You might want to think twice about investing in cannabis businesses if you plan on working for the Biden Administration. Is the Biden Administration really pro cannabis?
According to a new report, individuals applying to work under President Joe Biden could be given the cold shoulder for investing in cannabis companies.
Based on a document obtained by Politico, the Biden administration has expanded its new "employee conduct guidelines to potentially deny security clearance to individuals who have invested in companies that are involved in the marijuana business."
Current employees and potential candidate “eligibility may be negatively impacted if an individual knowingly and directly invests in stocks or business ventures that specifically pertain to marijuana growers and retailers.” According to the document obtained by Politico, “decisions to willfully invest in such activity could reflect questionable judgment and an unwillingness to comply with laws, rules, and regulations.”
"New Guidelines Spell Trouble
For Some Cannabis Investors"
With the growing number of states legalizing medicinal and recreational cannabis, a larger number of individuals have begun investing in the cannabis industry as prospects of future federal legalization seem more likely. However, the timeline for such legal action may still be years away, as the Biden administration demonstrates their opposition to cannabis legalization. Though the Biden administration has voiced support for decriminalizing cannabis use, President Biden has long since been a great opposer to outright cannabis legalization.
The recent updates made to the guidelines for employee conduct, displays the attempts of federal government to clarify its cannabis-related HR policies. This has been an increased area of concern since cannabis products became accepted for legal business, medication and recreational use in many states across the United States.
The current administration may have more lax rules for previous cannabis use by employees than that of their predecessors; However, the fact that 37 states within the country have legalized marijuana, suggests that those rules against marijuana use may still be too stringent.
"Will We See Federal Legalization
Under Biden's Administration?"
Last year we were reminded of cannabis prohibition, when news surfaced that the White House fired dozens of staffers for previous use of cannabis. What followed the firings was a concerned letter to President Biden from several Democrat Congress members. This letter expressed their dismay to learn of the many White house staffers who lost employment or were suspended as a result of disclosing past cannabis use.
"We ask that you clarify your employment suitability policies,
remove past cannabis use as a potential disqualifier, and apply these policies with consistency and fairness."
"Cannabis is legal for either medical or adult use in 36 states, with more than 50% of the adult population having used cannabis in their lifetimes. This number is bound to rise as states across the country legalize through voter initiatives. Just last year, cannabis was legalized in five new states through ballot initiatives, and many more states are currently working on legislation to legalize cannabis. The American people are demanding a change to punitive and harsh cannabis laws that have always been unequally applied."
The question still remains whether we will see federal legalization of cannabis under Biden's administration. Cannabis businesses have become less optimistic of legalization under the current administration, as the federal push for cannabis legalization has slowed under President Biden's governance.
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