CBO projections show that cannabis reform will lead to huge growth in revenue, cuts to federal prison spending, and more.
DISTRICT OF COLUMBIA: Following a historic vote in the U.S. House of Representatives to end the federal prohibition on cannabis last week, the non-partisan Congressional Budget Office, or CBO, released a new report today detailing vast economic benefits to the legislation.
Among other things, the agency found that the Marijuana Opportunity Reinvestment and Expungement (MORE) Act would increase revenues by about $13.7 billion, cut federal prison spending by $1 billion, and reduce time served in federal prison among existing and future inmates by 73,000 person-years.
U.S. Rep. Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus and a key sponsor of the MORE Act, lauded these findings today on the House floor.
“It was sad that my Republican colleagues were unable to understand why we voted to reform our failed prohibition of cannabis. They don’t care about honoring the will of the people and they are unable to grasp the enormity of the racial injustice and damage by selective enforcement against young Black and Brown Americans,” Blumenauer said. “But the CBO score may have some other reasons for them. It shows that the MORE Act would reduce 73,000 person-years of prison time. It would increase revenues by $13.7 billion. It would provide $3 billion for job training and legal aid to people harmed by the war on drugs. While doing all of this, it would reduce the deficit by $7.344 billion.”
If the MORE Act becomes law, the CBO report also estimates that from 2021 – 2030, the U.S. Department of Justice would spend $3 billion from the MORE Act’s Opportunity Trust Fund to provide job training, legal aid, and other services to people harmed by the “War on Drugs.” During this same period, the legislation would lead to $2.7 billion in Small Business Association funding for state and local grants to make loans to cannabis businesses and help governments develop cannabis-licensing rules.
“Even if you don’t care about reducing the damage to Black and Brown Americans, or honoring the will of the people, the economics make it clear,” Blumenauer continued. “Once again, the people are right, and the people deserve strong Congressional support.”
The report released today by the CBO can be found here.
Full text of the MORE Act can be found here.