Pubdate: Mon, 17 Feb 2014
Source: Marietta Daily Journal (GA)
Copyright: 2014 The Marietta Daily Journal.
Contact:  http://www.mdjonline.com/
Details: http://www.mapinc.org/media/1904
Author: Don Mckee

COLUMN: OBAMA ADMINISTRATION TAKES MORE STEPS TO LEGITIMIZE MARIJUANA

The Obama administration continues its efforts to legitimize 
marijuana with new rules allowing banking institutions to finance and 
do business with legal marijuana sellers - even as medical experts 
urge scientific studies of the effectiveness and safety of marijuana 
for medical uses.

The latest pot-favoring move follows the decision by the Obama 
administration in August to not prosecute legal dealers who met eight 
requirements, including not selling to minors - even though marijuana 
was and still is illegal under federal law.

Under the Friday rules issued by Obama's Treasury Department, "the 
administration went a step further by laying out a path for banks to 
bring marijuana commerce out of the shadows and into the mainstream 
financial system ... a move that could further legitimize the 
burgeoning industry," the Washington Post said.

Now, for the first time, "legal distributors will be able to secure 
loans and set up checking and saving accounts with major banks that 
have largely steered clear of those businesses," the Post said, 
explaining that the "decision eliminates a key hurdle facing 
marijuana sellers, who can now legally conduct business in 20 states 
and the District (of Columbia)."

In what was described as separate guidance, the Obama Justice 
Department "directed U.S. attorneys not to go after banks that do 
business with legal marijuana dispensers as long as the dealers 
adhere to" the guidelines issued last August.

But, the Post reported, federal officials said the latest decision 
was not "a change in the law itself. Marijuana was still illegal, as 
far as the federal government was concerned, in all 50 states. 
Instead, it was just a declaration that the Justice Department had 
bigger things to worry about." Obviously, there's no need to change 
laws when they can be nullified by this imperial president's wave of 
his scepter.

There was a dissenting voice, for what it's worth. Sen. Chuck 
Grassley (R-Iowa) said both marijuana trafficking and banking of pot 
sale proceeds violate federal law. "Only Congress can change these 
laws," he said. "The administration can't change the law with a 
memo." Again, no need to change the law. Just don't enforce it and 
issue a rule that nullifies it. The question is: Will Congress do 
anything about it?

Consistent with the "follow the money" principle, the Post said 
"Financial firms could be handsomely rewarded for banking legal 
marijuana business." The legal pot industry in this country is 
expected to hit $2.34 billion in sales this year, according to 
ArcView Market Research, an investment group promoting marijuana.

Meanwhile, some leading epilepsy physicians warn that more studies 
are needed on medical marijuana, legalized in many states and 
proposed in Georgia and other states. The director of the epilepsy 
center at New York University and a colleague point out that evidence 
is lacking for both the efficacy and safety of marijuana. They say 
the issue is of special significance for children, "for whom there is 
good evidence that marijuana use can increase the risk of serious 
psychiatric disorders and long-term cognitive problems." More on this later.
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MAP posted-by: Jay Bergstrom