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Stimulus Checks And Economic Rebound — Courtesy Of Cannabis

By David Hodes, The Fresh Toast on

Published in Cannabis Daily

Marijuana, and the tax revenue it provides, could be just the shot in the arm that this country needs for solid economic recovery in 2021 and beyond.<span data-ccp-props="{"335559738":240,"335559739":240}" > 

Cannabis is killing it these days, and Congress may want to take a harder look at what is going on as they continue bickering over the $3 trillion stimulus bill, aka the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act).<span data-ccp-props="{"335559738":240,"335559739":240}" > 

If Congress is still scrambling around looking for sources of revenue to fund the bill, cannabis may just be the thing that does the trick. It’s getting harder and harder for federal and state legislators not to see the huge tax revenue coming from the sale of both medical and adult use cannabis.<span data-ccp-props="{"335559738":240,"335559739":240}" > 

Cannabis could play a role in shoring up any needed funds for the stimulus bill that would offer financial relief for all Americans during this pandemic, giving the cannabis industry not only a mainstream moment as a shining light in this time of darkness, but bringing into sharp focus how important this new and maturing industry is to every American.<span data-ccp-props="{"335559738":240,"335559739":240}" > 

Cannabis is already represented inside the stimulus package with the inclusion of the Secure and Fair Enforcement Banking Act of 2019 (SAFE Act), that allows cannabis companies to use banking services like any other business, and is the single most popular bill yet about cannabis.<span data-ccp-props="{"335559738":240,"335559739":240}" > 

In an historic move, that bill cleared the House September 25, 2019 (it is now sitting in the Senate).<span data-ccp-props="{"335559738":240,"335559739":240}" > 

 

With the inclusion of SAFE Act bill in the stimulus package, Democrats are demonstrating how the need for cannabis as a properly functioning enterprise has asserted its presence and importance to the economy. If the bill passes, cannabusinesses can get insurance coverage, small business loans, and bank accounts without the huge fees they have to pay now — typically $5,000-$10,000 a month.<span data-ccp-props="{"335559738":240,"335559739":240}" > 

In other words, they can hit the earnings jets and begin making even more money faster, generating more state tax revenue quicker.<span data-ccp-props="{"335559738":240,"335559739":240}" > 

As expected, Republicans are pushing hard against that bill inclusion, with most still holding on to old-school, uniformed thinking about cannabis. Congressman Kevin McCarthy (R-CA) called Speaker Nancy Pelosi’s defense of the inclusion of the SAFE Act bill in the stimulus package “incredibly irresponsible.” “Hey Nancy, let’s focus on the pandemic, not pot,” McCarthy tweeted.<span data-ccp-props="{"335559738":240,"335559739":240}" > 

Senate Majority Leader Mitch McConnell (R-KY) was a little more heavy handed. Commenting on the latest delay of the bill on September 30th, he called the inclusion of the SAFE Act bill one of the “non-COVID related poison pills.”

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