Trump says OK to Cannabis Legislation
By Jim Marty, CEO of Bridge West
He did it! A ripple went through our table at dinner Friday night. My phone started to buzz. I was at a UMass college reunion in New England when President Trump’s comments hit the news services as he left for the G-7 Summit.
“I support Senator Gardner,” Trump said about the bill co-sponsored by Cory Gardner of Colorado and Elizabeth Warren of Massachusetts. “We’re looking at it. But probably will end up supporting that, yes.”
The bill he is talking about is the one I mentioned in an earlier blog last month after my trip to Washington with the NCIA. It was officially introduced last Thursday by Senators Gardner and Warren. Called the “Strengthening the Tenth Amendment Through Entrusting States Act,” it would not legalize marijuana at the Federal level but would recognize the rights of states to set their own policies.
If passed and signed by the President, it would end concerns that financial institutions have about banking cannabis businesses and fix IRS code section 280E.
280E prevents cannabis businesses from deducting normal business deductions like rent, labor, and advertising. This bill would say that state compliant and licensed cannabis businesses are not “trafficking” and therefore not in violation of Federal Law.
Colorado congressman Ken Buck is a co-sponsor in the U.S. House. Please contact your congressmen and women and Senators and encourage them to support this bill.