Mar 25 2024

American Bankers Association Poll Finds 63% of Adults Support Federal Marijuana Banking Legislation

According to new polling commissioned by the American Bankers Association (ABA), a large majority of American adults support passing federal marijuana banking legislation.

“The data released today also indicate that by greater than a 3-to-1 margin (63% support vs. 17% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services and financial products like checking accounts and business loans in states where cannabis is now legal”, states a press release for the poll, which was conducted by Morning Consult on behalf of the American Bankers Association.

“Americans have made it clear that Congress should resolve the ongoing conflict between state and federal law on cannabis banking issues by passing legislation that will enhance public safety, tax collection and transparency,” said Rob Nichols, ABA president and CEO.
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Mar 25 2024

$160 Million Worth of Marijuana Sold Legally in Illinois in February

February marijuana sales topped sales for January, despite the month being two days shorter.

According to the Illinois Department of Financial and Professional Regulation, there was $160 worth of marijuana sold legally in February. This includes dried marijuana flower as well as a variety of marijuana products including concentrates, edibles and topicals.

The roughly $160 million in marijuana sales in February is a slight increase over the $158.1 million sold in January, and it’s an increase of over $12 million from the total sales for February, 2023.
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Mar 25 2024

Marijuana Stock Index Up 24% From Start of Year

The Global Cannabis Stock Index is currently 24% higher now than it was on January 2.

At the time of publication the Global Cannabis Stock Index stands at 9.96. This is a 24% increase over the 8.03 value the market held on January 2, the first business day of the year.

The current value is a 16% increase over where the market stood a year ago, and a 7% increase from six months ago.
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Mar 24 2024

An Updated Timeline of the DEA’s Marijuana Rescheduling Review

The Drug Enforcement Administration (DEA) is currently conducting a review of marijuana’s Schedule I status. Here’s a timeline of how this review began, what’s happened since, and what comes next.

The DEA’s review of marijuana’s scheduling status was prompted by the Department of Health and Human Services (HHS) sending a letter to the agency in August, requesting marijuana be moved to Schedule III. This recommendation came after a nearly year-long review by HHS, which came at the request of President Biden via a late-2022 executive order. The decision is now entirely in the hands of the DEA, with no deadline for them to come to a decision.

Under current law, marijuana is a Schedule I drug, indicating it has no known medical value, it’s highly addictive and dangerous, and is illegal for all uses. Other Schedule I drugs include heroin and LSD. If moved to Schedule III, marijuana would be in the same class as substances like ketamine, testosterone and codeine, making it available for prescription use nationwide.
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Mar 24 2024

Vermont: Second Senate Committee Passes Bill to Decriminalize Psilocybin Mushrooms

Legislation to decriminalize the possession and distribution of psilocybin mushrooms has been given approval by a second Senate committee and will soon be considered by the full chamber.

Dried psilocybin mushrooms.

Senate Bill 114 has been given approval by the Senate Appropriations Committee, just days after it was passed by the Senate Committee on Health and Welfare. Filed by Senator Martine Gulick along with eight cosponsors, the measure would “remove criminal penalties for possessing, dispensing, or selling psilocybin”. while establishing a Psychedelic Therapy Advisory Working Group.

According to its official legislative summary, this bill “proposes to make findings regarding the therapeutic benefits of psilocybin, to remove criminal penalties for possession of psilocybin; and to establish the Psychedelic Therapy Advisory Working Group to examine the use of psychedelics to improve physical and mental health and to make recommendations regarding the establishment of a State program similar to Connecticut, Colorado, or Oregon to permit health care providers to administer psychedelics in a therapeutic setting.”
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Mar 24 2024

Voters in These Two States Will Consider Legalizing Marijuana This November

Ballot initiatives to legalize recreational marijuana are likely to be considered in two states during this November’s presidential election.

24 different states have legalized recreational marijuana since 2012, with the majority doing so through the initiative process. This November, voters in two more states are set to decide whether or not they want to join the list and make marijuana legally available for everyone 21 and older.

Below are the two states that are highly likely to have ballot initiatives to legalize marijuana on the November ballot:
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Mar 23 2024

“Stop Pot Act” to Withhold Funds from Legal Marijuana States Has No New Sponsors in Almost 6 Months

The Stop Pot Act in the US House of Representatives has not garnered a single new sponsor since early October, despite being the most prominent piece of anti-marijuana legislation in Congress.

The Stop Pot Act was filed in September by North Carolina Congressmember Chuck Edwards. The measure would withhold federal funding from states and tribes that have legalized recreational marijuana. The measure was filed with just one cosponsor, which grew to five by the following month. However, the proposal has not gained a single new sponsor since Congressmember John Rose (R-TN) joined the list on October 2, almost six months ago.

By comparison, a measure to completely remove marijuana as a controlled substance has 87 sponsors. Legislation to allow marijuana banking has 107 sponsors.
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Mar 23 2024

South Dakota Governor Signs Legislation Banning Delta-8 THC

South Dakota Governor Kristi Noem has signed into law a measure banning the production, distribution and possession of delta-8 and delta-10 THC.

Gummies made with delta-8 THC.

Governor Kristi Noem has signed House Bill 1125 into law. The measure was approved recently through the full Senate, 31 to 1, and it passed the House unanimously, 69 to 0.

The legislation explicitly prohibits the production, distribution or possession of delta-8 and delta-10 THC, derived from legal hemp. The measure states that no person or entity may:
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Mar 22 2024

The 5 States Gearing Up to Legalize Marijuana in the Near Future

There are 24 legal marijuana states. Of the 26 without legal marijuana, five in particular are gearing up to make a change.

In 2023 and 2024 marijuana legalization legislation and/or ballot initiatives were filed in nearly all of the 26 states without legal marijuana. However, some of these efforts have far more of a chance of actually being enacted into law than others.

Based on our analysis of the current political landscape, here are the five states gearing up to legalize marijuana in the near future:
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Mar 22 2024

US Senate Majority Leader Circulates Petition in Support of Marijuana Banking Bill (SAFER Banking Act)

United States Senate Majority Leader Chuck Schumer (D-NY) is circulating a petition requesting people “Sign On” to “Support the SAFER Banking Act!”

“Can you imagine running a business without being able to deposit your money anywhere?”, begins the petition. “That’s the reality for law-abiding marijuana businesses across the country. In states where marijuana is legal, these businesses have extremely limited access to basic banking services like deposits or lines of credit. They’re forced to keep massive amounts of cash on hand — a danger for everyone involved.”

The petition then says “That’s why Chuck is championing the Secure and Fair Enforcement Regulation (SAFER) Banking Act. Sign your name in support.”
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