The governor of the U.S. Virgin Islands (USVI) repeated his call for marijuana legalization in his annual State of the Territory address.
Gov. Albert Bryan Jr. (D), who called the legislature into a special session last month to begin taking up cannabis reform legislation, stressed that establishing a commercial marijuana market would bring in needed tax revenue to support a variety of government programs.
The proposed amendment to the territory’s existing medical cannabis law, which Bryan signed last year, would allow adults 21 and older to obtain a license from the government in order to purchase and cultivate marijuana. It would also promote participation in the industry by small farmers and local businesses, as well as providing for automatic expungements of prior cannabis convictions.
“Most importantly, it creates a taxing regime for the local industry that will generate higher revenues than the current law allows,” he said in the speech last Monday, noting that tax revenue will be distributed between the Government Employees Retirement System (GERS) fund (75 percent), implementation of regulations (20 percent) and services for senior citizens (5 percent).
“The revenues generated from this industry can benefit the system as a direct contribution,” the governor said. “However, the goal is to create a funding stream that is reliable enough to ultimately support a revenue bond that can provide a needed cash infusion to the system.”
Watch Bryan’s marijuana comments, first reported by Vibe High, about 36:24 into the video below:
“This is by no means the panacea or final solution for the GERS crisis, but a small part of a larger solution,” he continued. “It begins the process of generating the new revenues required to stave off the insolvency of the System. It takes existing policy, approved by this body, and leverages it to support this critical area of need.”
“We must acknowledge the opportunities that regulated expansion of this industry can bring to the territory and the potential benefits to the GERS,” he said. “I urge this body to take the necessary action to approve the amending legislation we have proposed.”
Bryan’s proposal calls for a 30 percent tax on marijuana sales, with revenue expected to be upwards of $20 million annually. His administration is also expecting the policy change to stimulate tourism, and visitors interested in participating in the market would be charged a $10 per day fee to access legal cannabis.
This year has seen several governors voice support for marijuana reform during their high-profile annual addresses and in legislative agendas. New York Gov. Andrew Cuomo (D) reaffirmed his commitment to legalization in his State of the State speech and Virginia Gov. Ralph Northam (D) pledged to pursue decriminalization, for example.
In New Mexico, the governor included legalization in her 2020 agenda, and lawmakers followed suit by filing a cannabis reform bill on Thursday. Rhode Island Gov. Gina Raimondo (D) proposed legalizing marijuana through a state-run model in a budget proposal released on Thursday.
Photo courtesy of Nicholas C. Morton.