420 with CNW — Germany Could Trigger Domino Effect of Marijuana Legalization in Europe

While the United States and other areas spent the past two decades legalizing cannabis within their borders and launching multibillion dollar cannabis industries, Europe focused more on cannabis decriminalization. Unlike legalization, which made it possible to grow, process and sell cannabis without legal repercussions, cannabis decriminalization is simply intended to remove criminal charges from cannabis possession and use, but does not facilitate the marijuana trade.

With states such as Colorado and California bringing in billions of dollars worth of cannabis sales taxes, countries across the Atlantic have begun taking notice. In a recent move that could trigger a domino effect of cannabis legalization across the European Union, German Health Minister Karl Lauterbach announced that Germany is considering legalizing cannabis production and use, and unveiled a plan for legalization.

Germany’s marijuana policy would be similar to Canada’s, stripping marijuana of its status as a narcotic; building a state-licensed system for cultivation, production, delivery and sale; launching a federal cannabis tax; and allowing adults to purchase 20 to 30 grams of cannabis for personal use.

According to Lauterbach, the cannabis legislation may be passed by lawmakers in 2024. If Germany goes forward with this plan, it would become the first nation in the European Union to legalize marijuana. With Germany’s neighbors watching the possible evolution of its cannabis policy, we may soon see a wave of cannabis reform sweeping across the EU if Germany chooses to legalize cannabis.

It is not surprising that German lawmakers are considering legalizing cannabis as the country’s governing coalition is currently comprised of parties that are keen on reform efforts. According to the Social Democrat Party, legalizing cannabis would free up law enforcement working on cannabis cases. The Free Democrat Party believes that cannabis reform could be extremely lucrative for the country, generating more than $1 billion euros ($1.06 billion) annually in cannabis taxes. The Greens, on the other hand, see legalization as a way to curtail the illicit cannabis market by depriving it of revenue.

Cannabis is one of the most popular drugs in Germany, with Lauterbach noting that four million Germans used the substance last year. He then added that a quarter of all in the 18-24 age bracket in Germany have used cannabis.

However, the German government will only go ahead with the legislation if it is completely in line with European Union law.

If everything checks out and the legislation becomes national law, adults aged 18 and older would be able to buy up to 30 grams of cannabis from licensed stores and possibly pharmacies.

While Germany is still going through the process of ending cannabis prohibition, various jurisdictions in North America are finding avenues to avail funding to cannabis companies through entities such as REZYFi Inc. so that the industry players receive the funds they need to scale and grow their operations despite federal law, which keeps traditional banks from accepting marijuana companies as clients.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

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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