Connect with us

Cannabis News

Former Representative Barney Frank To Cannabis Control Commission: “I Told You So.”

Mike Roet



- Ad -

As states continue to move towards decriminalization—or outright legalization—of both medical and recreational cannabis all over the United States, the federal government is being pressed on multiple fronts to respond to a number of issues affected by federal regulations surrounding the industry. To start, the marijuana industry already sets itself up for a confusing set of laws and regulations; while the substance may be legal in a given state, it remains illegal federally.

The biggest issue caused by this dissonance between federal and state law comes not from prosecutors, but from banks. Federal regulations prevent banks from taking money from the sale of scheduled substances, a class of which marijuana still remains, at least from the perspective of the federal government. As a consequence, Federal banks are often prohibited from doing business with marijuana and cannabis companies. This causes a huge issue for cannabis companies, who often deal exclusively in cash, shipping money from facility to facility using expensive forms of secured transport.

“I Told You So”

Barney Frank has a long history with the marijuana industry; he proposed the legislation to try to legalize cannabis in Massachusetts way back and 1972, and, even in his old age, he has continued to support the progress of the industry ferociously.

He spoke before the Cannabis Control Commission last week, telling them “I told you so.” He had been arguing for years that the federal government must begin to create sensible regulations to recognize the growing legal status of both adult recreational and medical marijuana use in many states. He remarked that the government will likely pass laws abolishing regulations on federal financial institutions doing business with marijuana companies soon, citing the public safety issues with transporting millions of dollars in cash consistently as one reason the change will soon occur.

Michael is a freelance writer with several years of experience in writing of all kinds. From the uber-technical to the more relaxed, he is well-versed in a variety of styles. Lately, his work has been primarily focused on the CBD industry—a market with which he has a particular background and interest. Michael has an extensive interest and experience in legal research for the CBD market, and he has a knack for well-researched pieces and guides for the growing CBD and medicinal cannabis community.

Continue Reading

Ultimate CBD Guide


ultimate-cbd-products-company-guidepopular-cbd-health-benefits best-cannabidiol-guide-resources hemp guide

TimesofCBD is the most active daily CBD news publication featuring the latest cannabis industry stories and marijuana market trends. As the leader in CBD-centric content curation, we invite all readers to come for the headlines and stay for the insights. Quality is the top priority when presenting user guides, analyzing product reviews and reporting fact-checked news announcements. All information is for educational and informational purposes only. Disclaimer.

Got news? Email

Copyright © 2020 | Latest CBD News, Cannabis Guides and Marijuana Trends
Note: Always seek real additional medical advice and consultation with a professional healthcare practitioner before considering any CBD. No statements found on this website have underwent Food and Drug Administration evaluation. The efficacy of any products or claims made have never been approved by the FDA either. No products shall ever be intended to diagnose, treat or cure any disease or prevent any ailment.