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Federal Regulator Cheers State-Level Cannabis Banking Reforms Amid Congressional Inaction

Federal Regulator Cheers State-Level Cannabis Banking Reforms Amid Congressional Inaction

Banking is one of the most crucial resources the state-legal cannabis industry is missing out on due to federal prohibitions. Fearing retaliation from the federal government, most financial institutions refuse to work with cannabis businesses, depriving them of financial services such as bank accounts and loans. Additionally, it forces marijuana businesses to operate on a cash-only basis, which significantly increases the risk of burglaries and robberies. However, some states have made efforts to increase access to banking services in the nascent cannabis sector in a bid to address these problems. Former chair of the National Credit Union Administration (NCUA) Rodney Hood says that while these efforts deserve plenty of praise, chances are they won’t be enough to change cannabis banking without congressional intervention. Speaking at an Emerging Markets Coalition about the cannabis banking dilemma, he said that this issue “demands special attention.” Cannabis has proven to be one of the fastest-growing industries in the country, generating billions of dollars in sales and creating hundreds of thousands of new jobs.

CannabisNewsWire, 04/18/2022 04:20:00

Open article: https://www.cannabisnewswire.com/420-with-cnw-federal-regulator-cheers-state-level-cannabis-banking-reforms-amid-congressional-inaction/

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Tell the Senate: Support Keeping SAFE Banking in America COMPETES

Tell the Senate: Support Keeping SAFE Banking in America COMPETES

Back in February, the House of Representatives approved a massive economic package called the America COMPETES Act, which contained an amendment from Rep. Ed Perlmutter to include the SAFE Banking Act in the legislation. This is the sixth time that the House has approved this popular reform. Unfortunately, the Senate continued to punt on this incremental but important issue by passing a companion bill that removed the SAFE Banking language. The legislation now moves to a conference committee where the House and Senate versions will be reconciled, and the Senate is the biggest hurdle to keeping cannabis banking reform in the final compromise bill. Currently, small marijuana-related businesses are suffering from a lack of traditional lending and simple banking services. Because of this, they are increasingly the targets of robberies, some of which have resulted in fatalities in recent months. Inaction on SAFE Banking is limiting opportunities and literally costing lives.

NORML, 04/18/2022 20:00:00

Open article: https://norml.org/blog/2022/04/19/tell-the-senate-support-keeping-safe-banking-in-america-competes/

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These 3 cannabis bills could spur significant societal change

These 3 cannabis bills could spur significant societal change

Change drives innovation, and the U.S. is poised for a seismic shift in cannabis legislation with broad implications for social justice and economic health. Several notable pieces of legislation are currently proposed or working their way through Congress. These include the Cannabis Administration & Opportunity Act (CAOA), a bill that Senate Majority Leader Chuck Schumer (D-NY) plans to file in April 2022. CAOA would decriminalize cannabis and support research, public safety, and restorative social justice initiatives. There is also the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which would eliminate criminal penalties and remove cannabis from the controlled substances list. Even if cannabis were to be legalized on the federal level, there remain significant hurdles regarding the industry’s access to financial institutions. The bipartisan Secure and Fair Enforcement (SAFE) Banking Act, which is widely expected to receive a favorable vote, would allow cannabis companies to access needed banking services without financial institutions running afoul of the law. If these bills are signed into law, they have the potential to spur significant societal change, including greater racial parity and positive changes in the business climate.

420 Intel – Marijuana Industry News, 04/18/2022 20:00:00

Open article: https://420intel.com/articles/2022/04/19/these-3-cannabis-bills-could-spur-significant-societal-change

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Marijuana legalization in Wisconsin not likely – Marquette Wire

Marijuana legalization in Wisconsin not likely – Marquette Wire

Though Wednesday, April 20, or “420,” is approaching, the legalization of marijuana in Wisconsin is not. Devin LeMahieu, Wisconsin senate majority leader and Republican from Oostburg, which is around 50 miles away from Milwaukee, said in an online panel with WisPolitics.com last week that the probability marijuana is legalized in the next year, medically or recreationally, is slim to none. “First of all, we don’t have support from the caucus, and that’s pretty clear,” LeMahieu said. “We don’t have 17 votes in the caucus for medicinal purposes or recreational purposes.” Currently in Wisconsin, CBD oil, which is derived from cannabis plants but does not contain THC, has been legal since 2017 when former Republican Wisconsin Governor Scott Walker signed the legislation. Tetrahydrocannabinol, or THC, is the main compound and the reason people get a “high” from using marijuana. Any other use of marijuana for medical or recreational purposes is illegal in Wisconsin. A Marquette University Law School poll from 2019 indicated that the majority of Wisconsinites support the legalization of marijuana. The poll showed that 59% of Wisconsinites supported the legalization of recreational use, while 83% supported legalization for medicinal purposes.

Mmp News Author, Medical Marijuana Program Connection, 04/19/2022 06:11:00

Open article: https://mmpconnect.com/marijuana-legalization-in-wisconsin-not-likely-marquette-wire/

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Bloomberg Report: California Lawmakers Aim to Protect Workers’ Off-Hours Pot Use

Bloomberg Report: California Lawmakers Aim to Protect Workers’ Off-Hours Pot Use

California employers would be prohibited from discriminating against workers and job applicants for off-duty cannabis use under legislation that gets a hearing on April 20—coincidentally the date of annual pot-centered celebrations. Lawmakers are trying to fill in the gaps to protect those who use a substance that 37 states and the District of Columbia have legalized for medical use and 18 states and D.C. have legalized for recreational use, according to the National Organization for the Reform of Marijuana Laws (NORML), which advocates for legalization and decriminalization and the National Conference of State Legislatures. California, Colorado, Oregon, and Washington legalized cannabis long before they considered adopting non-discrimination provisions for workers, including those who use weed medicinally, for off-the-job use and detailing when employers can discipline employees or reject potential workers. “As the laws are being developed now for other states, particularly New England states, you’re actually seeing a more progressive situation where they’re writing more protective provisions” than in California or Colorado, said John E. Thomas, a McGuireWoods associate in Tysons, Va., who represents employers. Workers aren’t protected under medical marijuana laws in states from Alabama to Washington.

Cannabis Law Report, 04/18/2022 23:02:00

Open article: https://cannabislaw.report/bloomberg-report-california-lawmakers-aim-to-protect-workers-off-hours-pot-use/

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Missouri Marijuana Legalization Efforts Run Up Against Deadlines For Ballot And In Legislature

Missouri Marijuana Legalization Efforts Run Up Against Deadlines For Ballot And In Legislature

“Do we still have time? Yes. I’ve seen bills sail through the process in a week. It really comes down to whether we have the will to tackle it.” By Jason Hancock, Missouri Independent With the end of the legislative session only weeks away, and organizers of an initiative petition campaign sounding the alarm about an even more pressing deadline, dueling efforts to legalize marijuana in Missouri face uncertain fates. In the legislature, GOP state Rep. Ron Hicks is sponsoring a bill to legalize possession and use of marijuana for individuals 21 and older. But while it received a committee hearing in early March, it took nearly a month to get a vote—and when it did, a pair of amendments were added that the bill’s supporters labeled poison pills. “Do we still have time? Yes,” said Hicks, noting the legislature will adjourn at 6 PM on May 13. “I’ve seen bills sail through the process in a week. It really comes down to whether we have the will to tackle it.”

Marijuana Moment, Marijuana Moment, 04/18/2022 10:58:00

Open article: https://www.marijuanamoment.net/missouri-marijuana-legalization-efforts-run-up-against-deadlines-for-ballot-and-in-legislature/

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