Last Week, the Governor of Illinois J.B. Pritzker put forward a plan that pointed Illinois to legalize marijuana in the state. Regulating and implementing bodies will bring this program into action at the beginning of the following year, January 1, 2020. That will be economically beneficial for the brands which have a license for medical marijuana.
However, it will be a slower pace for the ones not having a license for medical marijuana. This plan states that regulatory bodies will be giving special licenses for medical dispensaries. The authorities will be issuing the licenses from May 1 the following year. Also, the substance growers, commuters and processors will be beginning to have a license by the first week of July. The next round of business would be receiving more permits within two years.
Cannabis possession according to the plan
According to the new law for medical marijuana usage, people aged 21 and above will be allowed to possess medical marijuana for up to 30 grams. This was not legal before. However, people not belonging to the community will have a legal right to possess medical marijuana of 15 grams, that is half the amount.
Local governing bodies have the power to ban supply stores and limit their influence during the initial year of this plan. Expunge is the pivot term for the new law for Illinois to legalize Marijuana. Now individuals who are guilty of a crime or a part of class 4 felony marijuana convictions will have their past related records given a clean slate. According to the officials, there is an expectation that around eight hundred thousand people will have a significant advantage from this shift in the legislation.
The local business has a bright future in the cannabis industry
In addition to this, there will be an establishment of a $20 million money loan program. This program will ideally motivate variety in the marijuana business shareholders and ownership. It is a low interest program so that it will be more convenient for interested parties. Also, according to the rules as put up in the plan, there will be no allowance for commercial producers that are based on substantial scale growth. This will encourage small communities and smaller, local markets to grow which will be benefiting to them. This will not be only advantageous economically, but it will also create the diversity that will lead to more expansion in the market. This way, there will be more room for growth in the cannabis market.
Residents can grow up to 5 plants
According to the plan, residents would have the right to produce a maximum of five plants. However, one of the sponsoring members of the team suggested that there be not only a little number of people that have chances to grow better financially and have better opportunities. “We want to make a lot of new business leaders in the state through this process.”
The plan proposes that the revenue built up from this scheme will be utilized and invested for covering up the costs of the program. Following that criteria, regulating bodies will also use this revenue to sponsor the Restoring Our Communities grant program. In addition, they will also employ it for funding drug abuse services, law enforcing grant schemes, and even the fund for the general state.
Green Market Summit is taking place right now!
The Green Market Report hosted its first Chicago Green Market Summit on May 7. It took place in downtown Chicago, the central city of Illinois. The event will cover up all details that pay attention to the emerging new market in the state. In addition to this, it will also be the platform to show a significant number of local businesses.
United Kingdom has still a long way to go before legalizing cannabis in the country
Though the United Kingdom is in favor of cannabis legalization, it is still illegal in the country. Let us go through the marijuana sector of the United Kingdom.
Some facts about cannabis consumption in the United Kingdom
The people residing in the United Kingdom strongly favor the legalization of cannabis. But it is limited only to the back door market. There are more than 2.5 million cannabis users in the UK who buy it illegally as reported by the Cannabis Consultancy Prohibition Partners. It makes up almost 4% of the total population of the United Kingdom carrying a worth of more than £5 billion.
It is important to note that 22% of the country’s population smokes tobacco, which makes up the revenue of almost £18 billion annually. Whereas, 60% population of the country drinks alcohol regularly ranging a worth of almost £68 billion.
Legalization of cannabis in the United Kingdom
In 2018, the UK legalized the use of cannabis for medical purposes. The major reason behind its regulation was many high-profile cases of epilepsy in children came to light. Cannabis-related medications became the pain reliever for those patients suffering from such high profile epilepsy cases. Still, the use of cannabis for medical purposes is extremely less.
Only the specialist consultant from General Hospital can prescribe it. The UK also allowed hemp oil and CBD, containing less than 0.2% THC, in the country. But a medical license is mandatory for using them too.
Which country is the largest exporter and producer of legal marijuana across the globe?
Although the stance of the government of the United Kingdom is much strict for cannabis users, it is the largest exporter as well as the largest producer of legal medical marijuana in the world according to the reports of United Nations International Narcotics Control Board. This clearly shows that the UK exports all the legal cannabis products manufactured by the country.
There are only two products of medical marijuana in the UK that have a license. One is Sativex which is produced by GW Pharmaceuticals and the other one is Nabilone owned by Eli Lilly.
The contradictory policy of the United Kingdom
It is evident from all the facts mentioned above that the government of the United Kingdom is still confused about whether to legalize marijuana in the country or not. While it is the largest exporter and producer of cannabis, it is very tough for patients of the country to have access to the products of medical cannabis.
This shows the sanctimonious face of the country and it would probably cause difficulties for the cannabis industry in England including the monopoly of licensed manufacturers, high cost and barriers for the new entrants.
Some top-notch stocks of the United Kingdom
Though there are many difficulties for marijuana companies in the UK, there is a large range of public companies. According to the London Stock Exchange, most companies have other side businesses too other than cannabis. Some top cannabis stocks of the United Kingdom are GW Pharmaceuticals, Futura Medical, Integumen, AfriAg, and Sunrise Resources.
New Jersey still waiting to Regulate Cannabis for Recreational Purposes
The members of the Senate of New Jersey were going to vote on the bill of expungement on September 12. This bill was related to the convicts of marijuana and also involved some recommendations from Governor Philip D. Murphy.
But, as mentioned by one of the articles of NJ Advance Media, Senators including Teresa Ruiz, Sandra Cunningham and Stephen Sweeney, the President of the Senate of New Jersey, launched a new legislation. In light of the article, the new legislation will widen the restrictions on the offenders charged with cannabis-related offenses to entreat expungement.
But the bill could not pass because the Democrats failed to gather enough support in the Senate on 12th September.
History of marijuana legalization in New Jersey
In New Jersey, only medical cannabis is legal yet. Though Governor Philip D. Murphy along with other Democrats tried several times to regulate recreational cannabis, they failed to gather enough support to pass the bill.
Governor Corzine signed the Compassionate Use Medical Cannabis Act of New Jersey in 2010 to regulate marijuana for patients suffering from chronic illness. This year, Governor Philip Murphy passed the Jake Honig Law. This law relieved the restrictions including the amount of medical marijuana any patient could buy and the number of visits to physicians required to purchase it.
For recreational marijuana, Senator Scutari first launched a bill on 17th May to regulate adult-use marijuana. But the Governor of New Jersey at that time, Chris Christie, opposed this legalization. As a consequence, the bill rejected. When Murphy was elected as the Governor of New Jersey, he launched a campaign to regulate marijuana in the state. Governor Philip Murphy had full control of the Democrats in the Senate as well as in the Assembly. But he could not succeed to legalize recreational cannabis. The major reason for failure was the disharmony among the party. Also, African American members of the senate strongly opposed this bill.
The people residing in New Jersey favor the regulation of adult-use cannabis. According to the Cannabis Business Executive, a survey conducted by Monmouth University suggested that 62% of adults of the state were in favor to legalize a small amount of marijuana in possession for recreational purposes. The survey also indicated that 74% of the adults were in favor to remove the charges on offenders charged for cannabis-related offenses. In the United States of America, 33 states have legalized the use of medical cannabis. Whereas, only 11 states including Oregon, Massachusetts, Alaska, and California have allowed recreational marijuana.
Some advantages of the legalization
There are many advantages of legalizing marijuana for recreational purposes. It would not only create new job opportunities but also increase tax revenue. According to the article of NJ Advance Media, the Governor of New Jersey believes that $80 million would be collected by the state as a cannabis tax revenue in the upcoming year. It involves $20 million from cannabis for health purposes and $60 million from cannabis for recreational purposes. This regulation will also allow cannabis companies to enlarge their businesses across the state.
What Do the British Have to Say About Cannabis?
Many British leaders from political parties in the United Kingdom are of the belief that the UK will be fully legalizing cannabis in the coming decade.
Political leaders from the Labor’s party, the Conservative party and the Liberal Democrats highly appreciate the legalization of cannabis in the United Kingdom. The world is in an economic crisis. Many nations are looking forward to methods that will expand their economy.
Cannabis offers the brilliant potential for expanding the global market and help it reach up to the mark. This is because cannabis has over 500 applications in the industry. Moreover, the amazing influence it has on the medical sector is rudimentary for its popularity.
CBD has benefits in almost all kinds of industries like medicines for inflammation, chronic pain, multiple sclerosis, arthritis, chemotherapy nausea and emesis, epilepsy, endometriosis, and others. It has also been proved to relieve anxiety. Also, it has found uses in replacement therapy and others. Harvard Medical School states its seizure alleviating properties.
Is Cannabis legal in the United Kingdom?
Cannabis is illegal in the United Kingdom at the current moment. However, it is regarded to be the most popular drug in the country. Thirty percent of the adults out of the total population have tried the substance for once at least in their lives.
Much of the opinion of the British politicians in the United Kingdom was not in favor of the legalization of cannabis. However, the sudden upsurge about the emerging industry in Canada and the United States of America has quite changed their perspective.
They want to legalize the market and regulate it, so the business shifts away from underground gangs. This way, more young people will purchase and sell the substance more responsibly and safely. The black market will fail to thrive under such approval. However, there will be a dire need to organize the distribution in the country properly.
The opinion of Liberal Democrats on cannabis legalization
Liberal Democrats have moved forward with the campaign to legalize the substance in the United Kingdom. Though refined products like cannabidiol oil can be bought over the counters in the United Kingdom, oils containing the psychoactive compound THC are not legal.
Some consumers have found that the oil containing THC does not cause a high. Instead, it has helped them get better sleep. They believe that this oil is purely for relaxation purposes. On the contrary, this oil is legal for recreational purposes.
Opinions against the legalization of cannabis
Some British politicians are not truly in favor of complete legalization but are open to the idea. There is a need for more analysis before the legalization of cannabis for recreational purposes. The experts suggest that it would take around a decade to fully comprehend the specifications before full legalization.
While the world is moving forward with making the global economy better, some political representatives are against legalization. They criticize that the legalization of cannabis and cannabis-derived product will not eliminate the black market. In addition, they also believe that the full legalization does not fully address the harms of drug dependence.
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