Warren bill would protect legalized pot biz from feds
A new bi-partisan bill from Bay State U.S. Sen. Elizabeth Warren and Colorado U.S. Sen. Cory Gardner would eliminate the federal prohibition on marijuana, leaving the decision up to states, a proposal that has drawn the support of Gov. Charlie Baker.
“States like Massachusetts and Colorado have done the work, we have legalized marijuana,” Warren said at a press conference yesterday. “The law on their books should be protected.”
The law, unveiled yesterday by Warren and Gardner, a Republican, would not legalize marijuana at the federal level, but instead would bar federal interference in states that have legalized recreational or medical cannabis. Warren and Gardner said the bill has been picking up support from lawmakers on both sides of the aisle, as well as local officials.
Yesterday evening, Baker’s office said the governor supports the measure.
“Governor Baker believes decisions regarding implementing legal marijuana use should be determined by each state and supports this bipartisan legislation,” Baker spokeswoman Lizzy Guyton said in a statement. “The administration will continue working with the Cannabis Control Commission, public health and law enforcement officials to ensure the safe implementation of adult use of retail marijuana here in the commonwealth.”
If it becomes law, the bill would solve a number of significant hurdles for businesses in legal states, the largest of which is little or no access to federally insured banks. Without a bank to process transactions, many cannabis businesses have to resort to all-cash sales. In Massachusetts, one bank offers services for medical marijuana businesses, but has not yet committed to offering the same for recreational businesses.
“Banking still remains a challenge in Massachusetts,” said Kevin Conroy, an attorney at Foley Hoag who represents marijuana companies. “Every single conversation with a potential client or a client involves the fact that this is illegal on the federal level. It is a huge issue.”