The boost to marijuana stocks from President Joe Biden’s recent announcement was short-lived. But the marijuana industry’s hope for a policy jackpot endures. Biden’s directive for his administration to review how marijuana is scheduled under federal law starts a process that could be drawn out and uncertain.
For an industry impatient for a short-term win, attention now turns back to the Secure and Fair Enforcement (or SAFE) Banking Act. While Biden highlighted the pressing need for protections for young people, their health and welfare are typically ignored in the SAFE Banking promotional drumbeat.
BIDEN’S MARIJUANA MOVES SET TO HAVE MIDTERM IMPACT BEFORE BIG POLICY CHANGES
Those fighting for its passage claim that it’s about reducing dispensary robberies and providing access to banking services. But it’s about much more than that. It will add billions of dollars to the value of big marijuana businesses. Just follow the money — specifically the lobbying expenditures of these corporate interests intent on enacting this bill.
The stakes are high. The SAFE Banking Act will give them unlimited access to Wall Street funding and the world’s most lucrative capital markets. With an upside so clear, one would think that the industry would agree to some protections for children, but backers remain silent when it comes to the best interests of young people.
Congressional leaders should consider a basic question: How is “marijuana” being defined when it comes to the products and potencies? The patchwork of state and local marijuana regulations has failed to keep up with today’s products and the THC industries’ constant innovations. Many of these products have little in common with what most consider to be “marijuana.”
THC-infused foods, candies, and drinks deceptively mimic everyday (and kid-friendly) foods, candies, and drinks. Highly concentrated “wax” and “resin” for dabbing don’t come in serving sizes. Even today’s bud and flower are genetically modified and bred for unprecedentedly high THC potencies.
This has created an extremely dangerous disconnect in public perceptions. Young people are constantly bombarded by youth-friendly branding, promotions, and advertising.
Cannabis evangelists say such products aren’t harmful and, in fact, can be a cure-all for any discomfort or stress. But the risks of use can be very serious, as disclosed in a state educational document.
The SAFE Banking Act will turbocharge marijuana commercialization before sound product, potency, and policy determinations have been made. The last thing Congress can afford is to repeat the devastating lessons learned from policy mistakes on harmful substances. Congress must require more from those that will benefit handsomely, especially when many states are already facing drug crises.
Colorado’s latest youth survey showed that high schoolers are using ultrapotent THC at three times the rate of adults. THC is now the No. 1 substance found in the bloodstreams of those who die by suicide between the ages of 10 and 24 in Colorado.
Before Congress considers giving the industry expansive and wide-open access to our nation’s lucrative financial markets, it should demand some basic protections for young people. A requirement for basic youth safeguards and sufficient product transparency and accountability needs to be a part of SAFE Banking or any major marijuana legislation — it should be a no-brainer.
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Diane Carlson is co-founder and policy director for OneChance to Grow Up, a nonprofit, nonpartisan organization with a 10-year track record of looking out for children on marijuana policy, education, and community empowerment.
