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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Mar 25 2024

US Census Data Shows Legal Marijuana States Made $710 Million in Tax Revenue in Q4, 2023

In the final quarter of 2023, legal marijuana states combined to make over $700 million in marijuana tax revenue, according to government data.

Data released by the US Census Bureau shows that among the states that currently allow it, licensed marijuana sales garnered $710 million in tax revenue during the final quarter of 2023, cover October 1 to December 31.

22 states plus the District of Columbia were included in this data. Minnesota allows marijuana sales, but stores aren’t expected to open until sometime next year. In Virginia, marijuana possession is legal, but not sales.
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Mar 25 2024

Federal Legislation to Protect State Marijuana Laws Gains 10th Bipartisan Sponsor in US House

A proposal in the House of Representatives to protect state marijuana laws has garnered its 10 legislative sponsor.

marijuana

Congressmember Bonnie Watson Coleman (D-NJ) has officially signed on as a cosponsor to the STATES (Strengthening the Tenth Amendment Through Entrusting States) Act 2.0, bringing the total to 10. The measure was filed in December by Representative Dave Joyce (R) with four cosponsors.

The STATES 2.0 Act would amend the Controlled Substances so that those acting in compliance with state marijuana laws would no longer be committing a federal crime, and it would allow commerce between legal marijuana states and tribes
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Mar 25 2024

House Republican Policy Committee Says Marijuana is “Dangerous” and Causes “Violence, Depression and Suicide”

An advisory committee for national Republicans says marijuana causes “violence, depression and suicide”, and they’re calling on Republican lawmakers to oppose legislation allowing banks to work with state-legal marijuana businesses.

The House Republican Policy Committee has released a report declaring their opposition to the SAFE/SAFER Banking Acts, which would allow marijuana banking, as well as legislation that would remove previous marijuana use as a barrier for federal employment and security clearances (the Cannabis Users’ Restoration of Eligibility – CURE – Act). The report is titled Guide to the Issues – The Victims of Marijuana Use.

“Marijuana is a dangerous, addictive drug with no mechanism to control rouge producers from increasing potency and causing more harm”, states the committee. “Rather than labeling marijuana as a recreational drug, it should be labeled for what it is, a gateway drug that increases schizophrenia and impairs cognitive ability.”
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