420 with CNW — Cannabis Prohibition Costs $53 Billion Annually in the US

When it was first initiated, the war on drugs had relatively noble goals: to eliminate the production, distribution, and consumption of psychoactive drugs, consequently reducing the number of people addicted to these drugs and stripping the criminal enterprises behind the drug trade of their resources. However, decades after former President Nixon declared the infamous war on drugs, the drug war is considered an unmitigated failure by most. Not only has it failed to curb drug use in the country and barely put a dent in the illicit drug trade, but it also has sent countless millions to prison for relatively tame offenses such as drug possession and cost the United States billions of dollars.

According to a report published on AmericanMarijuana.org, the United States loses a whopping $53 billion every year to cannabis prohibition. Most of this money goes towards cannabis arrests, prosecutions, and incarceration, with most of these individuals having done nothing more than possess small amounts of cannabis. As the country’s economy tries to shrug off the catastrophic effects of the coronavirus pandemic and the subsequent lockdowns, cannabis reform advocates argue that this money, which is mostly funded by taxpayers, could be dedicated to much better causes.

Over the past decade, more and more states have legalized cannabis for either recreational or medical use, culminating in a lucrative state-legal cannabis industry that has employed thousands of individuals across the country and provided billions of dollars in tax revenue. However, cannabis remains illegal at the federal level, meaning that the businesses and people that participate in the state-legal cannabis sector are always at risk of suffering federal repercussions.

This prohibition has undoubtedly ruined millions of lives. Not only does prosecution and incarceration negatively affect the individual’s family and the community at large, but having a criminal record also hinders an individual’s ability to seek gainful employment and obtain student loans, a driver’s license, and even housing. Once a cannabis offense blemishes your record, your chances of surviving and thriving in the increasingly capitalist America are greatly reduced.

More than that, the war on drugs has been a war on people, and as House Majority Leader Chuck Schumer says, it has often been a war on people of color. Research has found that individuals of color are much more likely to be arrested for marijuana-related offenses compared to white individuals despite similar usage rates. After decades of intense policing and harsh sentencing, these communities have been left broken and beaten down.

Thus, support for cannabis reform has been growing steadily, especially among lawmakers. Schumer has been working on a Senate version of a cannabis legalization bill with Senators Ron Wyden and Cory Baker while House Judiciary Chairman Jerrold Nadler plans to reintroduce his historic Marijuana Opportunity, Reinvestment, and Expungement (“MORE”) Act as soon as this week.

When lawmakers eventually ease the federal restrictions on cannabis, the work of companies like XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which is engaged in developing cannabis-based medications, will be eased somewhat since the current regulatory barriers cost lots of time and other resources to navigate.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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