws, the [Cole memo] has helped reduce the pointless criminalization of non-violent drug users and of those producing and selling recreational cannabis," "This was a sensible move," Branson wrote in a blog post on Friday.
Branson lives on a private island in the British Virgin Islands, where marijuana is illegal.
“Don’t get involved with illegal drugs, including marijuana,” warns a U.K. government travel advisory for the British Virgin Islands, which has its own legal system. “Possession of even small quantities can lead to large fines or imprisonment. Drug trafficking is a serious offence.”
Branson said decriminalizing marijuana is a way of eliminating the vast black market for the hallucinogen.
"What the US doesn't need is another frontline in the War on Drugs. Decriminalisation, regulation and harm reduction are the way to go. Everything else will cost lives and money," Branson said.
Sessions takes a hard line against marijuana, having likened it to the illegal opioid heroin.
"I reject the idea that America will be a better place if marijuana is sold in every corner store," Sessions said in March. "And I am astonished to hear people suggest that we can solve our heroin crisis by legalizing marijuana — so people can trade one life-wrecking dependency for another that's only slightly less awful. Our nation needs to say clearly once again that using drugs will destroy your life."
The Trump administration’s action has had adverse effect on marijuana-related stocks, which had rallied after California initiated recreational sales of the drug on January 1.
Nevada-based Cannabis Sativa Inc. fell 25% on Thursday, and another 4% on Friday. The company is involved in the research, development and licensing of marijuana products. Colorado-based cannabis farmer GrowGeneration Corp. slid 21%, but rebounded by 12% on Friday.
Arcview Market Research said this week that the marijuana industry will more than double to $40 billion by 2021 from $16 billion last year, MarketWatch reported.
The report provides estimates on cannabis's total economic contribution, direct and indirect jobs created and tax receipts from each of the 35 states that are expected to have medical and, or recreational marijuana by 2021, according to a news release.
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