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Featured Articles
These 8 States Sold $12.8 Billion of Adult-Use Cannabis in 2021
Colorado’s per-capita sales estimate of $429 for its 21-and-older population topped the chart. Far fewer states have launched commercial adult-use cannabis sales than medical cannabis sales, but those that have made the recreational jump are raking in the dough. In...
This marijuana stock has beaten Apple, Twilio, Netflix and Bank of America
Those investors who chose the specialized real-estate investment trust Power REIT to add to their portfolios some five years ago are now enjoying their high returns. Despite COVID-19's negative effect on the overall economy over the past two years, industries, like...
New Hampshire House Approves Legislation to Legalize Adult-Use Cannabis
The New Hampshire House is once again considering adult-use cannabis legalization and, this time, lawmakers want to allow state-run liquor stores to serve the market. House Bill 1598, sponsored by Rep. Daryl Abbas, R-Salem, would allow liquor stores to sell cannabis...
Indiana Drops THC-Crackdown Bill
Indiana’s Senate Bill 209 died in the 2022 legislative session because of worries that the bill’s language would go as far as to outlaw CBD oil. Republicans proposed the bill to the General Assembly which sought to change the definitions of drug...
House Approves Federal Marijuana Legalization Bill For Second Time In History
The U.S. House of Representatives on Friday approved a bill to federally legalize marijuana for the second time in history, also adopting a pair of amendments to the legislation before final passage. Following an hour of debate on the Marijuana Opportunity,...
New Hampshire House Approves State-Run Marijuana Legalization Bill And Rejects Psilocybin Decriminalization Measure
The New Hampshire House on Thursday approved a bill to legalize marijuana through a state-run model—but the chamber tabled a separate bill that would have decriminalized possession of psilocybin mushrooms. This is the second time that the House has taken up the...
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Commerce Secretary Says Biden’s Marijuana Pledges Are ‘So Far Afield’ From Her Work Priorities
President Biden’s commerce secretary deflected a reporter’s marijuana question on Monday, saying that the issue is “so far afield from anything that I’m working on” for the administration as she focuses on other priorities like trade and supply chain management. During an interview with Politico on the Biden agenda, Commerce Secretary Gina Raimondo was asked about the president’s unfulfilled promise to decriminalize cannabis, as well as concerns that some stakeholders have voiced about the market impact of broad descheduling when it comes to opening up interstate commerce. The cabinet member gave a short answer, saying the issue is not currently a part of her workload and so she doesn’t have “any updates for you on that.” Raimondo, who left her job as governor of Rhode Island to join the Biden administration, used to put significant thought into marijuana policy, backing a plan in her budget request to legalize cannabis for adult use through a state-run model. Her successor, Gov. Dan McKee (D), recently proposed legalization in his budget that would fund a more conventional adult-use market. But the apparent lack of attention to cannabis policy in her new capacity is a disappointment for advocates, serving as another signal that the president and its administration are not prioritizing an issue that’s widely popular among Americans, particularly Democrats. Vice President Kamala Harris used to frequently talk about marijuana reform during her 2020 presidential campaign, for example, but she’s remained relatively silent on the topic since entering the White House. She said last year that the administration isn’t focused on following through on its marijuana reform pledges because it’s too overwhelmed with responding to the coronavirus pandemic.
Kyle Jaeger, Marijuana Moment, 02/02/2022 08:58:00
Marijuana Banking Reform Cleared For House Floor (Again) Following Committee Action On Large-Scale Bill
The House of Representatives is set to vote once again on providing protections to banks that work with state-legal marijuana businesses. Rep. Ed Perlmutter (D-CO), the sponsor of the Secure and Fair Enforcement (SAFE) Banking Act, filed the text of his bill as an amendment last week. On Tuesday, the House Rules Committee determined the proposal to be in order, meaning it will be taken up by the full House for consideration to be attached to large-scale legislation on research and innovation in the tech and manufacturing sectors that is advancing. The floor vote is expected later this week. If approved, it would mark the sixth time that Perlmutter’s cannabis measure has advanced through the House in some form. The congressman’s last attempt to get the reform enacted through a massive defense bill, it was attached to the House legislation only to be stripped out following bicameral negotiations. Perlmutter put much to blame for that defeat on Senate Majority Leader Chuck Schumer (D-NY), who has insisted that comprehensive legalization, like a bill he’s expected to file soon, should move first before the incremental banking policy change. On Tuesday, Perlmutter told the Rules Committee, of which he is a member, that he’s planning to offer the SAFE Banking Act as an amendment to “every single bill I possibly can until it’s passed” and he acknowledged that his colleagues are probably “becoming all too familiar with” the legislation in light of his repeated advocacy for it. Rep. Tom Cole (R-OK), the panel’s ranking member, chimed in to say that he supports the measure and looks forward to voting for it on the floor. Along with Perlmutter, the cannabis financial services amendment is cosponsored by Reps. Nydia Velázquez (D-NY), Warren Davidson (R-OH), Barbara Lee (D-CA), Dave Joyce (R-OH) and Earl Blumenauer (D-OR).
Kyle Jaeger, Marijuana Moment, 02/01/2022 20:09:00
Bipartisan Congressional Lawmakers Demand Marijuana Legalization Bill ‘Expeditiously’ Get House Vote
A bipartisan coalition of House lawmakers on Wednesday sent a letter to congressional leadership, demanding that a bill to federally legalize marijuana be “expeditiously” taken up by Congress. The letter, led by Rep. Marilyn Strickland (D-WA), urges action on the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act—a bill sponsored by House Judiciary Committee Chairman Jerrold Nadler (D-NY) that cleared the House in a historic first in 2020 and has since passed the sponsor’s panel again this session but has not yet been scheduled for floor consideration. The legislators are also making the request on broad marijuana reform as the House is set this week to take up a more incremental proposal again to protect banks that work with state-legal cannabis businesses after it’s already cleared the chamber five times in some form. Advocates have been eager to see the comprehensive MORE Act reconsidered on the floor in the new session, especially with Democrats now in control of both chambers as well as the White House. The lawmakers said that they remain “disheartened” that the Senate didn’t advance the MORE Act after it cleared the House, but they’re “optimistic that the bill’s re-introduction this Congress indicates progress for descheduling marijuana.” Signatories said that the MORE Act “is foundational in righting systemic injustices and removing barriers for families and individuals nationwide” and so it should be “expeditiously considered by the House and Senate.” The letter describes the contents of the MORE Act, its focus on promoting social equity in the industry, racial disparities in marijuana arrests, and the long-term consequences of having a cannabis conviction on a person’s record.
Kyle Jaeger, Marijuana Moment, 02/02/2022 15:58:00
Medicinal cannabis and psychedelics fund debuts in regulatory first for Guernsey
Also, see press release Early-stage venture capital firm Leafy Tunnel has launched the first medicinal cannabis and psychedelics fund to be regulated in Guernsey. Advised by international law firm Carey Olsen, the fund is established as a route two ‘qualifying private investor’ private investment fund (PIF). Leafy Tunnel Fund 1, L.P. will target investments in businesses and teams that aim to maximize the potential of alternative medicine with a focus on providing relief from pain, physical and mental disabilities while improving the quality of life for both patients and their families. Primarily focused on the European market, Leafy Tunnel has started building a portfolio of companies that it hopes will lead, legitimize and form the future of cannabis and psychedelics in the medical industry. Working alongside onshore counsel DLA Piper UK LLP and Guernsey fund administrator Imperium, the Carey Olsen team advising Leafy Tunnel on all Guernsey-related aspects of the fund’s establishment and regulatory approval was led by corporate partner Tom Carey, assisted by senior associates Alex Mauger and Matt Brehaut and associate Oliver Orton. Partner Mark Dunster and counsel Simon Florance provided additional specialized regulatory advice.
Cannabis Law Report, 02/01/2022 20:06:00
D.C. Seniors To Get Medical Marijuana Without Doc’s Recommendation And 4/20 Tax Holiday For Capitol Weed Buyers
Senior citizens in Washington, D.C. are on the verge of being able to access medical marijuana without having to get a doctor’s recommendation. The D.C. Council voted unanimously to pass a measure on Tuesday to expand access to the District’s medical marijuana program, Marijuana Moment writes. The “Medical Marijuana Patient Access Extension Emergency Amendment Act of 2022” will help patients in the jurisdiction and encourage people to get their medical cannabis from licensed retailers instead of from gray market vendors. The proposal will allow senior citizens over 65 to access cannabis products based on self-certification for medical needs until September 30 – without having to go through physicians for a recommendation and renewals, which can be prohibitive. The measure sheds light on the rising cost of cannabis at licensed dispensaries and “the continuing threat posed by illicit cannabis storefronts and delivery services,” the document writes. To alleviate that situation for seniors, many of whom are on fixed incomes, the measure will create a 4/20 Medical Cannabis Sales Tax Holiday Week where patients would not have to pay the normal 6 percent sales tax from April 20 through April 24, 2022. Washington D.C. residents voted for cannabis possession and home growing back in 2014, however, the market is still unregulated and people are not allowed to accept any form of remuneration for gifting.
Mmp News Author, Medical Marijuana Program Connection, 02/02/2022 12:50:00
Amazon Backs Republican-Led Bill Ending Federal Cannabis Prohibition
Late last year, a GOP Congresswoman sent waves across America’s nascent cannabis industry when she introduced a bill to end federal cannabis prohibition in the country and regulate the controversial plant. With cannabis reform being seen as a primarily progressive effort spearheaded by the left, Rep. Nancy Mace’s States Reform Act was meant to act as a compromise between Democrats and Republicans. Although Senate Majority Leader Chuck Schumer and his colleagues had already unveiled a federal legalization bill, it stands little chance of advancing to the President’s desk without Republican support. In a move that is bound to bolster the GOP-led legislation’s standing in Capitol Hill, Amazon has announced its support for the States Reform Act. Currently, the second-largest private employer in America, the e-commerce giant has backed Democrat-led efforts to legalize cannabis in the past, including Schumer’s Cannabis Administration and Opportunity Act. According to Amazon’s public policy division, the company is “pleased to endorse” the Republican-led bill. Amazon believes it is time for America to reform its cannabis prohibition policies, the company says, and it is committed to helping the cannabis reform cause.
CannabisNewsWire, 02/03/2022 04:20:00
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South Carolina House Lawmakers Approve Senate-Passed Medical Marijuana Legalization Bill In Subcommittee
South Carolina lawmakers on Thursday approved a Senate-passed bill to legalize medical marijuana in the state. A subcommittee of the House Medical, Military, Public, and Municipal Affairs Committee advanced the measure, sponsored by Sen. Tom Davis (R), in a...
Missouri Lawmakers Approve GOP-Led Marijuana Legalization Bill In Committee
A Missouri House committee on Thursday narrowly approved a GOP-led bill to tax and regulate adult-use marijuana in the state. The legislation from Rep. Ron Hicks (R), titled the “Cannabis Freedom Act,” cleared the House Public Safety Committee in a 5-4 vote, with...
New Legislation Would Authorize More Medical Cannabis Operators in Minnesota
A Minnesota lawmaker wants to double the number of licensed medical cannabis operators in the state. Sen. Mark Koran, R-North Branch, introduced legislation on March 29 that would allow the Minnesota Department of Health to license at least two more vertically...
Expect recreational marijuana back on ballot in South Dakota
In the 2022 South Dakota legislative session, lawmakers introduced 47 bills dealing with the legalization, regulation, and taxation of marijuana. On Wednesday cannabis groups released their report card on individual lawmakers and how they voted on marijuana issues....
TN bill to fully legalize marijuana effectively dead for 2022 legislative session
Marijuana legalization is effectively dead this year at the State Capitol. That means Tennessee could be left behind as the states surrounding it are passing some form of cannabis legalization. However, It’s no secret that Tennessee lawmakers have been reluctant to...
Arizona Market Shatter Exceptions
The numbers are in and Arizona’s first year with an adult-use market officially shattered expectations in 2021, raking in more than $1.4 billion in sales and more than $215 million in tax revenue for the state. Arizona’s first year of adult-use cannabis revenue...
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