Newsletter
Cannabis banking bill would save gov’t money, CBO says (Newsletter: May 27, 2019)
Lawmakers work on SBA help for marijuana biz; VA cannabis research catch-22 called out; Spray marijuana mist to solve nuclear crisis?
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/ TOP THINGS TO KNOW
The Congressional Budget Office issued a score for the marijuana banking bill that’s expected to hit the House floor soon. By 2029, banks and credit unions would see deposits jump by $2.1 billion and $350 million, respectively, CBO estimated. The office also projected that the measure would end up saving the government money after some initial implementation costs.
Members of Congress are working on legislation to remove barriers to Small Business Administration assistance for the marijuana industry. Sen. Jacky Rosen (D-NV) pressed an SBA official on the issue at a recent hearing.
At a House Armed Services Committee hearing, Rep. Matt Gaetz (R-FL) criticized Department of Veterans Affairs officials for effectively blocking participation in research that can demonstrate medical cannabis’s benefits for military veterans.
A C-SPAN caller had a novel idea for using cannabis to solve the nuclear crisis.
- “We could spray a marijuana-Prozac or peace-happy-friendly chemical mist over sites in Iran and North Korea, where they’re working to produce nuclear weapons. And the mist would cause the workers…to chill out.”
/ FEDERAL
The Department of Justice carried out large-scale cannabis enforcement actions in Colorado, with the state’s U.S. attorney saying the state “has become the epicenter of black market marijuana in the United States” and a Drug Enforcement Administration special agent adding, “Unfortunately Colorado is no longer known for its beautiful mountains and scenery. Now it is known for marijuana and other illegal manufacturing and distribution of controlled substances.”
Rep. Ed Perlmutter (D-CO) tweeted, “Federal banking laws were designed to prevent illicit activity & help law enforcement do their jobs. These laws need to be applied to legitimate marijuana businesses to improve transparency, accountability.”
The House bill to deschedule marijuana and provide funding for expungements got three new cosponsors, for a total of 35.
/ STATES
Iowa Gov. Kim Reynolds (R) vetoed a bill to expand the state’s limited CBD medical cannabis program.
Pennsylvania’s lieutenant governor tweeted about public support for medical cannabis as an opioid alternative.
Texas lawmakers took final action on a medical cannabis expansion bill, sending it to the desk of Gov. Greg Abbott (R).
Nebraska lawmakers passed a hemp bill.
Nevada lawmakers approved legislation to streamline the process for sealing marijuana convictions. Meanwhile, the Assembly Judiciary Committee removed language from a pending bill that would have allowed counties to issue licenses for cannabis social consumption areas. Separately, court hearings in a case challenging the state’s marijuana license awarding process got underway.
Alabama representatives are likley to amend a Senate-passed medical cannabis bill to focus on studying the issue instead of legalizing access.
New York lawmakers filed a revised marijuana legalization bill.
Missouri regulators released final medical cannabis regulations.
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/ LOCAL
Yakima County, Washington’s prosecuting attorney is opposed to vacating prior marijuana convictions.
/ INTERNATIONAL
South Africa’s government descheduled CBD.
Norway’s sovereign wealth fund reversed a decision to invest in the marijuana industry.
The Barbados government approved the importation of cannabis-based medicines.
/ ADVOCACY
The Multidisciplinary Association for Psychedelic Studies issued a statement disclosing an improper sexual relationship between a therapist and a patient in one of its clinical trials.
/ SCIENCE & HEALTH
A study of the relationship between opioid use disorder and cannabis use disorder found that “the group with co-occurring OUD and CUD was associated with a lower number of opioid prescriptions, but higher likelihood of inpatient psychiatric admission.”
A study of mice found that “animals fed with cannabis-diet displayed significantly reduced anxiety but statistically insignificant locomotory function, exploratory tendencies and neophilia, in a quantity dependent manner relative to the controls” and that “ingestion of whole cannabis plants may not adversely influence neuro-behavioural patterns in animals.”
/ OPINION & ANALYSIS
The Star-Ledger editorial board bemoaned the shuttering of the Drug Policy Alliance’s New Jersey office.
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