April 1, 2016

House Committees Hear More Marijuana Testimony

Print More
Susan Donegan, Commissioner of the Vermont Department for Financial Regulation Testifies on Wednesday

Susan Donegan, Commissioner of the Vermont Department for Financial Regulation Testifies on Wednesday

(Montpelier, March 30)— “If marijuana is legalized, this will be viewed as an opportunity,” Commissioner Susan Donegan said during another joint committee meeting regarding the current bill on legalization on Wednesday morning. The House Judiciary Committee and the Government Operations Committee heard testimony on Wednesday from various representatives with regards to Vermont public safety and this bill.

Susan Donegan, of the Vermont Department for Financial Regulation, spoke about the potential for insurance companies in the area. In Vermont, there are many dangerous markets in which insurance companies take risks: the logging industry, day cares, and other related industries in the rural state. Donegan points out that this market is working because our insurance companies are willing to take risks.

Donegan also mentioned the impact legalizing marijuana would have on the banks in our state. Because marijuana is not legalized on the federal level, this would pose problems for banks wishing to be ensured by the FDIC and NCUA.

The committees also heard from a state with first hand experience in the matter. Candace Block, from the Association of Washington Cities, pointed out that Washington is still learning from their recent legalization laws. Concerns over public safety, particularly with regards to children and poison control up ticks, shook the committee. Block recommends to “take it slow” because it is a big change, and we have very little data on it this early in the game.

Leave a Reply

Your email address will not be published. Required fields are marked *