Newsletter
Feds ease hemp business banking access (Newsletter: December 4, 2019)
USVI governor pushes legal marijuana; New Zealand government releases cannabis referendum bill; Feds host psychedelics talk
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/ TOP THINGS TO KNOW
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency issued a memo making it much easier for banks to maintain accounts for hemp businesses.
- “Because hemp is no longer a Schedule I controlled substance under the Controlled Substances Act, banks are not required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.”
U.S. Virgin Islands Gov. Albert Bryan Jr. (D) is directing the legislature to consider a marijuana legalization bill in a special session this month.
- “This amendment creates a regulated system, enables tourists and increases tax revenue to the government of the Virgin Islands.”
New Zealand’s government released a draft marijuana legalization bill ahead of a planned 2020 voter referendum on the issue.
The National Institute of Mental Health, a federal agency, hosted a talk on the benefits of substances such as psilocybin and DMT, with the head of Johns Hopkins University’s Center for Psychedelic Research previewing upcoming studies on microdosing, among other areas of investigation.
/ FEDERAL
Sen. Cory Gardner (R-CO) reprised his impression of Senate Majority Leader Mitch McConnell (R-KY) talking about marijuana.
Sen. Kamala Harris (D-CA) said that drug addiction should be treated as a health issue and “not in jails and prisons.”
Rep. Barbara Lee (D-CA) tweeted, “Less than 1/5 of the cannabis industry is owned or operated by people of color. That’s why it’s so important we ensure our cannabis laws are rooted in equality, justice, and fairness. It’s time to pass the MORE Act and decriminalize marijuana at the federal level.”
/ STATES
Minnesota Gov. Tim Walz (D) tweeted, “I spent my career in Congress working to ensure that our veterans have access to the care they need — and I saw the relief medical cannabis could bring them for chronic pain. I’m glad @mnhealth is working to help more Minnesotans get this same relief.”
Pennsylvania’s lieutenant governor tweeted, “Legalizing marijuana brings: ✅ Regulatory control ✅ Controlled distribution ✅Testing/ purity standards ✅Tax revenue for commonwealth ✅ Ends racially biased enforcement Illegal: Dude making bootleg vape kits in his garage. Sounds like a toss up. 🤔”
The New Hampshire Senate Judiciary Committee rejected a marijuana legalization bill. Meanwhile, the Health and Human Services Committee defeated legislation to allow medical cannabis for any condition approved by a doctor.
New Jersey lawmakers appear to have enough votes to pass a marijuana decriminalization bill.
The Michigan House Regulatory Reform Committee held a hearing on legislation to ban vitamin E acetate as an additive in marijuana and tobacco vaping products.
Illinois regulators are being sued in federal court by a woman who says she was denied a medical cannabis business license over a disputed address change.
Vermont regulators launched a website to educate people about marijuana.
An Oregon regulator met with Chinese researchers to discuss hemp shipments.
Here’s a look at Texas legislative committees’ mandates to study cannabis-related issues in the interim.
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/ LOCAL
Philadelphia, Pennsylvania’s district attorney has implemented a program to withdraw drug charges against people who show they are enrolled in treatment.
The Santa Cruz, California City Council Public Safety Committee held a hearing on a proposal to decriminalize psychedelics.
/ INTERNATIONAL
Barbados’s Senate approved bills allowing medical and sacramental uses of cannabis.
Brazilian regulators approved rules for cannabis-based medicines but rejected a proposal to allow domestic cultivation.
A UK judge is asking regulators to participate in a case concerning a 14-year-old boy’s lack of access to medical cannabis.
/ SCIENCE & HEALTH
A study found that “the addition of [medical cannabis] to standard oncology care in patients with [advanced cancer] was well-tolerated and may lead to improved pain control and lower opioid requirements.”
A study found that “only about half of trauma patients with a positive urine drug screen for marijuana reported use” and that “self-reporting among UDS-positive patients demonstrated no significant change with the legalization of marijuana for medical reasons.”
/ ADVOCACY, OPINION & ANALYSIS
The Legal Aid Society, NY County Defender Services and other criminal defense attorney groups are calling on New York lawmakers to legalize marijuana.
The Firearms Policy Coalition and Firearms Policy Foundation urged the Maine Supreme Court to rule that marijuana possession doesn’t make people ineligible to possess guns.
/ BUSINESS
Canopy Growth Corporation launched a line of CBD products in the U.S.
Charlotte’s Web Holdings Inc. and Infinite Product Co. are facing consumer lawsuits alleging they improperly market CBD products.
Harborside Inc. is appealing a U.S. Tax Court decision that determined it cannot write off certain business expenses due to the 280E tax provision.
Shoppers Drug Mart expanded its online medical cannabis sales to Canada’s East Coast.
22nd Century Group, Inc. announced plans to take a controlling equity position in Panacea Life Sciences, Inc.
Cresco Labs Inc. entered into an equity distribution agreement with Canaccord Genuity Corp., through which it may sell up to C$55 million worth of subordinate voting shares.
First Data Merchant Services LLC is asking a federal court to take control of $620,000 that is apparently owed to marijuana businesses.
The New York Times looks at hemp farmers’ struggles to protect their legal crops from thieves and law enforcement who sometimes confuse them for illegal marijuana.
/ CULTURE
Actor Danny Glover tweeted, “ICYMI: Evanston, IL made a historic decision to use taxes on recreational marijuana to raise millions of dollars for a local reparations fund. I will speaking at the town hall on #reparations in Evanston on Dec 11th!”
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Photo courtesy of Chris Wallis // Side Pocket Images.
