Mar 29 2024

IRS Issues Guidance on Marijuana Businesses Receiving Over $10,000 in Cash

The IRS’s Office of Chief Counsel has published a memorandum providing guidance to state-legal marijuana companies that are having issues complying with Form 8300, which must be completed whenever a company receives over $10,000 in cash.

The memorandum was issued in response to a set of questions regarding the Bank Secrecy Act, asked by those working with marijuana businesses that are legally licensed under their state’s laws. Of particular note, the memorandum states that marijuana companies are not required to check the “suspicious transaction” box on the form simply because they are operating a marijuana business.

“You have asked a series of question related to the filing of Form 8300 that have arisen in examinations of trades or businesses involved in the legalized substance industry”, states the letter. “The memorandum provides guidance on many of these issues in a question-and- answer format. We are working on additional guidance on questions related to cash couriers/armored cars who transport cash between growers/manufacturers and dispensaries/sellers.”
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Mar 29 2024

President Biden Issues Proclamation Saying “My Administration Has Taken Historic Steps to End America’s Failed Approach to Marijuana”

President Biden has issued “A Proclamation on Second Chance Month, 2024″, saying “my Administration has taken historic steps to end America’s failed approach to marijuana.”

(Photo credit: Reuters).

“America was founded on the promise of new beginnings”, states the proclamation, issued today.  “During Second Chance Month, we recommit to building a criminal justice system that lives up to those ideals so that people returning to their communities from jail or prison have a fair shot at the American Dream.”

As part of the proclamation, President Biden says “my Administration has taken historic steps to end America’s failed approach to marijuana.  Incarceration for marijuana possession alone has destroyed too many lives, particularly for Black and brown Americans, who have been arrested, prosecuted, and convicted at higher rates than other racial and ethnic groups.”
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Mar 28 2024

Delaware Governor Sent Bill to Allow Medical Marijuana for Any Condition, Allow Those 65+ to Self-Certify

Legislation that would make several changes to Delaware’s medical marijuana law has been passed by the full legislature and sent to Governor John Carney.

House Bill 285 would remove the state’s list of qualifying medical marijuana conditions, allowing physicians to recommend the medicine for any condition they deem appropriate. In addition, the proposal would allow those aged 65 and older to self-certify themselves as medical marijuana patients. This means they would not be required to receive a recommendation from a healthcare professional in order to become a medical marijuana patient.

HB 285 would also allow physicians to issue two or three year medical marijuana cards, whereas currently they are restricted to issuing just one-year cards.
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Mar 28 2024

Virginia Governor Vetoes Bill to Legalize Marijuana Sales

Virginia Governor Glenn Youngkin has officially vetoed legislation that would have legalized licensed marijuana sales.

Governor Glenn Youngkin (photo credit: Al Drago/Bloomberg).

“States following this path have seen adverse effects on children’s and adolescent’s health and safety, increased gang activity and violent crime, significant deterioration in mental health, decreased road safety, and significant costs associated with retail marijuana that far exceed tax revenue,” Governor Youngkin said in a veto letter. “It also does not eliminate the illegal black-market sale of cannabis, nor guarantee product safety. Addressing the inconsistencies in enforcement and regulation in Virginia’s current laws does not justify expanding access to cannabis, following the failed paths of other states and endangering Virginians’ health and safety.”

The legislation (Senate Bill 448), passed by the Virginia Legislature in February, would have allowed marijuana sales to begin on May 1, 2025. Those 21 and older would have been allowed to purchase up to 2.5 ounces of dried marijuana and up to 100mg of THC in edible form per transaction. Licensing and regulations for the marijuana industry would have been overseen by the Virginia Cannabis Control Authority.
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Mar 28 2024

Randomized Clinical Trial Finds CBD Provides Sustained Relief From Menstrual-Related Symptoms

According to a new study consuming soft-gel caps containing the marijuana compound cannabidiol (CBD) is associated with the persitent alleviation of menstrual-related symptoms (MRS).

CBD capsules.

The study was published in the journal Experimental and Clinical Psychopharmacology, with the abstract published online ahead of print by the US National Library of Medicine.

“Some individuals attempt to alleviate menstrual-related symptoms (MRS) by using cannabis and report having expectations that cannabis can improve MRS; however, no study has examined the effect of cannabinoids on MRS”, claim researchers. “The present study is a pre–post, randomized, open-label trial that aimed to examine the effects of oral cannabidiol (CBD) isolate for alleviating MRS.”
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Mar 28 2024

DEA Says They’re “In the Process” of Writing Marijuana Rescheduling Recommendation, Says Administrator “Will Make a Decision On Where to Place It”

In recent remarks an official with the DEA said that when it comes to marijuana’s scheduling status, the agency is “in the process” of writing a recommendation, clarifying that Administrator Anne Milgram “will make a decision on where to place it – whether to change it or whether to remove it”.

In a recent episode of the DEA’s podcast and Youtube show Prevention Profiles: Take Five, Senior Prevention Program Manager Rich Lucey interviewed DEA pharmacologist Buki Ebeigbe, with a focus on the current review of marijuana’s scheduling status. Currently marijuana is Schedule I, making it illegal for all uses; recently the Department of Health and Human Services (HHS) requested the DEA to move marijuana to Schedule III.

During the talk, Lucey said “I just think it’s important for people to – again, going back to correcting misperceptions and really the issue of transparency and, by us even doing this podcast, just to help people understand the process. We don’t want it to necessarily feel as if it’s behind this shroud of secrecy, which I think then lends itself to this idea that it’s a whole arbitrary process.”
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Mar 28 2024

Oklahoma Study Finds Medical Marijuana is Often Far Less Potent Than Advertised

Medical marijuana sold via licensed dispensaries in Oklahoma regularly has far less THC than is advertised on product labels, according to a new study.

For the study, reported by NPR, an independent laboratory analysis of 15 different marijuana strains obtained at three dispensaries identified large discrepancies between the products’ labels and their THC content. In every single instance, the labelled THC was inflated from the tested amount.

The average reported THC level of the strains tested is about 24 %. The actual average THC amount was 14%, representing a double-digit difference.
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Mar 28 2024

27% of US Congress Now Sponsoring Marijuana Banking Legislation

Legislation to allow marijuana banking is now sponsored by 27% of the entire US Congress.

The SAFE Banking Act, filed in April in the House of Representatives, now has 109 sponsors. An updated Senate version of the bill, called the SAFER Banking Act, has 36 sponsors.

The combined 145 sponsors represents 27% of the entire 535 member United States Congress (100 senators and 435 representatives). Both measures enjoy strong bipartisan support, with the Senate version also sponsored by every independent member of the Senate.
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Mar 28 2024

Florida Supreme Court Allows Marijuana Legalization Initiative to Appear on November Ballot

An initiative to legalize recreational marijuana will appear on this November’s ballot in Florida.

“There are no Florida Supreme Court opinions ready for release today, March 28, 2024”, said the Florida Supreme Court on their official X page. This means that the court is unlikely to issue a ruling on Amendment 3 to legalize marijuana prior to the April 1 deadline, given opinions are almost always issued on Thursdays and next Thursday is past the deadline. No ruling being issued prior to the April 1 deadline means the initiative will appear on the November ballot by default.

By refusing to consider a challenge from Florida Attorney General Ashley Moody who is seeking to remove the initiative from the ballot, the Supreme Court would be effectively rejecting the motion, allowing the measure to be voted on this November.  It is possible the court could issue a surprise ruling on Monday; If the court does issue a Monday ruling, it’s expected the ruling will be in support of the initiative being placed on the November ballot. Governor Ron DeSantis, a longtime opponent of legalizing marijuana, said in January that he believes the court will rule in favor of the proposal, saying “I think the court is going to approve that. So it’ll be on the ballot”.
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Mar 27 2024

Massachusetts Initiative to Legalize Psychedelics Receives Committee Hearing, May Appear on November Ballot

An initiative to legalize certain psychedelics is receiving consideration in a joint legislative committee. The measure may appear on the November ballot if rejected by lawmakers.

Mescaline (top left), ibogaine (top right), psilocybin mushrooms (bottom left), and DMT (bottom right). All four would be legalized under the initiative put forth by Massachusetts for Mental Health Options.

In January Massachusetts for Mental Health Options (MMHO) submitted over 96,000 valid signatures for their psychedelics initiative, well more than the roughly 74,000 needed to force a vote of the legislature. Today, the  Special Joint Committee on Initiative Petitions held a public hearing on the measure, with a potential vote coming in the near future.

If the initiative is not passed by the full legislature by May 1, MMHO will be given until July to collect an additional 12,429 signatures. If they’re successful, the proposal will be put to a vote of the people in this November’s presidential election.
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