Newsletter
Schumer reaffirms cannabis banking needs expungements attached (Newsletter: May 12, 2023)
Senate SAFE hearing; CT psilocybin decrim passes; NH rejects legalization; Top WI senator talks marijuana; DE rep’s cannabis advice for other states
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/ TOP THINGS TO KNOW
The U.S. Senate Banking Committee held a hearing on marijuana banking issues.
Senate Majority Leader Chuck Schumer (D-NY) and Sens. Cory Booker (D-NJ) and Ron Wyden (D-OR) released a joint statement in the wake of the marijuana banking hearing—reaffirming their commitment to adding cannabis expungements provisions to the SAFE Banking Act.
- Schumer also spoke about “good, bipartisan progress” on the bill in a floor speech.
The Connecticut House of Representatives passed a bill to decriminalize psilocybin.
The New Hampshire Senate rejected a House-passed marijuana legalization bill.
Wisconsin Senate Minority Leader Melissa Agard (D) spoke to Marijuana Moment about her frustrations with Republicans’ refusal to advance marijuana reform as surrounding states enact legalization.
The Delaware representative who sponsored marijuana legalization bills that passed this session discussed the challenges of enacting them over the wishes of a hostile governor and offered advice to fellow legislators seeking to advance reform in other states.
Minority Cannabis Business Association Board Member Tahir Johnson argues in a new Marijuana Moment op-ed that a cannabis banking bill has been improved with the inclusion of Community Development Financial Institutions—but it can be even better with Small Business Administration provisions added in as well.
/ FEDERAL
The Trademark Trial and Appeal Board upheld an examining attorney’s refusal to register trademarks for cannabis paraphernalia.
Sen. Jeff Merkley (D-OR) tweeted, “The bipartisan SAFE Banking Act of 2023 includes expanded equity provisions, including safe harbor for CDFIs and MDIs. I will also push to pair this bill with funding for states that will expunge cannabis records as part of the final passage. I’m working to get this done.”
Sen. John Hickenlooper (D-CO) tweeted, “Great to see our Safe Banking Act get its first ever hearing in the Senate today! This bipartisan bill would finally allow legally-operating cannabis businesses to access banking services – and today’s hearing is an important step in making that happen. Giddy up!”
Rep. Kevin Kiley (R-CA) praised a local sheriff in a House floor speech for his efforts at eradicating illegal marijuana grows.
Rep. Mary Peltola (D-AK) tweeted, “I’m glad to join @lisamurkowski & @SenDanSullivan in cosponsoring the SAFE Banking Act, which will help responsibly integrate the cannabis industry into our economy. This commonsense act will cut red tape and reduce safety risks to businesses.”
/ STATES
The Texas House of Representatives considered and passed a bill to repeal the ban on manufacturing smokable hemp products.
A Florida marijuana legalization campaign received another $8 million contribution from Trulieve.
The head of an Ohio marijuana campaign said he’s “confident” they will be able to collect enough signatures to place their legalization measure on the November ballot.
New York regulators approved revised adult-use marijuana rules to allow existing medical cannabis operators to enter the market, as well as approved a social and economic equity plan.
The Delaware Department of Human Resources implemented a new marijuana policy for government employees in light of legalization.
Massachusetts regulators launched advanced marijuana social equity training courses and responsible vendor training curricula.
Washington State regulators sent an update about upcoming changes to the Cannabis Central Reporting System.
Pennsylvania’s government touted the Department of Agriculture’s investment in the hemp industry in a press release about the state Senate confirming the agriculture secretary.
Iowa’s Medical Cannabidiol Board will meet on Friday.
Alaska’s Advisory Task Force on Recreational Marijuana will meet on Monday.
Colorado’s Retail Marijuana Public Health Advisory Committee will meet on Monday.
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Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.
Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
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/ INTERNATIONAL
A European Commission spokesperson said the body is “following closely” member nation’s moves to legalize marijuana.
Canadian officials sent a warning about “copycat” edible cannabis products that resemble major brands.
/ SCIENCE & HEALTH
A study concluded that “CBD may be a more effective and safe choice for managing [behavioral and psychological symptoms of dementia] than the typical intervention.”
/ ADVOCACY, OPINION & ANALYSIS
The Garden State Bar Association will host a cannabis summit on Tuesday.
A National Consumers League official authored an op-ed urging the Food and Drug Administration to crack down on “marijuana misinformation on social media.”
Prohibitionist organization Smart Approaches to Marijuana, National Narcotic Officers’ Associations’ Coalition, NAACP Illinois State Conference, Drug Free America Foundation and other groups sent a letter urging Senate Banking Committee leaders to reject a marijuana banking bill.
/ BUSINESS
TerrAscend Corp. reported quarterly net revenue of $69.4 million and a net loss of $22.8 million.
Schwazze reported quarterly revenue of $40 million and a net loss of $1.7 million.
Leafly Holdings, Inc. reported quarterly revenue of $11.2 million and a net loss of $5.4 million.
atai Life Sciences reported a quarterly net loss of $34.4 million.
COMPASS Pathways plc reported a quarterly net loss of $24.2 million.
HEXO Corp. obtained an interim order from the Ontario Superior Court providing for a special meeting for shareholders to consider its proposed acquisition by Tilray Brands, Inc.
Michigan retailers sold $246.1 million worth of legal marijuana products in April.
Colorado retailers sold $139.6 million worth of legal marijuana products in March.
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