New York: 00:09 || London: 05:09 || Mumbai: 08:39 || Singapore: 11:09

Reports US

US stock market daily report (July 29, 2014, Tuesday)

July 30, 2014, Wednesday, 02:43 GMT | 21:43 EST | 06:13 IST | 08:43 SGT
Contributed by Millennium Traders


Ratification of the Twenty-First Amendment on December 5, 1933 ended Nationwide Prohibition of alcohol in the USA. Advocates of alcohol began in the 1830's. Prohibition began during the 1920's, a time when bootleggers began rising up as well.

Nationwide Prohibition of Marijuana is on the brink in the USA with strong advocates rising up, voicing their opinions. Scientists and medical professionals agree with proof that alcohol and tobacco do more harm on individuals and society, than marijuana. While addiction and dependency of alcohol and tobacco has been overwhelmingly prooved, there is no such comparison to the dangers of marijuana. Most advocates affirm legalized possession or use of marijuana should not be permitted for anyone under the age of 21 - legal drinking age for most states.

The number of states aiming for reform of marijuana laws, continues to grow. An issue at hand for many states is that federally, marijuana remains, illegal. The federal government has moved the decision of legalization, up to each state. States with legalized recreational pot are reaping the benefits of a substantial increase in tax revenue. There is no state in the nation that would turn away, millions of dollars in additional tax revenues. The two states that have already legalized recreational marijuana have created systems for regulating the manufacture, sale and marketing - there are only 48 states that need to follow their lead. Can not imagine those states not willing to share their pot procedures to enable all states the ability for legalization - if the people of the states vote for it.

According to the Federal Bureau of Investigation (FBI), during 2012 there were over 658,000 arrests for the possession of marijuana. Individuals arrested for possession face a history of jail time, loss of jobs and destruction of many grass roots families - just to name a few of the repercussions. Annually it costs an estimated $8 BILLION to enforce the criminalization of marijuana.

The annual price tag Americans dish out for prisons and jails - a staggering $80 BILLION - with nearly 17% of housed inmates being incarcerated for drug offenses. Inmates in Federal prisons for drug offenses account for 50% of the incarcerated population.

Congress passed the Marijuana Tax Act during 1937 - a statute criminalizing marijuana - restricting possession of pot to individuals who paid an excise tax for certain authorized medical and industrial uses. During 1944, New York Academy of Medicine issued an extensively researched report declaring that, marijuana 'did not' induce violence, insanity or sex crimes, nor does it lead to addiction or other drug use. From 1951-1956 Federal law imposed minimum sentence of 2-10 years with a fine of up to $20,000 for first-offense marijuana possession.

While there is proven scientific evidence that alcohol and tobacco kill - Americans are still permitted to use them by our Federal government. With no scientific evidence of serious hazards to the health of smokers of pot, there is nothing standing in the way of legalization of the recreational use of Marijuana by our Federal government.

Stock Market Forum