Coloradans know better than most that the legalization of marijuana has been a topic of contention and confusion in recent years. In 2012, Colorado and Washington became the first states to legalize marijuana for recreational purposes. Since then, the District of Columbia and nine additional states have legalized the recreational use of marijuana, and 33 states and D.C. have legalized marijuana for medicinal purposes. However, marijuana remains a Schedule I drug and is illegal under federal law. The reality is, Congress needs to have a vigorous debate about whether we should deschedule marijuana across the nation.
Last week, Congress took up the SAFE Banking Act, which gives marijuana-related businesses access to a federally-regulated banking system. I fully agree that we must ensure that legal businesses are not operating on a cash-only basis while engaged in billions of dollars’ worth of transactions. However, in its current form, this bill will open up our banking system to abuse from drug cartels, as well as illegal growers and distributors. It will also allow Schedule I drugs to cross state lines.
There will always be an illegal market for marijuana until Congress legalizes it across the nation. But if we allow illegal marijuana businesses to take advantage of our secure banking system, our country will remain open to exploitation by those on the illicit side of the industry.
Here in Colorado, the legal marijuana industry is licensed by the state and subject to a litany of rules and regulations. Employees are screened by the state government, plants are tracked from grafting to the sale of the finished product, and production is monitored for public health and safety. These regulations are crucial to protecting all Coloradoans and come with a price tag. This added cost is factored in the price of legal products but not felt by the illegal market. To allow illegal operators, be it cartels bringing marijuana across the Southern border or those who produce it illegally within the state, to avail themselves of the banking industry is completely unfair to those who operate within the confines of the law.
To prevent such unintended consequences, I planned to offer an amendment to the bill to ensure that the manufacture, production, possession, distribution, dispensation, administration and delivery of marijuana remains within the boundaries of where it is legal; and that the product not be distributed to minors. Unfortunately, I was not given the opportunity to offer this amendment. Therefore, I opposed the bill on the floor.
I will continue to work with my colleagues in both Chambers on this issue as well as others that promote the intent of Colorado voters to have regulated marijuana available to those who choose to use it.
Congressman Ken Buck, a Republican, represents Colorado’s 4th congressional district. He serves on the House Judiciary Committee and the House Foreign Affairs Committee.
