As 4/20 closes in and Marijuana Legalization takes center stage, this past weekend, the town of Amherst in Massachusetts held its 23rd Annual Extravaganja festival! Superego was a vendor promoting our unique hemp fabric and brand to thousand and thousands of people who flocked in to the town common to peacefully enjoy the beautiful day and some greenery.
"Back when they first started this, there were just 300 or 400 people there at most. Now it's huge," A 63-year old resident reminisced, "I never thought in my lifetime I'd see marijuana be legalized anywhere in this country. I'm just amazed at what has happened in Colorado and Washington."
Fourteen states and DC have decriminalized possession, 18 states and DC have legalized medicinal marijuana and two have legalized recreational marijuana, Washington and Colorado.
In the month of January alone, Colorado has already generated a confirmed $2 million in tax revenue. Now there is mounting pressure in New Jersey with a proposal to turn the Garden State towards home-growing to finance repairs in the city. Recently, over 300 economists co-signed a petition that stated legalization would save $7.7 billion in enforcing criminalization as well as an additional $6 billlion in tax revenues.
This past Friday, the Obama Administration announced that it would be open to reclassifying Marijuana from a Schedule A drug with the likes of Heroin and Cocaine, to something more appropriate, in the same class as Tobacco, Caffeine and Alcohol.
Where do you stand and what do you think will unfold in the next few years?