Tags: marijuana | cannabis | redstates | conservatives

Red State Cannabis Initiatives May Point to Changing Views

Red State Cannabis Initiatives May Point to Changing Views
In this April 15, 2019, file photo, a vendor makes change for a marijuana customer at a cannabis marketplace in Los Angeles. Voters in four states could embrace broad legal marijuana sales on Election Day. (AP Photo/Richard Vogel, File)

By    |   Thursday, 29 October 2020 08:52 AM

Cannabis initiatives on the ballots in three red states show Republicans are starting to back legislation that could lead to the end of federal prohibitions, no matter which party controls the White House and Congress in upcoming years, industry analysts are saying. 

"The prevailing wisdom has been that a conservative administration would be less receptive, but I think legalization is now inevitable on its own kinetic energy," according to Sturges Karban, chief executive officer of cannabis logistics company ManifestSeven, reports the Philadelphia Inquirer.

Arizona, Montana, and South Dakota, all traditionally conservative states, are voting next week on whether to allow recreational use of marijuana, as is liberal state New Jersey. Voters in red states Mississippi and South Dakota are also voting on the use of medical marijuana. 

"People are just much less afraid of marijuana than they used to be," said John Fanburg, who co-chairs the cannabis practice at a New Jersey-based law firm that conducted a poll showing that 52% of Republicans surveyed back the marijuana issue. 

Meanwhile, Arizona's legalization measure is polling at 56% support, according to a recent Monmouth University poll, and 49% favor the measure in Montana, reports Eight Capital Analyst Graeme Kreindler. 

Bipartisan support for change also appears to be growing on the federal level. The STATES Act defers authority to the states and gives them the ability to develop their own laws, including allowing interstate traffic. 

If the act passes, it will also eliminate tax code 280E, which keeps cannabis companies from deducting operating expenses for tax purposes and will pave the way to allow banks to serve the cannabis industry, both of which will help their cash flow. 

Other measures, including the SAFE Act, which allows banking, and the MORE Act, which legalizes marijuana, are also under consideration.

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Cannabis initiatives on the ballots in three red states show Republicans are starting to back legislation that could lead to the end of federal prohibitions, no matter which party controls the White House and Congress in upcoming years...
marijuana, cannabis, redstates, conservatives
296
2020-52-29
Thursday, 29 October 2020 08:52 AM
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