Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Investing

Ohioans Decisively Vote to Legalize Recreational Marijuana

by November 8, 2023
November 8, 2023
Ohioans Decisively Vote to Legalize Recreational Marijuana

Jeffrey A. Singer

Yesterday, Ohio voters approved Issue 2, which legalizes recreational marijuana, by a decisive 57 to 43 percent vote. Issue 2 allows adults aged 21 and older to possess up to 2.5 ounces of marijuana publicly and to grow up to six plants at home. Ohio is set to become the 24th state to legalize recreational marijuana. Thirty‐​eight states (including Ohio) and the District of Columbia have already legalized medicinal marijuana.

One potential fly in the ointment is that Issue 2 was a voter‐​initiated state statute, not a constitutional amendment. Therefore, under Ohio law, state legislators may rewrite or override much of the new statute.

Another potential problem is that the new statute imposes a 10 percent state excise tax on marijuana sales in addition to the state and local sales taxes, which will still apply. Ohio state and local sales taxes average around 7.24 percent. This means that people shopping at legal marijuana retailers may pay more than 17 percent tax on purchases.

Experience in California and other states that have legalized possessing and using marijuana should teach policymakers that overtaxing retail marijuana only serves to preserve the pre‐​legalization black market, as marijuana consumers who no longer fear arrest and punishment will pay less if they buy the weed from underground dealers.

Uruguay was the first country in the world to legalize marijuana production, sale, and consumption. Several European countries have decriminalized marijuana, and a number of European countries are contemplating legalizing it.

Now that the majority of the US population lives in jurisdictions that have legalized recreational marijuana use, it is long past due for Congress to act. Congress should pass federal legislation that makes growing, processing, transporting, selling, and using marijuana legal and leaves it up to states to decide on marijuana’s legal status for medicinal or recreational use within their borders.

But federally legalizing marijuana while it remains on the Drug Enforcement Administration’s schedule of controlled substances doesn’t go far enough. The DEA currently categorizes marijuana as a Schedule 1 drug: “no currently accepted medical use and high potential for abuse.” If the DEA re‐​scheduled marijuana to one of the remaining schedules (2 through 5), the plant would remain a controlled substance, requiring a prescription from DEA‐​licensed health care practitioners, whose prescribing patterns would be closely monitored and regulated by law enforcement.

Congress should require the DEA to de‐​schedule marijuana, i.e., remove it from the schedule of controlled substances. Alcohol, a much more potent and potentially harmful drug, is not on the DEA schedule of controlled substances. Neither should marijuana be. De‐​scheduling marijuana will also make it easier to do clinical research on the plant’s medicinal uses.

Surveys show bipartisan support for legalizing marijuana. A recent Gallup poll found overall support at 70 percent (87 percent of Democrats, 69 percent of Independents, and 55 percent of Republicans). As is often the case, the people are way ahead of the politicians. It’s time for leaders in Washington to jump out to the front of the parade line and wave the banner for marijuana legalization.

0
FacebookTwitterGoogle +Pinterest
previous post
TikTok is shutting down its Creator Fund in favor of its newer Creativity Program
next post
New GAO Report Details Sugar Program Dysfunction

You may also like

Crypto, Courts, and Congress

April 5, 2024

Latest Attempt to Restore Financial Privacy: the Saving...

September 25, 2024

The War on Drugs is Also a War...

April 1, 2024

In Yale University ERISA Case, Plaintiffs Lose but...

July 19, 2023

USTR Report on China’s Maritime Subsidies Offers Thin...

January 24, 2025

There Is No “Little Secret” Speaker Power over...

October 29, 2024

Friday Feature: Academy of Creatives

June 20, 2025

Colombia Should Legalize Adult Marijuana Use Today

June 15, 2023

WSJ Ed Board Knifes Fourth Amendment, Betrays Journal’s...

March 27, 2024

US Funding of the United Nations

March 19, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • House Democrats call on Rubio to allow injured children from Gaza into US following visa halt

      August 27, 2025
    • SkyWater pitches itself as all-American firm as Trump mulls more equity deals following Intel deal

      August 27, 2025
    • 600,000 Chinese Students Would Be a Windfall for the United States

      August 26, 2025
    • EPA urged by state AGs to axe funds for ‘radical’ climate project accused of training judges

      August 26, 2025
    • ‘Doctor Strangelove with a mustache’: Bolton blasted for ‘profiteering’ off US secrets by White House advisor

      August 26, 2025
    • Bolton may be in hot water as FBI investigation expands beyond controversial book

      August 26, 2025

    Categories

    • Business (8,886)
    • Investing (2,242)
    • Politics (16,495)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved