'Cannabonds' Fund Pot Legalization Effort

Discussion in 'Marijuana News' started by Superjoint, Feb 17, 2003.

  1. By The Canadian Press
    Source: Canadian Press

    Proponents of legalizing marijuana have come up with a unique way to fund their legal costs: Cannabonds.
    The Cannabonds, which go on sale Friday, entitle purchasers to one-quarter ounce of marijuana -- about seven grams -- when the federal government legalizes marijuana cultivation and trafficking, said Ted Smith, Hempology 101 Society founder.

    The society is selling Cannabonds to build a legal defence fund to pay $25,000 in recent court costs and debts, he said.

    "For $25 people can see that the money is going into a legal defence fund that's protecting this group of sick people, and they get a certificate that could be redeemed for a quarter ounce," said Smith.

    "It's really a loan. It's not a sale of anything at this point," he said.

    The society, which operates out of a downtown Victoria bookstore, provides marijuana for medicinal purposes to its members, Smith said.

    The store has been the subject of police raids over the last year, and has run up legal costs defending some of its customers, he said.

    Society members have also loaned money to help with the legal battles, said Smith, a former Victoria mayoral candidate.

    "We need to issue them because the society is still in $25,000 debt from the police raids of last year," he said. "They took over $30,000 in pot mostly."

    The Cannabonds are also a way of helping society members who have been hit by government service cuts and the police raids, Smith said.

    "Our members are suffering now more than ever because they don't have money for food and pot," he said. "We need to go out now and make some outreach with the general community to help with our court cases and to help with keeping the store going for these people."

    Smith said he doesn't expect the federal government to fully legalize marijuana for at least another five years.

    Source: Canadian Press
    Published: Thursday, February 13, 2003
    Copyright: 2003 The Canadian Press

    Related Articles & Web Site:

    Hempology 101

Grasscity Deals Near You


Share This Page