Marijuana: The Next Big Political Industry

The Washington Post shared an article this week revealing that 2016 Republican Presidential contender, Rand Paul, has become the first major presidential candidate to ever raise campaign money from the marijuana industry. 

Paul held a private fundraiser at the National Cannabis Industry Association's business summit and expo in Denver, Colorado, where marijuana is completely legal across the board--recreationally and medicinally. The price to get into the exclusive event cost $2,700.

Deputy Director, Taylor West, of the NCIA told the Post, 

"We are now establishing ourselves as a true industry with a professional focus and we have issues that we need to have dealt with on the federal level. We have candidates and elected officials who are seeing that need for reform."

Paul told reporters in Reno, Nevada that the federal government shouldn't meddle with states that want to legalize marijuana, stating, 

"I think the federal government shouldn’t interfere...One of the problems is the federal government has come into states that have allowed medical marijuana and still harass them so I think the federal government ought to stay out."

He also said he would support the Marijuana Businesses Access to Banking Act of 2015, which would allow legal marijuana businesses to use the U.S. banking system, something they currently can't do. The bill would legitimize legal marijuana businesses and make it easy for them to pay taxes while also lessening the risk for them to be robbed. 

While marijuana is still not legal on the federal level, it will be interesting to see if marijuana lobbyists are able to change that with money earned from the industry, which has proven to be incredibly profitable. 

Washington state generated $70 million in tax revenues within one year since being legalized, and Colorado generated a reported $700 million in sales in 2014. 

It would be nice to see lobbyists push for marijuana industry reforms rather than pushing for Big Oil or Big Pharma agendas. 

Do you support the Marijuana Businesses Access to Banking Act of 2015? Should legal marijuana businesses be allowed to use banking services? Sound off below, #LegalizeIt.