The Virgin Islands 33rd Legislature has decided to push forth with a Adult Use Medical Cannabis Bill that is now expected to undergo new modifications and amendments, but will ultimately set the stage for a new cannabis market in the region.
So far, authorities in the U.S. Virgin Islands have called for aggressive taxation on cannabis, with the new proposal asking for as much as 30 percent or more for cannabis sales.
They insist that the funds are going to be focused toward sponsoring a variety of community projects.
Unfortunately, they are all too eager to stick their hands into peaceful exchanges that shouldn't involve them, because they have got to find new ways to feed the machine.
They hope that it will mean new jobs, more tourism, and overall a boost in economic activity and success for the area.
It's estimated that they might see $20 million annually or more by making this change to start harvesting tax revenue from this market.
Aside from going to potential community programs, the tax revenue is also suggested to be heading towards the government employees retirement system fund as well, among other programs.
The system needs more cash, a reliable flow of cash, and the demand for cannabis worldwide is huge, thus they've got their eye on the money pool and are ready to allow highly-restricted "cannabis freedom" so long as it means they can intervene in the exchange in any way that they please.
When the government decides to immerse themselves in the market in this way, we see in countless circumstances that they deteriorate quality, increase price, and generally ruin things in a variety of ways. With their legal markets they end up giving an upper hand to corporations who are clearly out of their comfort zone, over farmers and cultivators who have spent decades working in the industry and learning about this plant.
In carving out their own highly regulated markets they have ended up taking freedom away from those who helped create the market in the first place, from many businesses that have risked everything to continue serving customers for years, and who have dedicated their lives to keeping the market alive while prohibition has tried to suck the life out of it.
After so many years of throwing people in jail, and ruining lives over cannabis, it isn't any newfound respect for individual liberty that prompts authorities these days to reconsider their wrongdoing, but rather it seems only a thirst for the potential dollars that can be reaped here.