The cannabis industry, both medical and recreational, has expanded rapidly in the United States over the last decade. Currently, 38 states and the District of Columbia have legalized medical marijuana. Twenty-two states and Washington, D.C., have more recently legalized recreational cannabis. The…
The cannabis industry, both medical and recreational, has expanded rapidly in the United States over the last decade. Currently, 38 states and the District of Columbia have legalized medical marijuana. Twenty-two states and Washington, D.C., have more recently legalized recreational cannabis. The catch for the dispensaries is that because cannabis is illegal at the federal level, these businesses are unable to engage in commercial banking.
For years there have been scientific studies implicating cannabis in a number of adverse effects, including mental health risks for adolescents. As early as 1987, research showed a link between adolescent use of cannabis, psychosis, and a diagnosis of schizophrenia. Cannabis use has been linked to depression and suicide. Data from Colorado showed cannabis to be the most common substance found in suicide deaths of 10- to 19-year-olds at 30.6%, compared to 9.7% for alcohol in 2016.
Cannabis use continues to rise year over year according to the National Survey on Drug Use and Health. In 2021, nearly 19% of 12-17-year-olds had used cannabis in the past year. Of these, nearly 5% developed cannabis use disorder. Approximately 2.6 million Americans initiated cannabis use in 2021 and 869,000 were adolescents. Given the burgeoning data on cannabis health risks, we need to focus more on making this information widely available.
The SAFE Banking Act presents a chance for Congress to take action that will help to inform Americans of what is in the cannabis products they buy and to help protect our children from cannabis harm. Congress can prioritize America’s youth using the SAFE Banking Act by adding language to the legislation to address product quality and safety issues. This legislation provides an opportunity to require clear and accurate labeling of all products containing THC.
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