Cannabis And Social Justice Reform: Are We Doing Enough?

With the anticipation of federal marijuana legalization, the cannabis industry rang in 2021 with sky-high equity values and anticipated social justice reforms seemingly imminent. However, differing ideas regarding how to legalize marijuana has left federal legalization in limbo and, 20 months later, the sector is still plagued by a myriad of factors that have effectively limited opportunities to succeed in the newly legal cannabis market: onerous capital requirements which can only be financed privately, prohibitions on granting licenses to drug felons, and other hurdles. While both chambers of Congress have made strides by passing bills addressing these issues, such as the Secure and Fair Enforcement (SAFE) Banking Act, Cannabis Administration and Opportunity Act (CAOA), and the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, all have failed to secure enough bipartisan support to break through the stalemate.