Newsletter
IRS cannabis cash memo (Newsletter: March 20, 2024)
White House highlights cops’ marijuana concerns; Lawmakers on SAFER Banking; PA legalization opportunity; KS medical cannabis bill
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/ TOP THINGS TO KNOW
The Internal Revenue Service said in a new memo that marijuana industry cash is not necessarily “suspicious.”
The White House Office of National Drug Control Policy’s annual budget submission to Congress highlights concerns of law enforcement agencies around the country that claim marijuana legalization has not diminished the illegal cannabis market.
Senate Banking Committee Chairman Sherrod Brown (D-OH) and House Majority Whip Tom Emmer (R-MN) both voiced support for enacting marijuana banking legislation.
The Pennsylvania House Appropriations Committee chairman says it’s “high time” to legalize marijuana and lay the groundwork for businesses in the state to export cannabis to other markets if federal law changes—and he sees a “real opportunity” to do so this session.
The Kansas Senate Federal and State Affairs Committee filed a bill to create a limited medical cannabis pilot program, but advocates say it would put too many restrictions on patient access and create “monopolies” in the market.
A new federally funded study found that legalization of “adult-use sales were not associated with an increase in lifetime or [past 30-day] marijuana use” among middle school students.
/ FEDERAL
The White House tweeted, “President Biden and Vice President Harris believe no one should be jailed just for using or possessing marijuana. That’s why our Administration has pardoned tens of thousands of people for federal marijuana possession. Last week, @VP heard directly from people who have received these pardons for prior marijuana convictions. Our Administration will continue to work to advance long-overdue criminal justice reforms.”
Former President Donald Trump suggested the UK’s Prince Harry might have to be deported if it turns out he lied about prior drug use on his visa application.
Former White House National Drug Control Policy Chief Medical Officer Roneet Lev said it’s an “insult” to use the phrase “medical marijuana.”
Sen. Elizabeth Warren (D-MA) praised Massachusetts Gov. Maura Healey’s (D) mass marijuana pardon move, calling it “a powerfully important step” and saying, “I’ll keep working to legalize marijuana nationwide and repair the harms of an unjust criminal legal system.”
Rep. Morgan Griffith (R-VA) inserted comments into the Congressional Record praising a recently deceased judge who as a college student “was charged with possession of heroin and marijuana, but later had those charges dropped when he agreed to become a police informant.”
/ STATES
A senior advisor to Arkansas Gov. Sarah Huckabeen Sanders (R) is leading a group seeking to defeat proposed ballot initiatives on legalizing marijuana and other issues.
The Connecticut legislature’s Transportation Committee defeated an amendment to make it easier for police to pull over drivers who they suspect are smoking marijuana.
A Tennessee senator discussed his concerns about legalizing marijuana.
A New Jersey appeals court ruled that a town has the right to withhold support from a marijuana business that is seeking a state license.
Rhode Island regulators published guidance on allowable marijuana products.
Colorado regulators published average market rates for retail marijuana.
Michigan regulators published a monthly report on disciplinary actions against marijuana businesses.
Vermont regulators sent a reminder about marijuana business license renewals.
The Warm Springs Tribal Council, located within Oregon, is delaying a referendum on allowing a marijuana dispensary until June 5.
Nevada regulators will consider marijuana business issues on Thursday.
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/ LOCAL
Richmond, Virginia’s mayor tweeted, “While Glenn Youngkin has stifled attempts to legalize the recreational sale of marijuana in VA, the Biden Administration is taking real steps to move our country forward. Let’s keep up the momentum!”
/ INTERNATIONAL
Statistics Canada reported that nearly 72 percent of marijuana consumers buy only from legal sellers.
The Kenyan attorney general’s office is urging a court to reject a lawsuit brought by Rastafarians seeking to overturn cannabis criminalization.
/ SCIENCE & HEALTH
A study found that “when states permitted recreational marijuana use, there was no corresponding change in the number of foster care entries related to drug abuse, relative to control states” and that “for the legalization of medical marijuana, we find a roughly 20 percent decrease in the number of cases associated with parental drug abuse in the second year after legalization, followed by a roughly 30 percent decrease in the third and fourth years.”
A study found that “patients self-reported very good efficacy and tolerability” of medical cannabis.
/ ADVOCACY, OPINION & ANALYSIS
The New York Post editorial board and the New York Daily News editorial board cheered Gov. Kathy Hochul’s (D) move to launch a review into the state’s marijuana business licensing process.
A Show-Me Institute official authored an op-ed arguing that local Missouri marijuana taxes “are an opportunity to improve both the current budgets and the long-term tax environment for cities and counties.”
/ BUSINESS
Curaleaf Holdings, Inc. is acquiring Northern Green Canada.
Meta is reportedly being investigated by federal authorities over its potential role in the illicit sale of drugs on its platforms.
The Cannabist Company Holdings Inc. completed a private placement of $19.5 million aggregate principal amount of senior secured convertible debentures.
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Photo courtesy of Brian Shamblen.
