Senate SAFE Hearing; CT psilocybin law passes; NH rejects marijuana legalization; top WI senator speaks about marijuana; DE representative’s cannabis advice to other states
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Top Things to Know
The U.S. Senate Banking Committee conducted a hearing to discuss marijuana banking.
Senate Majority leader Chuck Schumer (D) and Sens. Cory Booker, Ron Wyden and Senator Chuck Schumer (DNY) issued a joint press release in response to the hearing on marijuana banking. They reaffirmed their commitment to add cannabis expungements to the SAFE Banking Act.
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In a speech on the floor, Schumer spoke of “good progress bipartisan” in relation to the bill.
Connecticut’s House of Representatives has passed a law to decriminalize the drug psilocybin.
New Hampshire’s Senate has rejected a marijuana legalization measure passed by the House.
Melissa Agard, Wisconsin Senate Minority leader (D), spoke with Marijuana moment about her frustrations over Republicans’ refusals to move marijuana reform forward as other states legalize the drug.
The Delaware legislator who sponsored the marijuana legalization legislation that passed in this session spoke about the challenges involved with enacting the bills against the will of an antagonistic governor. He also offered advice to other legislators looking to promote reform in their own states.
Minority Cannabis Business Association Board member Tahir Johnson writes in a recent Marijuana Moment Op-Ed that the cannabis banking bill was improved by including Community Development Financial Institutions, but it could be made even better if Small Business Administration provisions were added.
Federal
The Trademark Trial and Appeal Board has upheld the refusal of an examining lawyer to register trademarks on cannabis paraphernalia.
Sen. Jeff Merkley, (D-OR), tweeted: “The bipartisan SAFE Banking Act 2023 includes expanded equity provision, including safe harbour for CDFIs, MDIs, and CDFIs. As part of its final passage, I will push to combine this bill with funding that states will use to expunge cannabis records. “I’m trying to make this happen.”
Sen. John Hickenlooper, a Democratic Senator from Colorado, tweeted: “Great to see that our Safe Banking Act is getting its first hearing in the Senate today!” The hearing today is a crucial step towards implementing this bipartisan bill, which would allow cannabis businesses operating legally to have access to banking services. “Giddy up!”
Rep. Kevin Kiley, (R-CA), praised the efforts of a local deputy sheriff to eradicate illegal marijuana crops in a House Floor speech.
Rep. Mary Peltola, D-AK, tweeted: “I am glad to be joining @lisamurkowski & SenDanSullivan as cosponsors of the SAFE Banking Act which will help integrate cannabis into our economy responsibly.” This commonsense bill will reduce red tape and safety risks for businesses.
STATES
The Texas House of Representatives passed a bill repealing the ban on the manufacture of smokable products from hemp.
Trulieve has contributed another $8 million to the Florida marijuana legalization campaign.
The Ohio campaign leader for marijuana legalization said that he is “confident” in his ability to gather enough signatures so as to put their measure on the ballot this November.
New York regulators have approved new adult-use marijuana regulations to allow medical cannabis operators who already operate on the market to enter the market. They also approved a plan for social and economic equity.
In light of the legalization of marijuana, The Delaware Department of Human Resources has implemented a new policy on marijuana for employees of government agencies.
Massachusetts regulators have launched advanced marijuana social equality training courses as well as responsible vendor training curriculums.
Washington State regulators have sent a message about the upcoming changes in the Cannabis Central Reporting System.
In a press statement about the confirmation of the Agriculture Secretary by the Pennsylvania Senate, the government of Pennsylvania praised the Department of Agriculture for its investment in hemp.
Iowa’s Medical Cannabidiol Board meets on Friday.
Alaska’s Advisory Task Force on Recreational Cannabis will meet on January 28.
The Colorado Retail Marijuana Public Health Advisory Committee meets on Monday.
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International
The European Commission’s spokesperson stated that the organization is “following closely” member nations’ moves to legalize cannabis.
Canadian officials have issued a warning against “copycat” edible products of cannabis that look like major brands.
SCIENCE AND HEALTH
A study concluded “CBD is a safer and more effective choice to manage [behavioral symptoms and psychological symptoms of Alzheimer’s] than the usual intervention.”
/ ADVOCACY, OPINION AND ANALYSIS
The Garden State Bar Association is hosting a cannabis summit in the afternoon on Tuesday.
National Consumers League officials wrote an op-ed in which they urged the Food and Drug Administration (FDA) to crackdown on marijuana misinformation spread on social media.
Smart Approaches to Marijuana (a prohibitionist organization), National Narcotic Officers’ Associations’ Coalition (a coalition of drug officers), NAACP Illinois State Conference (NAACP Illinois State Conference), Drug Free America Foundation, and other groups have sent a message urging Senate Banking Committee leadership to reject the marijuana banking bill.
/ BUSINESS
TerrAscend Corp. has reported a quarterly net revenue (net of expenses) of $69.4 millions and a loss of $22.8million.
Schwazze reported a quarterly revenue of 40 million dollars and a loss of $1.7million.
Leafly Holdings, Inc. posted quarterly revenue of $11.2 millions and a loss of $5.4million.
atai reported a net loss for the quarter of $34.4 Million.
COMPASS Pathways plc has reported a net loss for the quarter of $24.2 Million.
HEXO Corp. received an interim order of the Ontario Superior Court requiring a special shareholder meeting to discuss its proposed acquisition by Tilray Brands, Inc.
Michigan retailers sold legal marijuana products worth $246.1 Million in April.
Colorado retailers sold $139,6 million in legal marijuana products during March.
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The article Schumer reaffirms marijuana banking needs expungements (Newsletter May 12, 2023) first appeared on Marijuana Moment.
