Where Voters Stand on the Legalization of Cannabis, According to Pew Research

It is no longer a “question.” The majority of Americans support the legalization of cannabis in the United States, as confirmed recently by the Pew Research Center. Additionally, a majority of respondents expressed that the legalization of cannabis has positive impacts on local economies and the criminal justice system. The survey also revealed that support for cannabis legalization has been steadily increasing over the years, with younger adults showing more support than older adults.

Having anticipated this attitudinal switch nearly a decade ago, TASI Bank ® began studying and then participating in the financial side of the industry. Last year, having received regulatory approval, TASI Bank began actively working with all aspects of the cannabis industry, including legal retailers, growers, and suppliers, an area of the industry previously off-limits to banks and other financial institutions.

“Everything we had seen in the cannabis industry,” says Alan Gaul, vice president of marketing at TASI Bank, “led us to the conclusion that the industry, from the single site retailer to larger growing and distribution companies, needed funding sources.” Since first entering the industry in 2017, TASI has developed over $20MM worth of business in the segment.

There continues to be a significant shift towards the legalization of cannabis across the United States. Currently, a total of 38 states have legalized either medical or recreational cannabis or both. This means that the majority of Americans now have access to legal cannabis products in their respective states. An overwhelming 74% of Americans now live in a state where cannabis is legal in some form. This means that a vast majority of the population has the option to choose cannabis as a treatment option or to use it recreationally if they so desire.

The number of cannabis dispensaries in the United States has also increased significantly in recent years. In fact, there are now nearly 15,000 dispensaries operating throughout the country. To put this number into perspective, it surpasses the number of McDonald’s locations in the United States, which is approximately 13,500.

There are roadblocks. While support of cannabis legalization crosses party lines for the most part, there is a movement, according to the Cannabis Law Report, by House Republicans to remove cannabis banking protection text from annual financial services and general government bills.

The Pew survey also analyzed the divide between Democrats and Republicans regarding their views on the impact of cannabis legalization. The results revealed that Democrats are generally more supportive of legalization compared to their Republican counterparts.