Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Banking on Marijuana

Details

  • Description

    Rep. Jared Polis (D–Co.) argues that marijuana will save the federal budget.

  • Duration 2:44
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Has this marijuana bill in the congress says it'll open doors for banks also improve the federal budget.

They're really interesting topic states vs federal government Jared -- is a democratic congressman out of Boulder, Colorado.

Joins us from Capitol Hill right now -- state of course congressman at the forefront of all this the legalization in the state of Colorado.

-- marijuana so why is that not enough.

Why -- we need to go to the federal level.

Will you look at the budget implications federally -- dealing with balancing the budget recent study indicated over a hundred billion dollars and savings and new revenues would be generated federally.

By allowing the states legalize -- like my state already has currently.

There's a conflict between state and federal statute.

And that's really what we're seeking to resolve.

OK so I mentioned the banks in the introduction.

That needs -- loan or or needs to do business with a bank that is indeed wells in the marijuana business legal in Colorado.

What's happening right now.

The major banks essentially reject them as clients they don't even allow.

Legal dispensaries open up bank accounts why there there -- afraid of the Fed's cracking down with asset forfeiture laws and and other laws to prohibit.

Facilitating transactions.

In prohibited substances.

So what this means on the street is.

Many businesses are forced to resort to cash it gets the very criminal element that we helped to get out of the business to regulate and it begins in the window to get back in and it gives the -- in the criminal cartels chance to break into the marijuana business what about the economic this -- many different sizes right we were talking about the health side of -- earlier on.

Somebody got it was saying that marijuana actually has more dangers of cigarettes is more dangerous than alcohol and it shouldn't be legal you -- -- -- the prohibition comparison there.

A moment ago in terms of more crime if it's this illegal vs legal.

Looking at the possibility of seventeen point four billion dollars legalizing pot could generate the economic argument is that the one -- use the bolster.

Did you know it was a strong and frankly the health argument is is highly flawed.

Somehow there was this insinuation that because it's prohibited therefore people don't use it that's simply not the case alcohol was prohibited.

And failed federal policy of prohibition.

That was repealed people use alcohol before and after people use marijuana where wallets illegal -- what we're talking about is why don't we -- in a regulated way tax it.

Allow society to benefit from people's individual decisions of course alcohol tobacco marijuana they're all that for peoples' health so -- -- sell its stake.

Try but you know at the end of the day it's not a nanny state let's let people do what they want and let's make sure that we we benefit to society and do it legally rather than now underground I guess we know where you stand on how big are so this can be -- if that's the case right congressman thank you about whatever -- you want to.

Load More