Jul 16 2024

Bipartisan and Bicameral Federal Legislation to Allow Marijuana Banking Now Has 165 Sponsors

The push for federal legislation to enable marijuana banking has gained substantial momentum, now boasting a combined total of 165 bipartisan sponsors across both chambers of Congress.

In the House of Representatives, the SAFE Banking Act (H.R. 2891) has 128 sponsors, comprising 101 Democrats and 27 Republicans, making it the most supported marijuana-related bill in Congress. The bill aims to provide explicit federal protections for banks and credit unions that offer financial services to state-legal marijuana businesses. These businesses include medical marijuana dispensaries in 38 states and recreational marijuana stores in 23 states.

On the Senate side, the SAFER Banking Act (S.2860) now has 37 sponsors following Senator Lisa Murkowski’s (R-AK) recent endorsement. Murkowski, the fifth Republican to back the bill, became the 37th sponsor. This measure similarly aims to shield financial institutions from federal penalties when servicing state-legal marijuana enterprises. The Senate Banking Committee approved the SAFER Banking Act with bipartisan support in September, shortly after it was introduced. Senate Majority Leader Chuck Schumer has committed to bringing the measure to a full Senate vote soon, though no specific date has been set.
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Jul 15 2024

Trump Selects Ohio Senator J.D. Vance as Vice Presidential Candidate: Where He Stands on Marijuana Reform

Former President Donald Trump has chosen Ohio Senator J.D. Vance as his vice president running mate for the 2024 presidential election.

Trump announced the choice today at the Republican National Convention. J.D. Vance, a Republican known for his conservative values, has shown skepticism about fully legalizing marijuana at the federal level, citing concerns about potential societal impacts and the need for careful consideration to avoid unintended consequences. This aligns with his general conservative stance on drug policy in general.

On the matter of the SAFER Banking Act, which would allow banks to provide services to state-legal marijuana businesses, Vance has shown some openness to it, but voted against advancing the bill in the Senate Banking Committee in September, “due to several public safety-related concerns.” He has also indicated that the upsides of the SAFER Banking Act are “overstated”, and said “I am worried that this could open the door for other illicit activities, like the trafficking of fentanyl and methamphetamines, to access depository insurance.”
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Jul 15 2024

New Study Finds CBD Oil Improves Symptoms in Children with Moderate to Severe Autism

A new study published in the journal Pharmaceuticals has found that high-CBD, full-spectrum cannabis extract can improve the symptoms of moderate to severe non-syndromic Autism Spectrum Disorder (ASD) in children and adolescents.

The study, titled “Clinical and Family Implications of Cannabidiol (CBD)-Dominant Full-Spectrum Phytocannabinoid Extract in Children and Adolescents with Moderate to Severe Non-Syndromic Autism Spectrum Disorder (ASD): An Observational Study on Neurobehavioral Management,” demonstrates significant improvements in both core and comorbid symptoms of ASD.

The research team, consisting of researchers from the University of Brasilia and the University Hospital of Brasilia, conducted a retrospective, observational, and cross-sectional cohort study involving 30 participants aged 5 to 18. The participants were treated with individualized doses of a CBD-dominant extract containing a CBD to THC ratio of 33:1. Neuropsychological evaluations and clinical assessments were performed, and parents or caregivers were independently interviewed to gauge perceived treatment effects.
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Jul 15 2024

It’s the Final Week to Submit Comments on the DEA’s Marijuana Rescheduling Proposal

There’s now just one week remaining in the legally required 60-day public comment period regarding the Drug Enforcement Administration’s (DEA) proposal to reschedule marijuana.

The DEA published their proposal in the Federal Register on May 21, which officially launched the public comment period. There is now just seven days remaining before the comment period closes on July 22. All comments to the DEA are publicly accessible and can be viewed by clicking here, and those interested can submit their own comment by clicking here.

Currently there have been 30.5k comments submitted. An analysis of the submitted comments shows that over 50% want the DEA to fully deschedule marijuana. When you add those who call on the DEA to legalize or decriminalize marijuana, this jumps to above 70%. A shockingly low 8% of comments are urging the DEA to reject their own proposal plus any additional changes to instead keep marijuana as a Schedule I drug.
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Jul 15 2024

June Marijuana Sales in Rhode Island Reach $9.68 Million, Boosting 2024 Total to Over $58 Million

In June, Rhode Island’s marijuana sales continued to climb, reaching $9.68 million, a slight increase from the $9.16 million recorded in June of the previous year.

According to the Rhode Island Department of Business Regulations, June’s sales included $7.65 million from recreational marijuana and $2.03 million from medical marijuana. The average transaction amount for June was $37.13.

This brings the total sales for 2024 to $58,565,192. Last year, the total sales amounted to $107,816,615, contributing approximately $15 million in tax revenue.
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Jul 14 2024

Every Marijuana Bill Currently Alive in the US Congress

Here’s an overview of all the marijuana-related bills currently under consideration in the United States Congress.

Per congressional rules, any marijuana-related bill introduced before January 2023 is now inactive. Bills filed on or after January 2023 will become inactive (if not enacted into law) before the next legislative session in January 2025. Legislators have the option to reintroduce any inactive bill if they choose to do so.

At present, there are 21 active marijuana-related bills, with varying levels of support and progress. Below is a look at each of these measures.
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Jul 14 2024

US Senate Bill Filed to Restrict Marijuana Use Consideration in Job and Security Clearance Decisions

Legislation to “limit the consideration of marijuana use when making an employment suitability or security clearance determination” has been filed in the United States Senate.

Senate Bill 4711 was filed on Thursday by Senator Gary Peters. It’s been assigned to the Homeland Security and Government Affairs Committee.

The legislation prohibits a federal agency from considering past or present marijuana use when determining whether an individual is suitable for federal employment or eligible for a security clearance. It also establishes a review process for past applications.
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Jul 14 2024

New Hampshire Governor Signs Bill Adding Anxiety as Medical Marijuana Condition

On Friday, New Hampshire Governor Chris Sununu signed into law legislation that expands the state’s list of qualifying medical marijuana conditions.

Governor Sununu has signed House Bill 1349 into law. The measure was filed in December by State Representative Heath Howard (D). The measure adds “generalized anxiety disorder” to the state’s list of qualifying medical marijuana conditions. The law takes effect 60 days after being signed into law.

New Hampshire’s medical marijuana law, enacted in 2013, allows patients with qualifying conditions to access medical cannabis. Qualifying conditions include cancer, glaucoma, HIV/AIDS, hepatitis C, ALS, muscular dystrophy, Crohn’s disease, multiple sclerosis, chronic pain, severe nausea, and PTSD. The law mandates that patients obtain a written certification from a licensed physician or advanced practice registered nurse. Patients must register with the state’s Therapeutic Cannabis Program to receive an ID card, which permits them to purchase cannabis from designated alternative treatment centers.
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Jul 13 2024

Arizona Collects Nearly $150 Million in Marijuana Taxes in First Half of 2024

Arizona marijuana sales generated nearly $150 million in tax revenue between January and June of this year.

Licensed marijuana sales resulted in $23,640,670 in taxes in June, bringing the year-to-date total to $145,971,892.

The all-time total marijuana tax revenue since the start of legal marijuana sales in 2021 is now $903,443,181, putting it on track to cross the $1 billion mark later this year.
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Jul 12 2024

The 5 States Next in Line to Legalize Psilocybin

Psilocybin, the psychoactive compound found in “magic mushrooms”, is gaining traction across the United States as more states consider its legalization for medical and therapeutic purposes.

Dried psilocybin mushrooms.

Following the footsteps of Oregon and Colorado, several states are now moving towards legalizing psilocybin. Here are the five states next in line to potentially legalize psilocybin.
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