House Resolution 4799 Attempts to Replace Cole Memo and Rohrabacher-Blumenauer Amendment

Amid the initial scare of Jeff Sessions’ attempts to stop all legalization of marijuana throughout the United States, Representatives Barbara Lee (D-CA) and Don Young (R-AK) have filed a resolution which calls upon the federal government to refrain from taking punitive action against legitimate marijuana business operators in states in which the use and distribution of marijuana has been legalized.

HR 4779, “protects individuals in states that have laws which permit the use of cannabis” for either medical or recreational purposes. Specifically, HR 4779 bars federal funding for any efforts that seek to “detain, prosecute, sentence, or initiate civil proceedings against an individual, business or property that is involved in the cultivation, distribution, possession, dispensation, or the use of cannabis in accordance with the law or regulation of the state or unit of local government in which the individual is located.”

HR 4779  also prohibits the federal government from taking any punitive action against a financial institution involved in state-sanctioned marijuana-related activities.

“The federal government should respect the will of the voters in states that have voted to decriminalize cannabis. It’s time to stop wasting taxpayer money on the failed War on Drugs,” said Congresswoman Barbara Lee. “I’m proud to introduce the REFER Act, which would prevent the Attorney General and others in the Trump Administration from stifling the budding cannabis industry. If the federal government chooses to interfere in these state matters, it’s up to Congress to prevent this harmful overreach.”

This is the latest attempt to push back on Sessions’ unpopular move which has sent negative waves through the cannabis stocks market.

Source: www.solactive.com

2018 will be an interesting time for the medical marijuana and the marijuana stock market within the United States as members of the government dig their heels in in what should be an intense back-and-forth over which direction to go as a country.