Democratic Senator Cory Booker and his colleagues have a lot to chew on after soliciting feedback to the Cannabis Administration and Opportunity Act. From doubts about the proposed 25% federal tax to dismay over Booker’s vehement opposition to the SAFE Banking Act, they have no shortage of constructive criticism to mull over this summer.
Many wondered how consumers would react to the proposed 25% federal tax rate within five years included in the bill — and how businesses could possibly compete with the unregulated market under such conditions, particularly in states where cannabis is already taxed and legal.
“Cory, the plan is great BUT the 25% cannabis tax is a dealbreaker,” wrote one account. “Cannabis is OUTRAGEOUSLY expensive already. I feel like all this could be accomplished without a tax, seems like the bill will save $, not spend it. With this tax attached, I cannot support it.”
Who is protected from SAFE?
Others took issue with Booker’s opposition to the SAFE Banking Act, which he said would overwhelmingly benefit big corporations and hurt small business and equal opportunity.
“How will social equity state licence applicants start a new business without access to banking?” asked one account. “Please pass SAFE Banking soon to protect people and give social equity applicants a fighting chance to compete at the state level.”
Partisan problems, detail dilemmas
Some wanted more details on how expunging non-violent cannabis criminal records would play out: how would other convictions that are connected to cannabis be treated? And would it include reimbursement for probation fees? Others wondered why Republican Senators — and even some badly needed Democrats — appear to be ignoring overwhelmingly favorable sentiment toward decriminalization among their constituents.
And many wanted to know how, if it was passed, they’d convince Biden to sign off. “What is the plan for getting @POTUS & @VP on board??”