The two major candidates running for one of Missouri’s U.S. Senate seats have markedly different views on whether to end the federal prohibition on marijuana.
Currently, the federal government lists cannabis as a Schedule I illegal drug — in the same grouping as heroin and LSD. And while states like Missouri and Illinois have legalized marijuana for adults 21 and older, cannabis-based businesses don’t have access to bank loans because of the federal prohibition.
U.S. Sen. Josh Hawley said last week that he doesn’t support making it legal federally or removing hurdles for businesses to gain access to banks. He said he opposed the 2022 ballot initiative that ultimately made marijuana legal in Missouri.
“I just think that marijuana is still a gateway drug,” Hawley said. “We have medicinal marijuana, which I did support in Missouri. So if you want to get the medicinal benefits, there's a way to capture that.”
“I know we voted for it, Missouri,” he added. “That's the law of the land. I did not vote for it. I certainly abide by it, but I wouldn't support extending it.”
Kunce said that not only would legalizing marijuana provide cannabis businesses more access to the banking industry, but it could provide relief to veterans in states where it isn’t available for adult use or for medicinal purposes.
“This is about everyday people being able to make their own decisions,” Kunce said. “It solves a lot of problems. It helps people get into the industry. It helps veterans like me or others who are struggling through post-traumatic stress disorder to actually use marijuana without fear. ... It lets the [Veterans Administration] prescribe it. I mean, there are a whole bunch of positives to it.”
Jack Cardetti, a spokesperson for MoCannTrade, which represents marijuana-related businesses in Missouri, said it is highly unlikely that Congress will fully legalize marijuana anytime soon.
But there is a push to reschedule the drug to a lower classification, which could make it easier for scientists to conduct research on cannabis’ potential health benefits or drawbacks.
“I don't think anyone in the cannabis industry thinks there'll be federal legalization anytime soon,” he said. “This is going to be an issue where states deal with it state by state.”
Cardetti said federal lawmakers could also pass bills that make it easier to expunge marijuana-related federal drug offenses — or provide grants to states to hasten the process of expunging state-level marijuana convictions.
And Cardetti added that whoever wins the U.S. Senate race in Missouri could vote on bills that provide cannabis businesses with more access to the banking industry.
“When you're talking about getting access to capital, getting loans, getting small-business loans, being able to go to a bank, show them a business plan to open up a dispensary and be able to take a loan — that is not really happening in the same way it happens for any other small business,” Cardetti said.
