New York State agencies haven’t touched millions sitting in medical marijuana funds. An NYCI investigation has found that two New York State agencies are sitting on millions of dollars collected from medical marijuana taxes, but neither has spent the money — despite a mandate that the funds be used for public health and safety initiatives. As of Feb. 28, the Office of Addiction Services and Supports and Division of Criminal Justice Services have $1.6 million and $1.4 million (respectively) sitting in the funds. That money has accumulated since 2014, when the state mandated that a portion of medical marijuana revenue is set aside for the agencies to use toward addiction support and criminal justice services. “Why aren’t they drawing down this money, and why is it sitting there?” said State Senator Diane Savino, who sponsored New York’s medical marijuana bill. “It’s not like there isn’t a need,” she said. The senator also said she wasn’t aware the funds sat untouched until NYCI contacted her. “Just spend it — allocate it and send it out the door,” Savino said, adding that she would send a formal letter to each agency asking for an explanation. The language within state law is unambiguous: It says the Division of Criminal Justice Services “shall” use the money “for a program of discretionary grants to state and local law enforcement agencies that demonstrate a need.

Cannabis Business Executive – Cannabis and Marijuana industry news, 03/15/2022 09:10:00

Open article: https://www.cannabisbusinessexecutive.com/2022/03/new-york-state-agencies-havent-touched-millions-sitting-in-medical-marijuana-funds/

State treasures from across the U.S. participated in a panel on Tuesday that focused on federal marijuana banking reform as part of a three-day conference organized by the National Association of State Treasurers (NAST) that was attended by stakeholders and congressional officials. Moderated by Colorado Treasurer Dave Young, the panel discussed the “history, challenges, and prospects for SAFE banking laws that would allow legal cannabis businesses into the mainstream banking system,” according to an event description. The Secure and Fair Enforcement (SAFE) Banking Act was a focal point of the discussion. That bill, sponsored by Rep. Ed Perlmutter (D-CO), would protect financial institutions that choose to service state-legal cannabis businesses from being penalized by federal regulators. It’s passed the U.S. House of Representatives in some form six times but has yet to advance in the Senate under either Republican or Democratic control. Perlmutter’s senior legislative assistant Colin Anonsen spoke on the NAST conference panel, alongside representatives of Scotts Miracle-Gro and the American Bankers Association (ABA). ABA recently released a poll it commissioned showing majority support for marijuana banking reform among Americans.

Kyle Jaeger, Marijuana Moment, 03/15/2022 11:19:00

Open article: https://www.marijuanamoment.net/state-treasurers-discuss-marijuana-banking-challenges-at-annual-conference-with-congressional-officials/