When it comes to marijuana (and most other subjects, but I digress), Ken Buck is always wrong.
Back in 2012, he was wrong about what would happen to Colorado if we legalized recreational marijuana sales, telling Westword’s Michael Roberts, “We’re going to see … a proliferation of young people using marijuana. We’re going to see expulsion and dropout rates increase in our K-12 system.”
Wrong, Buck: State-funded studies have shown that graduation rates are up and dropout rates are down since 2012. Teen use of marijuana has remained relatively stable as well.
So it’s no surprise that Buck is wrong again about the marijuana banking bill making its way through congress.
On Feb. 13, a dozen Republican representatives — including Buck (R-Windsor) and Rep. Doug Lamborn (R-Colorado Springs) — sent a letter to Mike Crapo, chairman of the Senate Committee on Banking, Housing and Urban Affairs, to let him know that they share his concerns about the risks posed by the Secure and Fair Enforcement (SAFE) Banking Act that would allow dispensaries, cultivators and other pot businesses access to the federal banking system.
“The SAFE Banking Act jeopardizes public safety by legitimizing banking access for a Schedule I drug,” Buck said in a statement. “It is important that we continue to tread lightly and consider public health concerns that surround the marijuana industry.”
Well, Buck, I’ve gotta agree with you that it’s important to consider how marijuana impacts human health, but we struggle to conduct meaningful research in that arena since pot remains a Schedule I drug in this country. We could remove pot from the schedule of controlled substances, but God knows if the MORE (Marijuana Opportunity Reinvestment and Expungement) Act ever makes it out of committee and to the House, you likely won’t support that either.
I’ve got to fully disagree with you, however, on your point that allowing marijuana businesses to access federal banking “jeopardizes public safety.” See, Colorado sold a lot of weed last year, $1.75 billion, as a matter of fact. You know what’s dangerous for all of those businesses? Dealing in cash, Buck, that’s where your public safety is jeopardized.
The governor knows it. On Feb. 3, Jared Polis announced a plan to help bring banking to the state’s cannabis industry, stating that Colorado has “an obligation” to pioneer marijuana-related banking. According to reporting by the Denver Post, burglary is the most common crime at marijuana dispensaries and grows, which experts say is — shock! — because they are forced to deal in cash.
But let’s not forget how wrong Crapo is on all of this. He wants to place a 2% THC limit on all marijuana products before allowing businesses to work with federal banks, which would ultimately wipe out the stock of every dispensary in operation, in Colorado or elsewhere. He also has concerns about “bad actors” laundering money through banks.
Crapo, we’ve got some bad news for you, buddy: bad actors, like cartels, have already been using banks to launder money. There are anti-money laundering policies in place and still it happens. No need to deny marijuana businesses the ability to bank.
Buck, Lamborn… If you want to slow the global drug trade (I say slow, not stop, because let’s be real: humans are going to use drugs) and provide public safety, then disincentivize criminal activity through legislation that legalizes and decriminalizes drugs. Give your legal businesses a way to do business like everyone else and stop making crap up to justify your narcissistic moral crusade.
