The cannabis industry, both medical and recreational, has expanded rapidly in the United States over the last decade. Currently, 38 states and the District of Columbia have legalized medical marijuana. Twenty-two states and Washington, D.C., have more recently legalized recreational cannabis. The catch for the dispensaries is that because cannabis is illegal at the federal level, these businesses are unable to engage in commercial banking.
Cannabis industry advocates on Capitol Hill are advocating for the passage of legislation that would permit access to the banking system making it possible for greater expansion and profit to this multi-billion dollar industry. This offers an opportunity to have a national conversation on the effect of cannabis on youth. For many years research has been accumulating on the risks of cannabis use by youth and these risks increase with increasing THC concentration. The passage of the so-called SAFE Banking Act will expand the commercialization of products with ultra-high concentrations of THC, the main psychoactive chemical in cannabis and the component that can lead to addiction.
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The cannabis of the 1960s to 1980s had a THC content of less than 2%. THC content has been steadily increasing since the 1990s. Today’s plants have THC content exceeding 15% and extracts can reach 95% purity.
For years there have been scientific studies implicating cannabis in a number of adverse effects, including mental health risks for adolescents. As early as 1987, research showed a link between adolescent use of cannabis, psychosis, and a diagnosis of schizophrenia. Cannabis use has been linked to depression and suicide. Data from Colorado showed cannabis to be the most common substance found in suicide deaths of 10- to 19-year-olds at 30.6%,
