Torti: Pot not a long-term strategy

Tom Torti

Let me begin by getting the basic disclaimers out of the way. The Lake Champlain Regional Chamber of Commerce’s opposition to the legalization of marijuana as an economic development panacea is not based on moral outrage or righteous indignation.

Vermont has decriminalized the recreational use and possession of small quantities of cannabis. After doing so, the sun did not fail to rise, the hordes did not storm the gates, pestilence did not ensue and the rivers did not run dry. Life has gone on. Our opposition is solidly rooted in the belief that rainbows and faerie dust should not be the foundation upon which economic policy is built.

A few Vermont entrepreneurs would have Vermonters believe an economy based upon cannabis research, development and production can solve our state’s financial woes. Cannabis is not, as they have intimated, the next captive insurance industry; the answer to our legacy manufacturing woes or; a guarantee that millions of dollars will flood the state coffers. As we have learned in the past, simply wishing something to be does not make it so.

During a recent board meeting of the Lake Champlain Regional Chamber, members listened to a presentation outlining the potential economic benefits of the cannabis economy. It is safe to say that the majority of those present, all of whom are either business owners or senior executives, were not swayed by the economic development arguments of the pro-cannabis supporters. The Chamber’s position on the matter of legalization did not change.

Stated succinctly, before we change our current law, we have an affirmative obligation to undertake extensive research and analysis and understand the experiences (pro and con) of states and jurisdictions that legalized cannabis. If we decide to move forward, we can ensure a greater opportunity for success by learning from and improving on those experiences. The worst thing we can do is push forward with only partial information, make it up as we go and, hope for the best.

We owe it to Vermonters to respect the Vermont medical and social service experts who caution patience in the face of our epidemic drug crisis; the financial experts who warn that any Vermont experiment will be crushed by the entry of larger states into the market; the banks that tell us they cannot accept money from drug operations since it remains illegal on a federal level, the educators who worry about the effects on cognition and the employers concerned about worker safety.

The Chamber understands and fully endorses American capitalism, but we reject the notion that speculative “get rich quick” schemes should be the fabric upon which we build Vermont’s economy. Let us not forget the drive during the 1990s to legalize gambling in order to cash in on the booming gambling industry. The states and cities that did so would not be so quick to repeat that action today.

Time, thought and prudence are not our enemies. Let’s not allow high hopes to cloud our judgment and let us all commit to working toward a sustainable economic future for all Vermonters.

Tom Torti is president of the Lake Champlain Regional Chamber of Commerce.