This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Congress Handcuffs DEA on Legal Marijuana

NEW YORK (TheStreet) -- In a historic vote, Congress voted to support states on legalized medicinal marijuana. The measure will not allow the U.S. Drug Enforcement Agency (DEA) to spend federal funds to interfere with states that have legalized medicinal marijuana.

"The states have spoken, the American people have spoken and now for the first time the U.S. House of Representatives have spoken on allowing medical marijuana," said Rep. Dana Rohrabacher, the sponsor of the measure, in a press conference on Friday.

Rohrabacher had offered the measure because patients and dispensaries in states that had legalized medicinal marijuana continued to be raided by the DEA as state law and federal law collided. Dispensaries had inventory confiscated, including cash, most of which was never returned. Patients with all the proper paperwork were thrown in jail.

>> Read More: Cannabis Legalization From Bloodshed to Regrowth

The most egregious case cited is the Kettle 5, a family in Washington arrested for marijuana plants. Even though the family abided by Washington state law, the federal agents took the family car and all the family's medicinal marijuana. The family now faces a sentence of 10 years to life.

The approval of the measure is the first time in history that Congress has voted to rein in the DEA from its war on drugs. It also showed a shift in Republicans, who tend to support the DEA and strict law enforcement. Forty-nine Republicans voted as the measure was approved 219-189. The amendment, one of many pieces of marijuana legislation, has been offered seven times since 2003, only to fail each vote.

"Congress has finally caught up with the supermajority of Americans across the nation supportive of protections for medical marijuana patients. This amendment protects people in 32 states and the District of Columbia, comprising an astonishing 60% of the population, who now live in states with medical marijuana laws," said Aaron Houston, a political advisor and strategist at Ghost Group, an operating company that specializes in marijuana technology companies. 

>> Read More: Hemp in Kentucky Creates Latest Drug War Battleground

"This measure passed because it received more support from Republicans than ever before. It is refreshing to see conservatives in Congress sticking to their conservative principles when it comes to marijuana policy. Republicans increasingly recognize that marijuana prohibition is a failed Big Government program that infringes on states' rights," said Dan Riffle of the Marijuana Policy Project.

There are currently 22 states that have legalized medicinal marijuana with Minnesota becoming the latest. The DEA will now have to stand down when it comes to raiding state-legal medical marijuana dispensaries and arresting approved patients. New York could also potentially legalize medicinal marijuana if the legislation comes up for a vote before the session ends June 19.

Rohrabacher isn't done yet, saying, "Although it's a crucial moment we have to follow this up and turn this victory into law."

-- Written by Debra Borchardt in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs