States Chronicle - Latest Breaking World News

Sunday, January 17, 2021
Log in
  • About Us
  • Contact Us
  • Authors
  • Investor Relations
  • Privacy
  • Terms of Use
  • Latest News
    • Right Colors for your Skin Tone
    • MOST ACTIVE NASDAQ After-Hours
    • iPhone 5C Release Date
    • Samsung Galaxy S5 Release Date
    • The History of the Atkins Diet

Marijuana Industry’s Fate In D.E.A. Hands

June 25, 2016 By Sebastian Mc’Mannen Leave a Comment

Email, RSS Follow
Medicinal Marijuana Could be DEA Approved in the following weeks

Medical Marijuana has been legal in California for 20 years.

STATES CHRONICLE – $3.1 billion is what the United States would earn in 2016 from sales tax revenue if medical marijuana would be legalized nationwide. Revenue comes from much more than sales taxes, it also comes from licensing fees. Medical marijuana growers, processors, businesses all require permits.

As of now, medical marijuana sales for 2016 will be estimated to sum up close to $6.7 billion. In 2020, this number will go higher than $22 billion. In less than five years, if nothing changes in the world of medical marijuana, sales will triple.

If it were legalized, the economic boom would be exponentially proportionate. The marijuana industry has one of the highest growth potentials in the history of the United States. So why is marijuana not legalized?

Marijuana is not legalized because the federal government still regards it as a schedule 1 drug. A schedule 1 drug is considered to have no beneficial medical qualities. It is also deemed illicit.

Schedule 1 drugs also imply some nasty tax implications, as all business need to pay taxes on gross profits and not net profits.

And if that in itself does not stop any would-be cannabis entrepreneurs in their tracks, banking systems are also not allowed to work well with schedule 1 drugs. Business owners are not allowed to handle their economics through banking, due to cannabis being illicit.

Businesses have the highest difficulty in making and receiving payments in cash invariably. It requires additional accounting, supervising, and security. Also, without the aid of banking transactions, other businesses might find it too much of a hassle to cooperate.

In order to legally demonstrate that cannabis does, in fact, have beneficial medicinal qualities, researchers have been on the case. Currently, several studies prove cannabis can help with reducing the frequency of epilepsy seizures. Cannabis is also being shown to be beneficial, in a medical way, to people suffering from type 2 diabetes, ulcerative colitis, cancer, and those are just the afflictions most people know.

The U.S. Food and Drug Administration wants marijuana to be rescheduled, and the Drug Enforcement Agency now finds itself in the position where they need to make a decision. In the couple of weeks to follow, the DEA will either keep marijuana as a schedule 1 drug, decide current medical research is relevant enough to move it, either to schedule 2 or anywhere else down to schedule 5.

The dream, of course, is that they unschedule it complete, in which case the United States has an overnight economic boom and everybody wanting to partake in legalized recreational marijuana can do so.

Image Courtesy of Pixabay.

Email, RSS Follow

Filed Under: Health Tagged With: cannabis, dea, FDA, Health, industry, legalize, marijuana

About Sebastian Mc’Mannen

Sebastian is an award-winning reporter and multimedia journalist. Sebastian’s first and foremost love was history, which led him to graduate from Penn State University with a bachelor’s in history. It was only later during his life that the love for journalism arose in him.

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 30 other subscribers

Doom and MiniDoom 2

Volunteer-Based Mexican Studio Releases Sidescrolling Doom Clone

March 12, 2018 By Georgia Dawson Leave a Comment

Chinese Mom and locked iPhone.

Toddler Locks Chinese Mom Out of Phone for Half a Century

March 9, 2018 By James Faulkner Leave a Comment

Alexa laughing

Amazon Alexa Laughing out of the Blue Puzzles Engineers

March 8, 2018 By Jack M. Robinson Leave a Comment

Flippy and the Burgers

Meet Flippy, World’s First Fast-Food Robotic Chef

March 6, 2018 By Georgia Dawson Leave a Comment

System Shock

System Shock Remastered Delayed, Nightdive Studios CEO Announces

February 19, 2018 By Janet Vasquez Leave a Comment

Sea of Thieves.

Sea of Thieves Optimized for Low-End PCs

February 14, 2018 By Georgia Dawson Leave a Comment

Sony and VR

Sony Touts New Generation of VR Controllers

January 31, 2018 By Deborah Cobing Leave a Comment

YouTube

YouTube Stiffens Its Monetization Policy to Discourage Spammers and Bad Actors

January 18, 2018 By Georgia Dawson Leave a Comment

Google Art Doppelganger

Google App Can Now Show Your Art Doppelganger

January 15, 2018 By Troy Rubenson Leave a Comment

YouTube mobile app logo on a smartphone

YouTube Now Enables Vertical Videos on iOS

December 24, 2017 By Janet Vasquez Leave a Comment

Samsung Galaxy S2 with a shattered screen

Cracked Smartphone Screens Are a Thing of the Past – Self-Healing Polymer Gets Fixed Just by Pressing It

December 20, 2017 By Janet Vasquez Leave a Comment

Bing logo on a white background

Bing Improves Its Search Results with the Help of AI and Reddit Integration

December 16, 2017 By Janet Vasquez Leave a Comment

White hashtag on a blue background

Follow Your Interests on Instagram by Directly Following Hashtags

December 14, 2017 By Janet Vasquez Leave a Comment

Samsung Galaxy S7 Edge on a leather seat

Samsung Galaxy Smartphones Make More People Happier as Compared to iPhones

December 13, 2017 By Janet Vasquez Leave a Comment

Related Articles

  • image of retina

    Laser Pointer Makes Hole in Little Boy’s Retina

    Jun 21, 2018
  • person playing a video game

    World Health Organization Officially Recognizes Gaming Disorder

    Jun 19, 2018
  • two robot hands

    Sex Robots Don’t, In Fact, Provide Any Heath Benefits (Study)

    Jun 6, 2018
  • women's health initiative logo

    Some Breast Cancer Patients Can Skip Chemotherapy (Study)

    Jun 4, 2018
  • bowl of vitamin supplements

    Vitamin and Mineral Supplements are Useless (Study)

    May 31, 2018
  • two cockroaches on a leaf

    Cockroach Milk, The Latest Superfood Trend

    May 29, 2018
  • seafood on platter

    Seafood Boosts Libido and Fertility (Study)

    May 25, 2018
  • Vitamin D pills

    Vitamin D Therapy to Treat Diabetes and Cancer (Study)

    May 14, 2018
  • woman with a runny nose

    Woman’s Runny Nose Was Actually Brain Fluid Leak

    May 8, 2018
  • children running

    Children are in Better Shape than Athletes (Study)

    Apr 25, 2018

Categories

  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Markets
  • National News
  • Nature
  • News
  • Politics
  • Science
  • Technology
  • Uncategorized
  • World

Copyright © 2021 statechronicle.com

About · Privacy Policy · Terms of Use · Contact

This website uses cookies to ensure you get the best experience on our website. Learn more.