Mar 27 2024

Republican Senators Led by Mitt Romney Urge DEA to Reject Rescheduling Marijuana

A group of Republican Senators sent a letter today to the Drug Enforcement Administration (DEA) requesting they reject a request to reschedule marijuana.

US Senator Mitt Romney (R-UT) today led his Foreign Relations Committee colleagues, Ranking Member Jim Risch (R-ID) and Senator Pete Ricketts (R-NE), in a letter to the Drug Enforcement Administration (DEA) Administrator Anne Milgram “highlighting concerns over HHS’s recommendation to reschedule marijuana from a schedule I to schedule III-controlled substance.” The DEA is currently conducting a review of whether or not marijuana should be moved to Schedule III.

Specifically, they argued that efforts to reschedule marijuana “should be driven by facts, not the administration’s favored policy, and questioned whether doing so would violate the Controlled Substances Act and U.S. treaty obligations under the Single Convention on Narcotic Drugs.”
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Mar 27 2024

SAFE Banking Act Gains Two New Sponsors, Bringing Total to 109 (Representing 25% of the Entire US House)

Federal legislation to allow marijuana banking now has 109 sponsors in the US House of Representatives, representing 25% of the entire chamber.

The SAFE Banking Act now has 109 sponsors, with Congressmembers David Trone (D-MD) and Chellie Pingree (D-ME) signing on yesterday as the measure’s newest cosponsors. In the Senate, the SAFER Banking Act, has 36 sponsors, representing 36% of the entire chamber.

Both the SAFE and SAFER Banking Acts would provide explicit federal protections to banks and other financial institutions that provide banking services to marijuana businesses that are legal under their state’s laws.
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Mar 26 2024

Louisiana Senate Passes Bill to Extend Medical Marijuana Program to 2030

Legislation to extend the sunset period for Louisiana’s medical marijuana pilot program has been passed by the state’s full Senate.

Senate Bill 228, filed by Senator Patrick McMath earlier this month, was passed by the Senate today by a vote of 32 to 5. This sends the measure to the House of Representatives, with passage in the House Governor Jeff Landry.

Louisiana’s medical marijuana pilot program was passed in 2022, allowing Louisiana State University and Southern University as licensed producers of marijuana for therapeutic use. The production and distribution of medical marijuana is under the regulatory authority of the Louisiana Department of Health.
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Mar 26 2024

Delaware Lawmakers Advance Bill to Allow Banks to Service Legal Marijuana Industry

Lawmakers in Delaware’s Legislature have advanced legislation to protect banks and other financial institutions that provide services to state-legal marijuana businesses.

Today the House of Representative’s Economic Development/Banking/Insurance & Commerce Committee advanced House Bill 355, moving it towards a vote by the full House.

The measure, sponsored by Representative Ed Osienski and Senator Trey Paradee in partnership with State Treasurer Colleen Davis, clarifies under state law that those offering financial services to marijuana businesses are following state law and thus cannot be prosecuted.
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Mar 26 2024

US Department of Agriculture Approves Hemp Strain Free of THC and CBD

The United Sates Department of Agriculture (USDA) has given regulatory approval to a genetically modified hemp strain that’s free of THC and CBD.

The strain, called “Badger G” and developed by the Wisconsin Crop Innovation Center at the University of Wisconsin-Madison, is unique due to its absence of THC and CBD. Those behind the strain say this could help hemp farmers reduce waste.

Although Badger G does not produce THC or CBD, it does produce higher levels of the cannabinoid cannabigerol (CBG). This is accomplished by employing gene-editing technology that nullifies the CBDAS gene responsible for THC and CBD synthesis.
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Mar 26 2024

Hawaii Set to Become 25th State to Legalize Recreational Marijuana

Legislation to legalize recreational marijuana is just a couple steps away from becoming law in Hawaii.

Senate Bill 3335 would legalize recreational marijuana for everyone 21 and older, including establishing a system of licensed, regulated and taxed marijuana retail outlets. Earlier this month the measure was given approval through the full Senate by a vote of 19 to 6. After being assed by three different committees in the House of Representatives, the measure received approval by the full House yesterday in a close 25 to 23 vote. This sends the measure to the Finance Committee.

Approval through the Finance Committee would set up one final vote in the House. If the vote remains 25 to 23, it would then be sent to Governor Josh Green for consideration. Governor Green is expected to sign the measure into law if given the opportunity.
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Mar 26 2024

Large Majority in Missouri, Wyoming and Ohio Support Federal Legislation to Protect State Marijuana Laws

According to a new poll covering three different states, a large majority are in support of the federal government passing legislation that would protect states that legalize marijuana.

Commissioned by the Coalition for Cannabis Policy, Education, and Regulation (CPEAR), the poll covers Missouri, Wyoming and Ohio. Of these three states, only Wyoming has not legalized recreational marijuana.

The poll asked voters who are 21 and older their opinion on the STATES 2.0 Act. The measure, which recently gained its 10th bipartisan sponsor in the US House of Representatives, would amend the Controlled Substances so that those acting in compliance with state marijuana laws would no longer be committing a federal crime. The proposal would also allow commerce between legal marijuana states and tribes.
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Mar 26 2024

Connecticut Judiciary Committee Approves Bill to Decriminalize Psilocybin

A joint legislative committee in Connecticut has voted to pass legislation to decriminalize the personal possession of psilocybin mushrooms.

Dried psilocybin mushrooms.

Today Connecticut’s Joint Committee on Judiciary voted overwhelming to approve House Bill 5297. The measure would make it so that any person “who possesses or has under such person’s control less than one-half ounce of psilocybin shall, for a first offense”. For subsequent offenses the fine would be “not less than two hundred dollars or more than five hundred dollars.”

The measure clarifies that law enforcement officer issuing a complaint for a violation of this section “shall seize the psilocybin and cause such substance to be destroyed as contraband in accordance with law.”
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Mar 26 2024

U.S. Legal Cannabis Sales to Top $31 Billion in 2024

According to a new report, the 2024 forecast for legal adult-use and medical sales will top $31.4 billion, an increase of $2.6 billion from 2023.

safe banking act

Conducted by Whitney Economics, a global leader in cannabis and hemp business consulting, data, and economic research, the report finds that the legal marijuana industry will see a compound annual growth rate of 9.14% between 2023 to 2024, and will more than double to a value of $67 billion by 2030.

“Cannabis legal sales have been suppressed since the end of the pandemic, partly due to changes in consumer purchasing behavior, macro issues such as higher interest rates, declining cannabis business conditions and slower than normal regulatory implementations in new markets”, states a press release from Whitney Economics. “Despite these headwinds, growth rates have remained positive in the U.S. overall, however, legal cannabis revenues declined in 10 states in 2023.”
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Mar 26 2024

Delaware Bill Introduced to Protect Entities Serving the Legal Marijuana Industry, Supported by State Treasurer

Legislation has been introduced in the Delaware General Assembly aiming to protect banks and other businesses that provide financial services to marijuana cultivators, distributors, and retailers who operate within Delaware’s legal cannabis marketplace.

House Bill 355, sponsored by Representative Ed Osienski and Senator Trey Paradee, and in partnership with State Treasurer Colleen Davis, clarifies that these financial services are legal under Delaware state law and aims to reassure financial service providers that they can safely provide their services to legal marijuana businesses without risking criminal liability.

“Banks and credit unions are hesitant to serve the marijuana industry because of concerns regarding federal prosecution or penalties since marijuana remains illegal under federal law,” said Treasurer Colleen Davis.
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