Is Cannabis The Cash Crop Of The Future?

Caitlin McFall | Video Journalist

 

Attorney General William Barr has said he supports a measure put forward by the Democratic party that would strengthen state laws that have legalized cannabis.

The “Strengthening the Tenth Amendment Through Entrusting States Act” (STATES Act) would protect companies and citizens from federal marijuana laws, encouraging growth and increased production.

“Personally, I would still favor one uniform federal rule against marijuana but, if there is not sufficient consensus to obtain that, then I think the way to go is to permit a more federal approach, so states can make their own decisions within the framework of the federal law and so we’re not just ignoring the enforcement of federal law,” Barr said about the act being presented to Congress.

Since recreational marijuana first became legal in Colorado and Washington state in 2012, eight other states and District of Columbia have followed suit. Experts are estimating that, within a decade, legal sales alone could be worth $47 billion.

To give you an idea, Coca Cola’s global revenue in 2018 was $31.9 billion.

Legalizing marijuana has been historically unpopular with Republicans. But as figures continue to come out about the potential profits that legalizing marijuana can bring, some are starting to rethink their positions on this.

Former House Speaker John Boehner was “unalterably opposed” to legalizing any form of cannabis while in office. (RELATED:Republican-Backed Medical Marijuana Bill Clears First Hurdle In Georgia)

But now he is involved with several firms that invest, lobby and advise on pro-cannabis issues, most of which are involved in the big tobacco business.

And even Senate Majority Leader Mitch McConnell, who has referred to marijuana as hemp’s “illicit cousin,” pushed through the Farm Bill that made it federally legal to cultivate hemp in the United States.

While hemp and marijuana are two different plants, some think that cultivating hemp will make it easier to transition to farming marijuana, if and when it becomes federally legalized.

Tune in to seen what exactly has been happening with the cannabis business.

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