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Marijuana Industry Needs Help From Bankers

Floor Speech

Date: Sept. 25, 2019
Location: Washington, DC
Issues: Finance and Banking Marijuana

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Mr. HORSFORD. Madam Speaker, I rise today in overwhelming support of the SAFE Banking Act of 2019.

Almost 3 years ago, Nevada voters went to the polls and voted to legalize recreational marijuana, making Nevada one of five States to legalize marijuana in the 2016 election.

After its legalization, local business owners invested in Nevada's legal cannabis market, creating jobs and opportunity. The Nevada marijuana market quickly exceeded expectations, growing rapidly to become a burgeoning industry.

Within 10 months, Nevada also exceeded the initial 1-year projection of tax revenue, bringing in more than $55 million in taxes for our schools, money that would have otherwise flooded the illicit drug market. Today, Nevada raises more revenue from cannabis excise taxes than alcohol excise taxes.

Interestingly enough, the marijuana industry did this without incurring vast detriments to society, creating an addiction crisis, or serving as a gateway drug, as marijuana opponents have long argued.

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