In a decision that appeared to defy both logic and prevailing legislative trend, the District of Columbia City Council voted this past Tuesday to ban the use of marijuana in public places.
Though possession of the once–Schedule I substance remains legal in the district at up to two ounces per individual, as does personal consumption inside private residences, the “social-use ban,” as it’s commonly known, represents one of the most significant losses for this cause to date in the nation’s capital.
To those who have been fighting for legalization, this step by a surprisingly conservative city council may appear to be a major roadblock, but I think it should be viewed in a different light.
This isn’t so much a product of devolution it is a last-gasp act of desperation — right before the final nail in the coffin of cannabis prohibition is driven home.
The decision, aside from being generally unpopular, is drawing more focused criticism for also being prejudicial against financially strapped D.C. citizens.
Kate M. Bell, a legislative analyst for the Marijuana Policy Project, has been criticizing the proposed law since last year, citing the district’s lopsided arrest statistics as evidence. She commented:
It’s a shame that the council didn’t allow the task force, which they created, to do its job. At the hearing last year, councilmembers heard how the ban hurts people who live in public housing or apartments where they cannot use marijuana or don’t wish to consume it at home in front of their children. And now, we have clear data showing that the law criminalizing public consumption is disparately enforced, with African Americans constituting 84% of the arrests last year even though they are only 49% of D.C.’s population.
So apparently banning weed is now racist… I’ve never been a fan of abusing the race card, but maybe I can stomach it for this cause, just this once.
In all seriousness, though, with this sort of rhetoric already making its rounds, I cannot imagine that a liberal-minded city like Washington, D.C. will long remain on the wrong end of this battle.
Indeed, it’s almost relieving to see these last-ditch efforts, as they’re a clear indicator that the beginning of the end is here.
Losing a Battle While Winning a War
In terms of D.C. being a battleground, it’s certainly an important one.
In a jurisdiction where local and federal powers overlap as much as they do in the district, massive changes in legislation naturally put the question of federal decriminalization/legalization into the dialog.
But the real signs that cannabis is no longer an illegal and dangerous substance but a bona fide industry are quietly but surely becoming clearer and clearer across the entire country.
The statistics are almost hard to grasp.
In 2015, the national legal cannabis market broke the $5 billion limit for the first time — a near 20% improvement over the previous year.
And not only is that just the start, but based on the black market, this market’s future can be predicted with remarkable clarity.
A recent analysis by Ackrell Capital — an independent investment finance bank focused on emerging growth industries — puts the total current U.S. consumer market for pot (both legal and not) at $40 billion.
Other projections have the figure set even higher.
This provides a unique feasibility study for any entrepreneurs hoping to enter the industry, an effect that few industries I can think of can reproduce.
For that to start to happen, however, legislation needs to catch up to the size and complexity of the market.
And while it will certainly take a while for the legal market to completely push the black market into extinction, the trend for this to happen is already clearly in place.
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Cannabis Prohibition: The Sick Old Man of the 20th Century
Right now, 39 states have some form of cannabis reform in place, whether it’s decriminalization for medicinal purposes or complete legalization for recreational use.
Moreover, demand for the substance continues to grow and diversify.
Millennials, 65% of whom approve of cannabis prohibition reform, have pushed the industry forward by embracing a slew of new and novel cannabis-based products.
No longer just a smokable substance, it’s now sold as food, food additives, oils, skin creams, beverages, and, as hemp, it’s everything from clothing to building material.
Not to mention a medicine.
With the market’s future so unusually clear, investors have certainly been having a field day speculating on cannabis plays over the last few years.
Regardless of actual prospect, the spikes some stocks have seen have been anything but justified — a great example being the up-and-down saga of the cannabis vending machine and vaporizer manufacturer Notis Global, Inc. (OTC: MDBX).
Two years ago, that mania did create some mutant monsters, but now, with that emotional trading largely washed out of the equation along with most of the overhyped stocks, we’re only just entering a golden era for cannabis investing.
Fortune favors the bold,
Alex Koyfman
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