According to market analytic projections, the cannabis industry in the United States is poised to be a $17 billion market by 2021. Yet, despite the general enthusiasm about the profit potential of the drug, the federal government remains keen on keeping the red tape preventing expanded research on the drug.
For now, there are 29 states in the country where the use of marijuana for recreational or medical purposes – or both is legal. Within these states, pot businesses have started to take advantage of the demand. Unfortunately, the legality of the drug on the federal level is posing many problems for these enterprises and business owners. For example, most of them cannot get financing services from banks and they are faced with hefty taxes. That means they need to get all their funding out-of-pocket.
Marijuana is considered by the federal government as a Schedule I substance which means the drug has no medical value and has high potential for abuse. But thousands of anecdotal records and small clinical experiments on cannabis respectively suggest and show evidence of potential medical benefits.
Due to this conflict of principles, the public has urged the government to consider reclassifying the substance by investing more in research efforts to fully understand the potentials of cannabis.
Show of promise
This was answered affirmatively by the Obama administration in 2016 when it promised that the government will expand marijuana research to other universities other than the University of Mississippi. Pro pot advocates were hopeful that the government will keep its promise despite the change in administration. But the recent Justice ruling has doused those hopes.
The Department of Justice has maintained that it will keep the monopoly of marijuana research within the University of Mississippi. The department is headed by vocal anti-cannabis supporter Attorney General Jeff Sessions who’s been headbutting with the DEA for the most coveted approval.
The decision leaves the public wondering why the government is still bent over keeping the legislative barriers to marijuana research even when the ends is a zero-sum game both to the public and to the economy?