Author: CannabisNewsWire (CNW)

About CannabisNewsWire CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge. To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only) For more information please visit https://www.CannabisNewsWire.com Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

420 with CNW — Partnership Between Cannabis Tracking Software Providers Leaves Marijuana Industry Concerned

Leading cannabis compliance and tracking company Metrc entered into a new partnership with its rival BioTrack, sparking speculation about the future of marijuana tracking in the United States.

The recent announcement has left many licensed operators and state regulators uncertain about its implications, particularly in New York, where a functioning seed-to-sale system is still pending for the state’s $1.5 billion cannabis market.

For years, the U.S. cannabis industry has relied mainly on two Florida-based firms to manage its product tracking systems. Metrc, based in Lakeland, currently holds contracts with twenty-nine states, requiring all licensed operators in these areas to use its RFID-tag-based tracking software. BioTrack, headquartered in Fort Lauderdale, serves eight states but has been losing market share despite acquiring smaller competitors, including MJFreeway in 2024.

Under the new partnership, a new company, BT Government, will handle BioTrack’s government contracts, operating independently from BioTrack and Metrc. The entity will be led by BioTrack’s COO, Moe Afaneh, while BioTrack continues to provide point-of-sale and other commercial software services.

Financial terms of the partnership were not revealed. However, state records show that Metrc LLC operates independently from its parent, Metrc Inc., whose leadership includes notable investors such as Karan Wadhera of Casa Verde Capital, a cannabis-focused investment firm linked to Snoop Dogg.

Industry observers see potential benefits in the collaboration. Poseidon Investment Management managing director Emily Paxhia noted that marijuana businesses currently navigate a “patchwork” of different tracking systems, depending on state rules. The new partnership, she suggested, might simplify operations for multi-state operators. Still, it’s unclear whether this move represents a merger or simply a functional partnership.

BioTrack, now owned by Alleaves, currently holds seed-to-sale contracts in Connecticut, Arkansas, Delaware, Florida, Hawaii, New York, North Dakota, New Mexico, and Virginia. However, Metrc has been chipping away at BioTrack’s market share. Illinois recently switched from BioTrack to Metrc, and Massachusetts renewed its Metrc contract earlier this year.

New York’s deal with BioTrack, signed in late 2022, was worth $1.2 million over five years, far less than the $113 million California agreed to pay Metrc for four years. Still, operators have raised concerns over BioTrack’s tag pricing requirements, which they say would raise costs unnecessarily.

Following the partnership announcement, New York regulators temporarily halted compliance requirements while they assess the impact. Cannabis operators in other BioTrack states, such as Connecticut, are also waiting for guidance.

Some businesses speculate the partnership might eventually allow states with BioTrack contracts to switch to Metrc’s platform, which they see as more efficient. But for now, the industry is left with more questions than answers—especially about pricing, timelines, and technology updates.

The marijuana industry, including players across the border like SNDL Inc. (NASDAQ: SNDL), will be watching for any additional information provided about this partnership as it could influence the trajectory of operations within the industry.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Reports Indicate Trump is Privately Considering Cannabis Reclassification

President Donald Trump recently hinted at easing federal cannabis restrictions during a private dinner at his Bedminster club in New Jersey. “We need to review that,” he told a small group of donors, according to two attendees. “It’s something we’re considering.”

During his campaign, Trump had stated that a second term could mark a shift in federal cannabis policy. He expressed interest in giving states more freedom to legalize and in removing marijuana from the same federal category as heroin. This position appealed to younger voters, minority communities, and libertarian-leaning supporters.

However, after seven months in office, no action has been taken, even though other campaign promises have been addressed quickly.

Inside the administration, marijuana reform has created divisions. Some of his political strategists are pushing for quick action, seeing it as a way to strengthen Republican support before the midterms. Others, focused on policy, worry about legal complications and the political risks of loosening marijuana laws.

Public signals about Trump’s plans remain mixed. James Hagedorn, CEO of Scotts Miracle-Gro, noted that Trump has repeatedly promised that he would support reclassifying cannabis to a less restricted category. His company has invested heavily in cannabis-related ventures and donated half a million dollars to a GOP-aligned super PAC.

However, the new DEA chief, Terrance Cole, has not listed cannabis reform as a priority.

Trump’s campaign promise came last year when he posted on Truth Social that he supported a ballot measure to legalize recreational cannabis in Florida. He also said he wanted to move marijuana to Schedule III, a category for substances with lower potential for abuse than Schedule 1, where marijuana currently sits. He has also stated that small-scale possession should not result in jail time.

The current classification review began under President Joe Biden, with the HHS recommending a move to Schedule III. The DOJ started formal steps in 2024, but the process stalled when Biden left office.

The White House has since been gathering agency feedback, weighing potential effects on law enforcement. Some advisors worry that reclassification could make it harder for police to use cannabis odor as probable cause in searches—something Trump has supported in his tough-on-crime stance.

Although Trump’s public tone on cannabis has softened, he remains personally opposed to drug use, shaped by his brother’s struggles with alcohol.

Supporters, including industry groups and influential figures like Joe Rogan, continue to urge him to act, arguing it would create jobs, expand research, and appeal to a majority of Americans who favor legalization.

Any changes to the schedule in which marijuana falls could indeed lead to the mushrooming of not just marijuana companies but also allied firms similar to those operating like Innovative Industrial Properties Inc. (NYSE: IIPR).

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420 with CNW — LA Council Approves Higher License Fees for Marijuana Businesses

Cannabis operators in Los Angeles will face steeper renewal fees after the City Council unanimously approved a hike recently, putting added pressure on an industry already dealing with thin margins and increasing competition.

City officials explained that the fee hike is necessary due to declining tax income from the sector, combined with a growing budget shortfall.

However, many cannabis entrepreneurs say this added cost could push them out of business. Luis Rivera, who once ran three cannabis delivery services, has already closed two. He’s now unsure if his last business can survive. “There’s just no more money to pull from,” he said. “These fees could be the final blow.”

The updated fees are projected to raise about $6 million for the cannabis department, which is required to fund itself entirely through fees. Revenue from cannabis taxes, once over $100 million annually, fell to around $90 million in 2024, according to city data.

Multiple factors have led to the drop, including steep local and state taxes, the high cost of running a cannabis business without access to standard banking, and ongoing competition with unlicensed sellers. The illegal dispensaries frequently offer cheaper products since they don’t pay taxes and often operate without oversight, making them hotspots for crime.

The marijuana department’s operating budget for this year is $8.6 million. On top of that, it’s expected to pay out another $19 million to other city departments, including the LA Attorney’s office, for cannabis-related work.

LA has the largest city-run commercial cannabis program in the country, with over 1,000 active cannabis business licenses, including storefronts, delivery services, and cultivation sites.

Officials said the last time fees were adjusted was in 2020. Since then, the department has grown from 37 employees to 63, and wages have gone up by 19% under collective bargaining agreements. According to officials, the current fees no longer cover operational costs.

The most significant increase will impact annual license renewals. A standard renewal will be $12,617 up from $8,486. Temporary approval renewals are set to increase to $6,294 from $4,233. Renewing records will be $2,719 up from $1,829.

Other fee changes include adjustments to fees for reviewing business diagram updates and ownership structure modifications.

While the new ordinance raises costs for legal businesses, it also lowers penalties for some rule violations. For instance, the fine for delivering cannabis outside permitted hours drops from $42,000 to $23,000.

Meanwhile, a new violation category has been added, with penalties of $34,000 for serious offenses like selling products to unlicensed vendors. The goal, officials said, is to strike a balance between deterrence and fairness.

There is some financial relief for operators in the city’s social equity initiative, which supports individuals from communities most impacted by drug-related criminalization. Thanks to a state-funded grant, about $3.1 million in new fees will be covered on behalf of these operators.

The timing of the fee hike coincides with broader financial issues across the city. LA faces a nearly $1 billion budget gap this year. To help close it, the city is implementing layoffs, cutting services, raising trash collection rates for over 700,000 households, and increasing ticket prices at the LA Zoo. Officials are also considering changes to parking fees and meter hours.

Conditions seem to be getting tougher for licensed cannabis firms in Los Angeles with these higher fees. Other firms like Green Thumb Industries Inc. (CNX: GTI) (OTCQX: GTBIF) operating in other markets can sympathize given their experience with similar or other challenges in the markets where they are based.

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420 with CNW — Proposed Pennsylvania Bill Would Make Employers Cover Medical Cannabis Under Workers’ Compensation

A new bill focusing on medical marijuana and workers’ compensation has been introduced in the Pennsylvania legislature as debate over legalizing recreational cannabis gains momentum. The bill, introduced by Representative David Delloso, would require employers in the state to reimburse injured workers who use medical cannabis as part of their treatment.

Under this proposed law, workers who qualify could get up to $250 each month to help cover the cost of medical marijuana, with a maximum limit of $3,000 per year. The reimbursement would apply only to those using marijuana for certified medical reasons, as approved under the state’s medical cannabis program.

Delloso explained that his bill offers an alternative to opioids for people living with chronic pain after a workplace injury. He pointed out that the ongoing opioid crisis has shown how risky those drugs can be and stressed that his proposal aims to protect workers from that threat.

The representative added that this law would require medical cannabis to be approved by the state’s Department of Health and prescribed under the existing medical marijuana framework. He further argued that the change would not only help workers manage their pain more safely but also ease the emotional and financial burden on their families.

So far, six Democratic lawmakers have signed on as early backers. The bill was sent to the House Labor and Industry Committee for review earlier this week.

Delloso has also been active in efforts to legalize recreational cannabis in the state. His most recent proposal would set up a system where the state controls cannabis sales. However, a similar plan passed in the House was rejected in the Republican-led Senate.

While that broader legalization bill still has a chance to gain traction, some state Democrats are now encouraging voters to put pressure on senators to approve it. They argue that regulating cannabis would boost public safety and create significant revenue for the state.

Although some Republican lawmakers are warming up to the idea, Senate leaders like Joe Pittman have shown little interest. Still, there are signs of change. Senator Dan Laughlin, who partnered with Democrat Sharif Street on a legalization effort, noted that more people now support cannabis reform over raising taxes to fix budget issues.

A recent survey found that most Pennsylvanians would prefer marijuana to be sold by private businesses instead of through government-run stores.

If efforts to have employers reimburse workers who need medical marijuana after workplace accidents succeed, the change will be applauded by the wider marijuana movement, including major companies like Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) operating in other states.

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420 with CNW — Marijuana Firms Partner with Media Outlets to Boost Visibility

Two marijuana brands based in Colorado have come together to launch a limited-edition series of infused pre-rolls in partnership with a long-standing independent media house. The collaboration involves Meraki Brands (a cannabis cultivator), the solventless concentrate producer Mighty Melts, and Denver’s alternative weekly newspaper, Westword.

The companies are set to unveil the Westword-branded pre-roll bundles during a launch event on August 7th at Denver’s Tetra Lounge, a cannabisfriendly venue.

Westword has long been one of the few media platforms comfortable running cannabis ads. It was Thomas Mitchell, Westword’s news editor, who reached out to Meraki and Mighty Melts with the idea of releasing cobranded infused prerolls.

Jim Koller, owner of Meraki, commented that working with a respected Denver media outlet offers a strong way to highlight their cannabis products while building local connections. He added that expanding awareness of their brand is a core goal.

Partnering with Westword brings several perks for Meraki and Mighty Melts. Among these are greater exposure, entry into new segments of customers, and diversification of the products on offer.

Mitchell also sees the collaboration and the accompanying event as a way to deepen Westword’s ties with its readers and the cannabis community. He noted that although the marijuana sector is not quite as strong as it had been a few years ago, it continues to be essential to Westword’s editorial work as well as its advertising revenue.

On top of its news coverage, Westword produces a weekly events guide focused on cannabis happenings and publishes its longrunning Ask a Stoner column. That feature offers answers to reader inquiries related to cannabis.

Many marijuana brands pursue such partnerships with mainstream companies to crosspromote products—Binske, a luxury cannabis label, paired up with L’equip, a Los Angeles fashion brand, to launch a highend apparel line under the Le Binske name.

However, mainstream collaborations can face hurdles. Mitchell shared that right after announcing the collaboration with Meraki, Westword’s Instagram profile was deactivated. He added that following its annual Best of Denver awards, some recognized marijuana businesses experience account shutdowns.

The Westwordbranded infused prerolls blend Meraki’s premium flower with Mighty Melts’ bubble hash. The first release includes three carefully selected strains:

Golden Goat crossed with Fizz for a lively, uplifting effect
Grease Bucket combined with Black Maple for a strong, impactful experience
Grape Mountain paired with itself to offer a soothing, relaxing sensation

The joint packs will roll out to approximately ten dispensaries soon after the Tetra Lounge launch event.

The cannabis industry has to navigate a variety of challenges that don’t exist for other industries, such as restrictions on advertising. Various brands, such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), will agree that to succeed in this industry, companies have to be very creative in dealing with the different challenges they face.

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420 with CNW — Massachusetts Marijuana Regulators to Receive Public Comment on Social Consumption Site Regulations

Massachusetts marijuana regulators are seeking input from the public after approving a draft set of rules that could pave the way for cannabis use in public spaces and events.

The state’s marijuana control agency approved the proposed changes during a recent meeting following several days of detailed review. The regulations will be officially filed with the Secretary of State by the end of the week, triggering a mandatory public comment period.

The main goal is to create legal spaces where adults can buy and consume cannabis on-site, similar to how alcohol is sold and enjoyed in bars. This would be especially helpful for out-of-town visitors who can’t smoke in hotels or renters who face building restrictions. It also gives guardians a place to consume cannabis without exposing their kids to it.

Social consumption spaces were part of the original 2016 ballot initiative that legalized recreational cannabis in the state. Although these spaces were supposed to roll out in 2018, regulators chose to focus on opening retail shops after pushback from state lawmakers.

The new regulations outline three kinds of social consumption license categories. The first, a “supplemental” category, would permit existing dispensaries or growers to offer customers cannabis products on-site.

The second, a “hospitality”category, would enable non-marijuana businesses like gyms, salons, or movie theaters to offer cannabis use as an added feature. The third, an “event organizer”category, would make it possible for temporary cannabis consumption at public gatherings such as concerts or festivals.

To keep safety a priority, all licensees must have a plan for how attendees will get home if they’re impaired. There are also rules in place to protect employees working in these spaces.

The permits will initially be available only to businesses that fall under the agency’seconomic empowerment or social equity programs, as well as to small-scale cannabis businesses and co-ops. This exclusivity period is set to last five years.

Changes have been made to the event organizer license category in recent months. These include requiring local approval for events before seeking state authorization, granting towns the same authority they have over alcohol-related events, and capping event licenses to 24 days annually, with no more than five consecutive days per event.

Additional updates include simplifying employee credentialing. Workers employed by more than one cannabis company will now need just one badge instead of multiple. The rules will also allow cannabis businesses to offer packaged, non-marijuana food and beverages for sale.

Over the next few weeks, the agency will accept public input and host a hearing to gather feedback. More information will be shared during a public hearing on August 14.

The entire marijuana industry across the country, including firms like Cresco Labs Inc. (CNSX: CL) (OTCQX: CRLBF), will be hoping that this new phase of rolling out the cannabis industry in Massachusetts unfolds smoothly.

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420 with CNW — Georgia Lawmakers Weigh Conflicting Proposals on Marijuana and Hemp Reforms

Georgia lawmakers are reviewing the future of hemp and marijuana products in the state, and opinions are sharply divided. During a recent legislative study committee meeting, people from both sides of the debate shared their experiences and concerns, laying the groundwork for possible policy updates in the state.

On one side, critics pointed to mental health risks, especially for young users. Several parents told lawmakers that their children developed schizophrenia after using high-potency cannabis products bought over the counter. One mother, who asked to remain anonymous, said her son had a discount code he used frequently at a local store. “This is the biggest regulatory oversight I’ve ever seen,” she said.

Psychiatrist Dr. Colin Murphy added that rising potency levels are contributing to cannabis-induced psychosis, particularly among teens. Others agreed, saying the availability of high-strength cannabis products was harming vulnerable groups.

Medical cannabis advocates, on the other hand, shared powerful personal stories about how marijuana had changed their lives. Georgia Medical Cannabis Society co-founder Yolanda Bennet, who has a hormonal condition, credited marijuana with helping her manage pain without needing to rely on addictive opioids.

The hearing comes after the state legislature failed to reach an agreement earlier this year on proposals to increase medical cannabis potency and to prohibit hemp-infused drinks. Now, the study committee is seeking additional input before deciding how to proceed.

Much of the confusion stems from overlapping federal and state rules. While marijuana remains illegal at the federal level, Georgia allows limited medical use with a doctor’s approval. Meanwhile, hemp became legal under the 2018 Farm Bill, allowing products with THC content below 0.3% by dry weight. That change opened the door to a flood of new products like hemp-infused drinks, edibles, and oils.

The market has grown fast, and not all of it is under proper oversight. Synthetic cannabis compounds are being sold without much regulation. Last year, Georgia’s agriculture department started taking enforcement more seriously, but the landscape remains difficult to monitor.

The department’s policy director, Katherine Russell, explained that innovation is moving faster than the laws. She cited a Florida-based company creating CBD from orange peels, which could sidestep existing laws entirely. “You can write laws to regulate marijuana,” she said, “but if someone finds a different way to make CBD, those laws might not apply.”

The committee’s next meeting is scheduled for August 21.

The debates on how to regulate hemp products and marijuana are happening in many states around the country, and major industry firms like Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) are keenly following these discussions wherever they are taking place.

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420 with CNW — Pennsylvania Lawmakers Remain Divided as Marijuana Bill Discussions Continue

Discussions on recreational cannabis legalization are gaining momentum in Pennsylvania after a key GOP state senator introduced a bill on the matter.

The measure, introduced by Senators Sharif Street and Dan Laughlin, would legalize recreational marijuana for adults aged 21 and older. It also opens the door for current medical cannabis operators to expand into the recreational market, provided they pay a $100,000 transition fee.

One of the main points of contention is how easily existing medical dispensaries should be allowed to switch to recreational sales. Critics, particularly those advocating for small businesses, argue that the $100,000 fee is too low and could lead to larger players gaining an unfair advantage.

To address equity concerns, the bill sets a $50,000 application fee for small businesses and applicants from disproportionately impacted communities. Each group would be capped at 15 licenses.

Senator Laughlin, who chairs the Senate’s Law and Justice Committee, holds a key position in determining the future of marijuana legislation. Earlier this year, he blocked a House-backed measure that would have introduced state-run cannabis stores, modeled after Pennsylvania’s state-run liquor stores.

Key GOP leaders in the Senate have already expressed little interest in advancing recreational marijuana bills. Joe Pittman, the Senate Majority Leader, for instance, said there’s no broad support for legalization within their caucus. Senate Appropriations Committee chair, Senator Scott Martin, has also declined to consider such legislation, which further dims its chances.

Even members of Laughlin’s committee have voiced concerns, citing potential public health and safety risks.

Over in the House, Democrats are pushing their own bills. Representative Amen Brown introduced a version of the Senate proposal, maintaining the same structure and language. Meanwhile, a different proposal by Representatives Abby Major and Emily Kinkead creates a regulatory board, permits medical operators to transition to recreational sales, and includes a $100,000 conversion fee.

Their bill adds labor representation on the board and reserves more licenses for social equity applicants, small businesses, and micro-growers. Application fees for these groups would be determined later by the board.

Representative Rick Krajewski, who supported the state-run model, remains skeptical. He doubts any of the current measures will move forward, given the Senate GOP’s opposition. For him to support a private-market model, he says it would need to include strong safeguards for small operators, such as guaranteed early access to customers, to level the playing field.

These discussions to determine how best to legalize adult-use marijuana in the state while avoiding giving existing industry players an unfair advantage is similar to the discussions over in Florida where medical marijuana entities like Trulieve Cannabis Corp. (CNX: TRUL) (OTCQX: TCNNF) have been working to pass a legalization measure for recreational marijuana.

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420 with CNW — New Shopping Approaches Are Boosting Marijuana Retail Sales

As the marijuana market grows more competitive, some retailers are shifting how they present their products to customers. These changes, going beyond aesthetics, are helping boost sales and creating a more comfortable and engaging customer experience.

Verano Holdings Corp., based in Chicago, recently introduced a new take on marijuana retail at its Zen Leaf store in Phoenix. Instead of the usual setup where shoppers wait at the counter to speak with a budtender, the store is using a more casual, self-service approach. Customers can browse shelves on their own, just like they would in a typical convenience store.

People are encouraged to pick up products, check labels, and read details such as CBD and THC levels or terpene content. This setup gives them more control over their shopping and may reduce the pressure that comes with asking questions at the counter.

According to Verano’s executive VP of retail, Robert Cohen, this makes the experience more relaxed and welcoming. Customers say they’ve found items they wouldn’t have discovered otherwise. Even customers who placed online orders often added more to their carts after seeing products in person.

Some states allow dispensaries to offer what’s known as “deli-style” service, where buyers can inspect and smell the cannabis flower before buying. Arizona, Oregon, Missouri, and Colorado permit this practice, often using “sniff jars” to let people experience the aroma of different strains. In contrast, states like New York and California require prepackaged products, limiting this kind of interaction.

Show-Me Organics CEO Boston Dickerson compares buying flower to picking produce—you want to see and smell it before deciding. His stores in Missouri follow deli-style practices where employees wear gloves and use tongs to handle products. Customers smell the flower, but never purchase from the jars directly. According to Dickerson, about 65% of their flower is sold using this approach.

However, this style isn’t without issues. Darwin Millard, a cannabis safety expert, points out that repeated opening of jars can affect product quality and spread germs. During the pandemic, many states restricted these practices for safety, similar to how cafes removed communal condiment bars.

Millard, who works with ASTM International on industry standards, encourages proper sanitation practices. Employees handling open products should wear gloves, masks, and hair coverings. He also suggests alternatives like sample visuals or scratch-and-sniff cards to let customers experience a product’s scent without opening actual inventory.

As leading cannabis firms like Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) continue to find innovative ways to attract and retain customers, we are bound to see many new techniques being introduced to boost different brands.

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420 with CNW — 32 State AGs Ask Congress to Expeditiously Pass Cannabis Banking Law

A group of 32 attorneys general from states and U.S. territories is urging Congress to pass a banking bill that would allow licensed marijuana operators to use traditional financial services. The group sent a letter to congressional leaders, underscoring the urgent need to provide cannabis businesses access to banks and credit unions.

The letter, spearheaded by AGs from Ohio, Washington, DC, Maryland, and Georgia, urges lawmakers to prioritize the Secure and Fair Enforcement Regulation (SAFER) Banking Act this legislative session. According to the officials, the growing number of states legalizing marijuana highlights the need to bring cannabis-related financial activity into the formal banking system.

The AGs argue that keeping cannabis businesses locked out of banking pushes them into risky, cash-heavy operations. Without access to financial institutions, many of them are forced to handle large sums of cash, putting employees, customers, and communities at risk of theft and violent crime.

They also point out that the lack of banking access makes it harder for states to collect taxes and regulate the industry effectively. They note that the SAFER Banking Act could help states recover potentially hundreds of millions in lost tax revenue by allowing legal cannabis businesses to operate more transparently.

Although the letter refers to the 2025 version of the SAFER Banking Act, the bill has not yet been officially reintroduced in Congress. It remains to be seen whether any parts of the bill will change from its previous form, which failed to pass before the last session ended.

In the letter’s closing, the AGs describe the SAFER Banking Act as a reasonable, bipartisan step that would improve safety for the roughly 75% of Americans living in states where marijuana is legal. They clarify that the measure doesn’t push for legalization in states where marijuana remains illegal. Instead, it aims to solve practical issues that stem from the disconnect between federal banking rules and state cannabis laws.

The officials say the goal is to move the cash flowing through licensed cannabis businesses into secure, monitored banking systems, making the industry easier for both regulators and law enforcement to oversee.

The other AGs who signed the letter are from American Samoa, Alaska, Arizona, California, Connecticut, Hawai’i, Delaware, Illinois, Massachusetts, Maine, Michigan, Nevada, Minnesota, New Jersey, New York, New Mexico, Colorado, Northern Mariana Islands, Oregon, Oklahoma, Pennsylvania, South Dakota, Rhode Island, Utah, U.S. Virgin Islands, Vermont, West Virginia, and Washington.

Major cannabis industry players like TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) will be hoping that the pleas of the bipartisan AGs will be heeded and the needed legislation is passed so that some of the hurdles that industry actors face in accessing banking services are addressed.

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