Bankrupt California City Plans to Legalize Medical Marijuana to Raise Revenue

0
131

Bankrupt California City Plans to Legalize Medical Marijuana to Raise RevenueA bankrupt city in California plans to decriminalize medical marijuana and tax it in order to raise revenue to help it repair its finances. San Bernardino city also wants to move with speed to have the drug made legal due to concern that it lacks enough resources to regulate the illegal medical marijuana facilities that have cropped up all over the town.

The city therefore plans to legalize the drug and tax the businesses, and then use the monies collected to enforce the laws. As such, the city will not only earn millions of dollars in revenue from the regulated medical marijuana dealers, but it will also be able to determine who obtains the operating licenses and where the facilities will be situated.

“This is a no-brainer,” Karen O’Keefe, a top official of the Marijuana Policy Project in California, told Fox News.  “More and more people are realizing that you’d really have to be in the Stone Age to oppose this.”

**relatedarticle**

The City Attorney Gary Saenz revealed that the City Council had scrambled a legislative review committee to research the idea. The committee is gathering data, studying laws in other cities and holding talks with the city police department before tabling the final proposal. It will conduct more than two public hearings on the idea in August.

The police report coming across up to 20 illegal pot shops in San Bernardino at any given time, something that can be addressed with proper regulation, which can only be done if the drug is legal.

Since California approved medical marijuana through a ballot in 1996, San Bernardino is one out the 200 California towns that have banned marijuana dispensaries. The city, which has a population of 209,924, became the biggest U.S. city to declare bankruptcy in 2012. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com