The SAFE Banking Act now has 113 sponsors.

Yesterday Representative Lois Frankel (D-FL) joined the growing list of sponsors for the SAFE Banking Act, a measure to explicitly allow marijuana banking. The measure, introduced in September, has more sponsors than any other marijuana-related bill in US history. In the Senate, the updated SAFER Banking Act has 36 sponsors, with Majority Leader Chuck Schumer saying recently that the chamber will work to pass marijuana banking in the “weeks and months ahead”.

Both the SAFE Banking Act and SAFER Banking Act would make it clear that any bank or financial institution could provide financial services to marijuana businesses that are licensed under state law. Proponents of the measure say this change is vital; under the status quo marijuana stores are forced to operate as a cash-only business, putting them at an increased risk of robberies.
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In a letter sent to Senate colleagues, Senate Majority Leader Chuck Schumer (D-NY) said that in the “weeks and months” ahead, the Senate will work to pass a variety of priorities including to “safeguard cannabis banking”.

Senate Majority Leader Chuck Schumer (photo credit: Greg Nash/The Hill).

“In the weeks and months ahead, we have the opportunity to make progress on bipartisan bills that enhance our national security, advance online safety for kids and promote innovation, expand the Child Tax Credit, work on a path forward on Tik Tok legislation, combat the fentanyl crisis, hold failed bank executives accountable, address rail safety, ensure internet affordability, safeguard cannabis banking, outcompete the Chinese government, lower the cost of prescription drugs like insulin while expanding access to health care, and more”, said Senator Schumer. “There are many important, bipartisan issues this Congress could address this year, and I hope our Senate Republican colleagues don’t allow the ultra-right wing of their party to derail progress on these bipartisan bills.”

When Schumer says “safeguard cannabis banking”, he is referring to the SAFER Banking Act, which currently has 36 sponsors, representing 36% of the entire Senate. This includes having support from Republicans and every independent senator. The measure would provide explicit federal protections to banks and other financial institutions that provide financial services to state-legal marijuana businesses.
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March marijuana sales easily passed $150 million in Massachusetts.

In March, Massachusetts saw a total of $154 million in legal marijuana sales, marking a $4 million increase compared to March of last year and a more than $10 million increase from the previous month. These figures fall just $4 million shy of the record-breaking $158 million in sales seen in December, according to data from the Massachusetts Cannabis Control Commission (CCC).

Only $17.2 million of the $154 million in sales was attributed to medical marijuana patients, while the remaining $136.8 million was for recreational use. Continue reading

As the DEA continues its review of marijuana’s scheduling status, with some lawmakers warning that a change could be in violation of international treaties, Canada Prime Minister Justin Trudeau says for his country it has not been an issue.

Canada legalized recreational marijuana for everyone 18 and older in 2018, becoming just the second country to do so following Uruguay. In a recent interview with journalist Mathieu Kassovitzt, Trudeau was asked about any potential downsides of legalizing marijuana, which Trudeau strongly supported.

“The only downside we were extremely worried about was that it would place us in non-compliance with certain international treaties on drug control”, said Trudeau. “We thought they could punish Canada because we’re not aligned with the treaties.”
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Hawaii’s full House of Representatives has advanced a bill to decriminalize marijuana through its second reading; the measure has already been approved through the state’s full Senate.

Senate Bill 2487 would decriminalize the possession of up to one ounce of marijuana for everyone 21 and older, while reducing the penalty for possessing one to two ounces.

Last month Senate Bill 2487 was passed through the Senate with overwhelming support, the vote being 24 to 1. Today, the proposal was passed through its second reading in the House, with a third and final reading expected next week. If the House does pass the measure through its final reading, as is expected, it will be sent to Governor Josh Green.
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The campaign behind a Florida initiative to legalize marijuana that will be voted on this November has raised over $50 million, more than any previous legalization campaign.

On April 1 the Florida Supreme Court ruled that Smart & Safe Florida’s initiative to legalize recreational marijuana will appear on this November’s ballot. Now, the campaign has announced that they’ve raised an additional $15 million in support of their initiative from new partners, bringing the total to $55 million. For comparison, proponents of California’s Proposition 64 raised $25 million in 2016, while those behind Ohio’s Issue 2 raised just $7 million last year; both initiatives were given approval by voters.

According to a report by MJBizDaily, over $40 million of the $55 million was raised by Trulieve, the leading medical marijuana retailer in Florida with 134 locations statewide. The new donors to the initiative include:
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Congressmember Nancy Mace, a Republican from South Carolina, says there’s enough votes in the House of Representatives to pass a federal marijuana banking act, saying that if Republicans want to keep the House they’ll pass it before the election.

The SAFE Banking Act would allow banks and other financial institutions to provide banking services to state-legal marijuana businesses. In the House, the measure has 112 sponsors, more than any other marijuana-related bill in US Congress. In the Senate, the updated SAFER Banking Act has 36 sponsors, and it was was passed through the Committee on Banking, Housing and Urban Affairs with bipartisan support in September. Last month Senate Majority Leader Chuck Schumer said it’s a key priority of the Senate to pass the SAFER Banking Act this year.

Yesterday, in an interview on The Dales Report’s Trade To Black podcast, Rep. Mace said “I support SAFE 100 percent, [and] I would love to see [Schumer] move it forward.”
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Legislation to establish a psilocybin task force has been overwhelmingly approved by Maine’s full Senate.

Dried psilocybin mushrooms. (Photo credit: Rich Townsend/Getty Images).

As filed, Senate Bill 1914 would have legalized the medical use of psilocybin, the psychedelic compound found in “magic mushrooms”. The measure was amended in committee to instead establish a “Commission To Study Pathways For Creating a Psilocybin Services Program in Maine”. Today, the bill was approved through the full Senate by a vote of 23 to six, with six members absent.

SB 1914 now heads to the state’s House of Representatives, with passage in that chamber putting the measure on the desk of Governor Janet Mills.
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