Sep 27 2023

US Senate Majority Leader Says Full Senate Will Vote “Very Soon” on Marijuana Banking Act

Shortly after the Senate Committee on Banking, Housing and Urban Affairs passed the SAFER Banking Act (S.2860), Senate Majority Leader Chuck Schumer vowed to give it a floor vote.

Senator Schumer says that the SAFER Banking Act will receive a vote in the full Senate “very soon”, indicating he’s confident it has enough support to pass the 60 vote threshold required to pass the measure and send it to the House of Representatives.

The proposed law would provide federal legal protections for banks, credit unions and other financial institutions that provide financial services to marijuana businesses that are legal under their state’s law. This would allow thousands of marijuana stores located throughout the dozens of legal marijuana states to switch from a risky cash-only model, to a model that allows them to accept debit and credit card transactions. It would also give them access to things such as bank loans.
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Sep 27 2023

United States Senate Committee Passes Marijuana Banking Bill

A key Senate committee has given approval to groundbreaking legislation that would explicitly allow banks and financial services to work with marijuana businesses that are legal under state law.

The United States Senate Committee on Banking, Housing and Urban Affairs gave approval to the SAFER Banking Act today, a week after its introduction. The vote was 14 to 9. This sends the measure to the floor of the Senate, with Majority Leader Chuck Schumer planning to swiftly put it to a vote alongside a proposal to allow for marijuana expungements (the HOPE Act).

The SAFER Banking Act (S.2860) would provide federal protections for banks, credit unions and other financial institutions that provide financial services to state-legal marijuana businesses. This would allow them to accept deposits, provide credit, or provide payment services to these businesses.
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Sep 26 2023

New Jersey: Marijuana Job Fair Being Held October 11 By Union County Commissioners

The 2023 Cannabis Job Fair will take place in Union County, New Jersey on Wednesday, October 11.

The fair, taking place at 40 West Jersey Street, Elizabeth, New Jersey in room 519 of the Kellogg Building (Union College), is being put on in a collaboration between the Union County Board of County Commissioners, the Elizabeth Development Company, and Union College of Union County.

“The cannabis industry is growing at a rapid rate here in New Jersey,” said Commissioner Chairman Sergio Granados. “Right now, there are over 30 dispensaries in New Jersey, which allows easy access for medical marijuana for patients who can benefit from its therapeutic properties, as well as adult-use cannabis.”
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Sep 26 2023

North Carolina Governor Likely to Sign Kratom and Hemp Bill Into Law

A North Carolina bill that would regulate the sale of kratom and products made from hemp is likely to become law this year.

Kratom products.

A spokesperson for Governor Cooper says he will likely sign House Bill 563 into law if given the opportunity. The proposal was passed unanimously through House of Representatives recently in a 110 to 0 vote, sending it to the Senate. The following day the Senate passed the proposal through its first of three readings and assigned it to the Rules and Operations Committee.

Filed by State Representative Jeffrey McNeeley along with a bipartisan coalition of 10 other lawmakers, House Bill 563 would require a specific license in order to legally distribute kratom and “hemp-derived consumable products”. According to its official summary, House Bill 563 would:
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Sep 26 2023

US Senate Committee to Vote Tomorrow on Marijuana Banking Bill

Tomorrow, September 27, the US Senate Banking Committee will vote on a groundbreaking piece of legislation that will allow marijuana businesses that are legal under state law to more easily access banks and other financial services.

The SAFER Banking Act (S.2860) would provide federal protections for banks, credit unions and other financial institutions accepting deposits, extending credit, or providing payment services to an individual or business engaged in marijuana-related commerce in states where such activity is legal. It also provides a safe harbor to credit unions and employees who are not aware if their members or customers are involved in cannabis businesses.

In a recent interview the chair of the Banking Committee Senator Sherrod Brown said “[W]e’ll pass it decisively”, with “a strong majority”.
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Sep 26 2023

Alaska: Starting October 8 Marijuana Businesses Can Advertise, Give Free Samples

A law allowing marijuana retail outlets in Alaska to give free samples and advertise their business goes into effect soon.

Signed into law by Lt. Governor Nancy Dahlstrom on September 8, the new law goes into effect on October 8. The new removes a law prohibiting marijuana businesses from purchasing advertising for their company. Although placing billboards still won’t be allowed, companies could purchase other forms of advertising such as bus ads, yard signs and so on.

Under the new law localities would still have the authority to place additional restrictions or bans on marijuana advertising.
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Sep 25 2023

Report: Marijuana Cultivation and Processing Market to Grow from $32 Billion Now, to $95 Billion in 2030

According to a new report conducted by RationalStat, the global market for growing and processing marijuana is around $32 billion.

The report estimates that the market will triple to reach a valuation of nearly $100 billion by 2023. This would mark a compound annual growth rate of over 16%.

“The factors contributing to the growth of the market include legalization and decriminalization, growing medical applications, expanding recreational use, and investment and entrepreneurship”, states the report. “The increasing trend toward cannabis legalization and decriminalization around the world has been a major driver for the market. As more countries and states legalize or decriminalize cannabis for medical or recreational use, it opens up new opportunities for cultivation and processing businesses.”
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Sep 25 2023

President Biden Says No One Should Be In Prison for Marijuana Possession or Use

At a recent event President Biden emphasized the actions he has taken towards reforming our marijuana laws while working to help remedy some of the negative consequences associated with prohibition.

President Biden speaking at the Congressional Black Caucus Foundation’s annual award ceremony. (Photo credit: Reuters).

“I’m keeping my promise that no one – no one – should be in jail merely for the use or possession of marijuana” said President Biden at an event held by the Congressional Black Caucus Foundation. “And those who are in jail, they’re going to be released and the records are going to be expunged.”

The comments from President Biden come roughly a month after his Department of Health sent a letter to the DEA requesting marijuana be rescheduled to Schedule III, effectively legalizing it for prescription use across the country.
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Sep 25 2023

National Conference Of State Legislatures Endorses Federal Marijuana Banking Bill

The CEO of the National Conference of State Legislatures (NCSL) has sent a letter to Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell urging them to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

“Our current system relies on cash-only cannabis transactions, increasing the real risk that these cannabis businesses become prime targets for theft, burglary, armed robbery and other property crimes that jeopardize the safety of the business owners and the communities in which they operate”, said CEO Tim Storey. “The bipartisan SAFER Banking Act will create a safe environment for cannabis businesses and would allow financial institutions to provide banking services to legitimate state authorized cannabis-related businesses.”

Storey says the bill is a “much-needed solution” to the “unsafe and untenable”status quo.
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Sep 25 2023

Michigan: Starting October 1 Potential Government Employees Will No Longer Be Tested for Marijuana

Starting October 1 Michigan will no longer test potential government employees for marijuana.

The Michigan government employs nearly 50,000 people, and roughly two-thirds of these positions will no  test those seeking employment for marijuana use. This is due to a rules change made this summer by the Michigan Civil Service Commission, which unanimously approved the alteration.

“Use of marijuana on the job is different than having used it months before you take the test”, says Commissioner Nick Ciaramitaro. “It doesn’t make sense to eliminate qualified people because they took a gummi two weeks ago.”
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