Federal Legalization: The Final Step to Regulate Cannabis in the USA
Federal Legalization Would Be The Final Step in Regulating Cannabis in The US, Eliminating Problems and Restrictions
In recent years, the legalization of cannabis in various US states has had a significant impact both nationally and internationally. States like Colorado and Washington took the lead in 2013, legalizing cannabis for recreational and medical use, despite it still being illegal at the federal level.
This movement has led to the creation of the largest cannabis consumption market in the world, with the United States building a billion-dollar industry. This is in stark contrast to other countries such as Uruguay, where cannabis is legalized nationwide.
The U.S. market has significantly outpaced the Canadian market, estimated at $5 billion in 2021, compared to the U.S.’s $15 billion in 2020.
Furthermore, the legalization of cannabis in the United States has also influenced other countries such as Canada, Australia, and Mexico, driving them to follow suit or change their cannabis policies.
The Historical Step of Federal Legalization in the USA
The United States is on the verge of making history with federal cannabis legalization expected in 2024. This move could eliminate barriers that limit the growth of the cannabis industry, such as banking regulations and trade laws, providing cannabis companies access to financing, secure banking services, and stock market listings. This could lead to greater industry stability and growth globally, with the United States emerging as a world leader in the cannabis sector.
Several experts and analysts predict that the U.S. federal government could reclassify cannabis as a Schedule III substance in 2024, which would mark a significant advance in federal regulation of cannabis. However, the Drug Enforcement Administration (DEA) has intervened in the ongoing process and, in a recent letter sent to lawmakers, emphasized that it reserves “final authority” to make any decisions on cannabis following an ongoing review, regardless of what the Department of Health and Human Services Recommendations.
Meanwhile, cannabis has become increasingly popular, with a trend expected to continue through 2024. A recent poll showed that 70% of Americans support the legalization of marijuana. States like Texas, Florida and even prohibitionist Nebraska are considering legalization.