Newsletter
New fed cannabis banking data shows record interest (Newsletter: September 19, 2023)
FL medical marijuana homegrow initiative; Regulators push hemp law changes; KY ibogaine hearing; NJ cannabis research licenses
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/ TOP THINGS TO KNOW
New data from the Treasury Department’s Financial Crimes Enforcement Network shows that a record-high number of banks and credit unions are now actively servicing marijuana business clients. A Senate committee will vote on a cannabis banking bill next week.
Florida activists are collecting signatures for an initiative to allow medical cannabis home cultivation—and some dispensaries are helping. The push comes as the state Supreme Court decides whether a separate marijuana legalization measure can appear on the 2024 ballot.
The Cannabis Regulators Association sent a letter asking Congress to make certain changes to laws around hemp and cannabinoids through the forthcoming 2023 Farm Bill.
The New Jersey Cannabis Regulatory Commission is accepting public comments on proposed rules that would let “clinically focused” marijuana businesses partner with researchers to carry out studies on products that they grow or sell.
The Kentucky Opioid Abatement Advisory Commission held a second hearing on a proposal to spend at least $42 million researching ibogaine as an addiction treatment, with a vote expected in November. The money comes from litigation settlements with pharmaceutical companies.
The Alaska House Labor and Commerce Committee held a hearing on a bill to reduce effective marijuana tax rates by replacing the current per-ounce tax with a sales tax.
A Harm Reduction International report found that governments across the world spent the equivalent of $974 million in aid to support the war on drugs over the past decade—more than for food security, early childhood education, labor rights or mental health.
/ FEDERAL
Senate Minority Leader Mitch McConnell’s (R-KY) office criticized Oregon and California policies that decriminalize or reduce penalties for drugs.
Sen. James Lankford (R-OK) discussed a letter he led urging the Drug Enforcement Administration to reject a marijuana rescheduling recommendation.
Maryland Democratic Senate candidate Angela Alsobrooks, currently Prince George’s county executive, once stated that “decriminalization of marijuana has really driven the violence we have seen this year in Prince George’s.”
/ STATES
Massachusetts Gov. Maura Healey (D) filed a supplemental budget that would correct the transfer mechanism for the Cannabis Social Equity Trust Fund. Separately, lawmakers are calling for an oversight hearing of the Cannabis Control Commission. And regulators held a contentious public meeting in the absence of their suspended chair.
Kansas’s Senate president expressed concerns about legalizing medical cannabis.
New York’s Assembly majority leader spoke about the state’s law on workplace protections for cannabis consumers.
Wisconsin’s Senate minority leader is kicking off the second leg of her marijuana-focused “Grass Routes” tour.
The Wyoming legislature’s Judiciary Committee will consider a proposal to effectively ban delta-8 THC products on Tuesday.
The chairman of the Hawaii House Committee on Human Services cited medical cannabis as an opioid alternative.
South Dakota regulators are accepting public comments on proposed revisions to medical cannabis rules.
Washington, D.C. regulators issued additional medical cannabis business licenses.
Michigan regulators posted a monthly report of disciplinary actions taken against marijuana businesses.
Vermont regulators will likely hold marijuana business education seminars in early- to mid-November.
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/ LOCAL
The Philadelphia, Pennsylvania City Council overrode the mayor’s veto of a bill to prevent some medical cannabis dispensaries from selling recreational marijuana if statewide legalization is enacted.
The Dover, Delaware City Council is expected to consider options to regulate or ban cannabis businesses this month.
/ INTERNATIONAL
Thailand’s Ministry of Public Health is forming a panel to study potential cannabis legislation. The public health minister said the government will prevent “recreational, inappropriate and dangerous uses” of marijuana so it is used “for true medical and health purposes” only.
Cocaine is on track to become Colombia’s top export, surpassing oil.
A German lawmaker is pushing the government to announce details of the second phase of its marijuana legalization plan.
A European Parliament member tweeted photos of cannabis plants he is growing.
/ SCIENCE & HEALTH
A study found that “THCV, CBC, and CBN exert anti-inflammatory effects by influencing different stages of gene expression.”
A study found that cancer patients “reported moderate to high relief of symptoms with cannabis use.”
/ ADVOCACY, OPINION & ANALYSIS
A poll found that Filipinos support legalizing medical cannabis, 63 percent to 37 percent.
The Family Research Council’s president said decriminalizing psychedelics would be “opening people up to demonic activity.”
The Star Tribune editorial board cheered a state Supreme Court ruling that the smell of marijuana alone is not enough to justify a police search.
The Marijuana Policy Project published a voter guide for Louisiana’s open primary election.
/ BUSINESS
Columbia Care Inc. entered into subscription agreements with institutional investors for aggregate gross proceeds of approximately $25 million.
Canopy Growth Corporation entered into subscription agreements with institutional investors for aggregate gross proceeds of approximately $25 million.
Verano Holdings Corp. launched a Round Up for Cannabis Reform program through which dispensary customers can donate to The Weldon Project’s Mission Green.
Washington, D.C. dispensaries sold $1.6 million worth of medical cannabis products in August.
/ CULTURE
Xzibit is launching a cannabis podcast.
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Photo courtesy of Mike Latimer.
