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 — Florida Supreme Court Sets Date to Decide Cannabis Ballot Measure’s Fate

The Florida Supreme Court has set dates for oral arguments in a case that will determine if a state cannabis legalization measure appears on the 2024 ballot. Both the Smart & Safe Florida campaign, which sponsored the cannabis legalization proposal, and the state attorney general have spent the past few months sending briefs to Florida’s Supreme Court.

Florida Attorney General Ashley Moody filed a challenge against the proposal and called for its invalidation on the grounds that it is misleading. She argued in her challenge that the measure was ‘”effectively misleading” because it doesn’t explicitly state that marijuana will still be illegal under federal law even if Florida amends its law to legalize the plant.

While the Smart & Safe Florida campaign noted that it was incredulous to think any American was unaware of marijuana’s controlled status at the federal level, the attorney general’s office argued that most Americans are too ignorant of state and federal policies to know. Furthermore, Moody’s office said the proposal was written in a way that would provide an unfair advantage to marijuana company Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), the campaign’s primary financial backer.

The challenge claimed that the proposal’s ballot summary was misleading in subtle but influential ways, stating that Truelieve was inviting millions of Florida residents to join in its “reckless violation of federal criminal law” in its pursuit of larger markets and bigger profits.

Moody said the measure was also “duping voters” by saying it would increase cannabis retailers in the state when it would only authorize the expansion of the state’s cannabis retailer base, no doubt hoping to appeal to Floridians who were interested in accessible medical marijuana treatment centers.

A brief from the Drug Free America Foundation noted that the measure was in positive conflict with federal law and violated the U.S. Constitution’s supremacy clause, which states that federal law generally supersedes state laws and constitutions. Furthermore, the Florida Chamber of Commerce submitted a brief to the state Supreme Court noting that the cannabis legalization proposal was in constitutional violation of the single-subject rule for ballot proposals. The Chamber of Commerce also supported Moody’s argument that the ballot’s title and summary language were misleading.

On the other hand, Smart & Safe Florida and cannabis reform supporters argue that Floridians should have the chance to decide on cannabis reform after they submitted close to a million certified signatures.

The Supreme Court has scheduled the next hearing for key arguments and responses from the attorney general and Smart and Safe Florida to Nov. 8, 2023.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our 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. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. 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 — Could Marijuana Rescheduling Result in Nationwide Legalization?

The discussion surrounding the legalization of cannabis has remained a prominent topic in recent times, with several states choosing to take matters into their own hands by legalizing it within their borders rather than waiting for federal intervention. However, there is now a glimmer of hope on the federal front as health officials have recommended marijuana reclassification, potentially signaling a significant stride toward nationwide legalization.

Unfortunately, this isn’t as straightforward as it may appear.

Currently, marijuana is categorized as a Schedule I drug, a classification that implies the DEA deems it as lacking a recognized medical purpose and having a substantial potential for abuse. However, the United States Department of Health and Human Services shared its findings on cannabis with the U.S. Drug Enforcement Administration (DEA) and recommended that it be classified as a Schedule III substance. According to this classification, the drug has a low to moderate risk of causing physical and mental dependence. Comparable drugs in Schedule III include anabolic steroids and ketamine.

While the recommendation may sound promising, the status quo for marijuana remains largely unaffected. The DEA will require a considerable amount of time to deliberate and decide on the reclassification. In addition, even if reclassified, cannabis would still fall under the purview of federal regulations, remaining a controlled substance. Importantly, it does not instantaneously translate into federal legalization for recreational use and does not decriminalize the substance.

Nevertheless, the reclassification of cannabis could bring about some positive changes. For example, it would pave the way for increased research opportunities since studying Schedule III drugs is less restrictive compared to Schedule I. Additionally, it might lead to a reduction in the federal taxes levied on cannabis businesses. Under the current tax code, enterprises dealing with Schedule I and II substances cannot claim deductions for expenses such as payroll or rent, resulting in high tax rates for cannabis companies.

Presently, about 23 states have legalized recreational cannabis, while 38 states have legalized it for medical purposes. The latest additions to this list are Missouri, Maryland, Connecticut, New York and Rhode Island.

The potential repercussions of cannabis reclassification in these states remain uncertain. Natacha Andrews, who serves as the executive director of the National Association of Black Marijuana Lawyers, suggests that it could potentially disrupt state programs, stating, “The state-level legalization goes against the established order. The ambiguity surrounding the DEA’s next steps raises numerous questions, with some states experiencing minimal disruptions while others encounter more significant issues.”

The cannabis industry, together with its leading enterprises such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), would appreciate cannabis policy reforms at the federal level that ease some of the complications companies have to navigate as they stay compliant with state law while also keeping federal law in mind.

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420 with CNW — Cannabis Dispensaries Happy That SAFER Banking Act Has Progressed to Senate Floor

Cannabis businesses across the United States have applauded a recent vote by a committee of the U.S. Senate to advance cannabis banking legislation and move it to the senate floor. The committee approved a revised version of a bipartisan marijuana banking bill for the first time last week, raising hopes that America’s state-legal cannabis industry could finally gain access to financial and banking services.

Members of the Senate Banking Committee voted in favor of the Secure and Fair Enforcement Regulation (SAFER) Banking Act in a 14 to 9 vote just a week after bill sponsors Senators Steve Daines and Jeff Merkley officially filed the revised bill. If the measure becomes law, it will provide protections to banks and financial institutions that serve businesses in the cannabis sector from federal reprisal.

America’s state-legal cannabis industry currently cannot access banking services such as bank accounts and cashless payments due to federal prohibition, forcing them to mostly operate on a cash basis. On top of making tax compliance quite difficult, running cash-only operations attracts thieves and increases the likelihood of violent cannabis dispensary robberies, something that is already happening with frightening regularity around the country.

Senate Banking Committee Chair Sherrod Brown has said that the bipartisan cannabis banking bill was necessary as it would help keep cannabis businesses, service providers, and communities safe.

Although the proposal will have to advance past the Senate and House of Representatives before heading to President Joseph Biden’s desk for his signature, cannabis dispensaries are pleased with the progress it has made so far. Herban Underground’s Clif Gordon said he wants to run his cannabis business like any other business in the country but limited access to banking makes this difficult. His establishment is functions like any other business, but federal prohibition prevents his from taking credit cards or any other cashless payment systems, limiting his business to cash-only transactions.

Former Colorado Representative Ed Perlmutter has been championing cannabis banking for close to a decade to help business owners like Gordon. He explains that the SAFER Banking Act would finally allow banks to serve the state-legal cannabis sector as it serves other legitimate industries. That would include granting the industry access to deposit accounts, credit cards, payroll accounts, and other banking and financial services that are immediately accessible to other businesses.

Mason Tvert from Colorado Leads says operating on a cash-only basis and essentially keeping a pile of cash on hand presents a safety issue for cannabis businesses and their employees. He says the SAFER BANKING Act is a “critical public safety legislation” that will allow access to critical banking services while providing social equity and small businesses with the financial products they need to grow.

If this act gains Congressional approval and is signed into law, it could result in more marijuana companies accessing financial services, thereby having positive downstream effects such as causing a spike in the number of clients ancillary firms such as Innovative Industrial Properties Inc. (NYSE: IIPR) serve.

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420 with CNW — Marijuana Companies in Canada Tap Government Funding Programs

An increasing number of Canadian marijuana companies are tapping into funding sources from the government to expand their research projects amid reduced investor interest in the cannabis industry. According to a recent MJBizDaily report, cannabis companies in Canada have accessed more than $2.2 million (C$3 million) in federal funding over the past 12 months.

Cannabis companies in Canada and the United States have struggled to secure capital investment indecent years. The Canadian marijuana sector has registered especially poor performance, law firm Miller Thomson notes, costing investors some $131 billion and significantly damaging investor confidence in the industry.

With no other alternative, players in Canada’s marijuana industry had no choice but to turn to federal funding to support their capital needs. Canada’s government has been happy to oblige, providing around $24 million (C$32.8 million) in funding since the country legalized adult-use marijuana in 2018 to cannabis businesses via business-support programs.

Canada legalized recreational cannabis in October 2018 and allowed the possession of up to 30 grams of domestically produced marijuana, and up to four marijuana plants per household with adults aged 18 and older. In addition, provinces have the option of increasing the minimum age limit for purchasing, possessing and using cannabis. Furthermore, the cannabis legalization measure allowed businesses to produce cannabis under federal licensing while the distribution and sale of recreational cannabis was under the authority of provincial governments.

Thanks to limited investor interest in the sector, the Canadian government has provided millions of dollars to recreational cannabis companies. While most of the federal funding was invested in research-related activities, recreational cannabis companies also used the funding for business expansion.

In 2020, the now-defunct Tantalus Labs received $2.1 million (C$2.9 million) from the federal economic development body Western Economic Diversification Canada to expand a greenhouse. Tantalus Labs received the funding through the Regional Economic Growth’s Innovation Program.

Pbg Biopharma also secured $3.95 million (C$5.4 million) via the innovation program while Ricci Cannabis received $5,398 (C$7,380) through the National Research Council of Canada’s Industrial Research Assistance Program to commercialize a nonalcoholic marijuana beverage.

Cannabis company executives say federal funding is key to carrying out targeted research and development projects but caution against relying on government funding for regular business costs. Canna Stream Solutions CEO and cofounder Usukuma Ekuere says that without grant funding from the Canadian government, companies such as Canna Stream Solutions (which received $365,000 in funding) wouldn’t have gotten as far as they have.

U.S.-based marijuana companies, such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), also hope to one day operate in an environment in which they can access federal government support in the same way that actors in other industries can obtain funding to grow their businesses.

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420 with CNW — California Legislators Send Marijuana Bills to Governor’s Desk

California legislators have approved a series of marijuana-related bills in their just-concluded session. The bills cover various aspects of the industry and have garnered significant attention, particularly from industry professionals. During the session, several cannabis-related laws were introduced, including one that was designed to safeguard workers who use marijuana in traditional office settings.

Governor Gavin Newsom has until Oct. 14, 2023, to either reject or sign the measures.

Three bills have taken center stage in discussions among California’s cannabis industry insiders, those addressing issues related to social equity, labeling and consumption lounges restrictions.

SB 51, which seeks to rectify historical injustices by extending the provisional license program of the cannabis control department, has garnered support, particularly from social-equity licensees and applicants. The measure allows retail-equity licensees and applicants to receive or renew temporary licenses for up to five years under certain conditions, allowing businesses to remain in compliance while working toward permanent annual permits.

The transition to annual state licenses has proven challenging, especially in Los Angeles, where many social-equity cannabis businesses are struggling due to real estate hurdles and capital shortages. SB 51 aims to provide relief to more than 300 applicants across the state, spanning areas such as San Jose, San Diego and Long Beach.

AB 374 has also been seen as a potential victory for cannabis retailers. The legislation would permit California cannabis shops to operate conventional kitchens and host events. It promises operational changes and new revenue streams while serving as a model for other states struggling with consumption lounge regulations. The law would take effect on Jan. 1, 2024, pending the governor’s approval, but it would apply only in jurisdictions that permit consumption lounges.

Unlike the other two measures, AB 1207 has encountered strong opposition within the industry. The bill introduces new restrictions on product packaging and labeling, including bans on various designs and images that might appeal to persons under 21 years of age.

The measure carries significant implications for brands and manufacturers, particularly minority-led and small enterprises that use packaging to highlight their unique identities and stories. AB 1207 has successfully passed through both legislative chambers and now awaits the governor’s signature.

Despite consistent industry demands, tax relief for the marijuana sector has once again failed to gain traction during this legislative session. SB 512, which aimed to eliminate double taxation imposed by the state and local jurisdictions, failed to progress beyond committee stages.

For global-focused companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), the evolving regulatory landscape in California is of great interest since the developments there can cascade to other U.S. states and jurisdictions around the world, impacting the trajectory of the industry.

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420 with CNW — US Nurses Association Recognizes Marijuana as Specialty Practice Area

The American Nurses Association (ANA) has released a formal statement recognizing marijuana as a specialty practice area for nursing. The statement, which was released last week, highlighted that cannabis nurses would play a crucial role in providing patients with guidance and education on how to incorporate cannabis into treatment.

Currently, the ANA represents more than 5 million nurses across the United States. The organization’s president, Jennifer Mensik Kennedy, stated that this move underscored the crucial role and special contribution of marijuana nurses to the healthcare system and promoted integration of marijuana treatments for health care consumers in different healthcare settings.

The ANA also credited the American Cannabis Nurses Association for contributing to the extensive landscape of nursing practice and patient care and pioneering the marijuana nursing field. The ACNA advocates for studies on medical cannabis, as well as education and policy reform on the same. ACNA president Rachel Parmelee stated that the organization was gratified by the establishment of marijuana nursing as a recognized nursing specialty.

In her statement, Parmelee observed that cannabis nursing needed specialized knowledge and competencies to address the stigma linked to the use of medical marijuana, navigate care and support a healthy society. She then noted that the organization’s objective was to establish lasting and transformative change that would enrich both general and specialized nursing practices, helping serve the needs of patients across the country.

In its statement, the ANA also voiced its support for urgent clinical studies informing patients on the effectiveness of cannabis and associated cannabinoids, quoting its 2021 statement on the therapeutic use of marijuana. The 2021 statement suggested that cannabis be reclassified as a Schedule II substance under the Controlled Substances Act to facilitate research. The statement also called for the development of evidence-based standards for dosing and use of marijuana and the protection of patients who used cannabis from criminal or civil penalties.

Generally speaking, nurses in America have favorably supported the legalization of cannabis. One survey conducted in 2018 determined that 82% of polled nurses were in favor of legalizing medical cannabis while almost 60% supported the legalization of adult-use marijuana.

While there has been an increase in studies on marijuana in the last few years, certain obstacles continue to hinder progression. A good example would be marijuana’s current classification as a Schedule I substance under the Controlled Substances Act. This schedule makes it hard for researchers to obtain marijuana for research and even harder to study it.

This formal recognition of marijuana as a nursing specialty practice field is likely to be positively received by the wider cannabis industry, including entities such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) since it inches cannabis closer to being integrated fully into mainstream medical care.

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420 with CNW — Germany’s Marijuana Legalization Bill Advances Despite Opposition from State Representatives

Contenders of a proposed measure aiming to legalize cannabis in Germany faced a setback as they failed to garner sufficient support to thwart its progression through the legislative process. Germany’s legislative framework comprises two main chambers: the Bundesrat (also known as the Federal Council), comprising individual states’ representatives, and the Bundestag, which comprises democratically elected legislators. The legalization measure was presented in the Bundesrat, where lawmakers advocated for amendments but were unable to halt its advancement.

Germany’s federal cabinet, from whom the measure originally came, will now respond to the Bundesrat’s input before sending the law to the Bundestag for potential approval.

The motion to pause the legislation made by the Bavarian Bundesrat Rep. was rejected, as was a proposal to need the formal approval of the Bundesrat prior to legalization. Another attempt to raise the current draft’s 18-year-old legal possession age limit was similarly unsuccessful. However, there was consensus among the state representatives that the bill had a systemic enforcement weakness. They are seeking amendments to ensure that the states are not burdened with administrative expenditures associated with the federal government’s implementation of regulations.

The legalization proposal received 80 amendments from Bundesrat committees, including proposals to address drunk driving, prohibit alcohol sales and use in marijuana clubs, and set safety requirements for growing facilities.

The cabinet is expected to issue a counterstatement, after which the bill will proceed to the Bundestag. If it passes there, the Bundesrat can debate the measure but cannot block its implementation.

If enacted, the bill would permit adults 18 years of age and older to legally possess marijuana and grow up to three cannabis plants for personal use. Furthermore, the proposal introduces social clubs to distribute cannabis to members, with purchase caps of 25 grams per day for those older than 21 years of age and 30 grams monthly for those aged 18 to 21. The clubs cannot be established within a 200-meter radius of educational institutions or playgrounds. There are also specific limits on the number of clubs per district or city.

The bill also includes cost estimates for program implementation, potential savings from reduced enforcement and expected new revenue collected through employment taxes.

Germany’s journey toward legalization involved months of internal discussions and negotiations, complemented by visits to California marijuana businesses. Additionally, high-level meetings with European counterparts signaled a commitment to ending cannabis prohibition and regulating the industry.

As more markets such as Germany open on the European continent, enterprises such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) could have a larger international market to expand into.

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420 with CNW — Wholesale Marijuana Prices Rebound in Several States

Wholesale marijuana prices have recently found stability or even experienced slight rebounds in select markets during the summer. However, industry experts are advising cultivators to prepare for a potential renewed downward trend as the fall harvest bolsters inventories through the year’s end.

Ben Burstein, a strategist at LeafLink, points out that a significant inventory buildup is observed across the industry during this time of the year, particularly around the harvest season, triggering substantial price drops. LeafLink’s data gathered from 13 states shows that after several months of consistently hitting record-breaking lows, wholesale cannabis flower prices have stabilized in certain well-established markets, such as Michigan and California. While this is good news for producers, retailers are grappling with rising costs.

In California, for instance, retailers paid more than 29% more for marijuana flower in August compared to the previous year due to a 15% decline in licensed square footage. Meanwhile, Michigan witnessed a 19% price rebound since the end of 2022, registering more than a 4% increase compared to the previous year.

In contrast, Oregon and Oklahoma, known for having some of the lowest wholesale marijuana prices in the country, experienced price increases of more than 5% and 7%, respectively, compared to the previous year. On a broader scale, prices across the 13 states exhibited a 4% year-over-year increase in August 2023 and a 15% rise compared to the end of last year.

Despite these positive trends, wholesalers in most states continue to grapple with price compression due to an oversupply of inventory. According to Cannabis Benchmarks, prices have reached a “historic low,” with the spot index plummeting to only $935 per pound, a 7.3% decline from September last year.

Burstein noted that the marijuana market tends to follow a similar pattern in most states. When medical cannabis programs launch, prices per pound can reach as high as $10,000. However, as more growers become licensed, prices gradually decline.

For instance, in Maryland, where recreational cannabis sales commenced in July, prices surged by more than 40% from August 2022 to August 2023. In Missouri, adult-use sales introduced in February increased wholesale cannabis flower prices from around $1,500 per pound in late 2022 to more than $2,000 per pound in August.

Arizona, after experiencing oversupply issues in 2021 and 2022 due to extensive greenhouse cultivation, saw prices inch up slightly in August, rising by more than 2%. Colorado, on the other hand, currently boasts the lowest wholesale prices in the nation, standing at $810 per pound in August.

In Massachusetts, the market is adjusting to reduced out-of-state demand, dropping from 25% to 15% following cannabis legalization in neighboring states such as Vermont, New York and Connecticut. Wholesale prices in the state have fallen by more than 27% since August 2022. Looking ahead, Burstein predicts further declines in the latter half of the year, as pricing shifts typically occur between the harvest and the early months of spring, when product availability decreases.

Cannabis companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) are used to these seasonal changes in the wholesale price of marijuana, and likely calculate this into their pricing policies so that they still earn a profit by the end of the year.

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420 with CNW — Concerns Arise as Few Blacks Enroll for UK Study on Marijuana’s Effects on the Brain

A campaign behind a UK-based study to research the effects of marijuana use on the brain is struggling to recruit Black and Asian volunteers who smoke cannabis regularly. The lack of adequate representation in the volunteer pool has raised concerns that the study’s findings would not be truly representative of the United Kingdom’s population.

With £2.5m ($3.04 million) in funding, the King’s College London study seeks to understand how cannabis use can lead to psychosis and paranoia in some users but have no such effects in other users. Findings from the upcoming study could open the door to expanded therapeutic use of cannabis and increase the safety of illicit recreational cannabis use.

But while White people have volunteered for the study in relatively large numbers, few Asian and Black cannabis users have volunteered for the study. After 18 months of working to build a 3,000-strong pool of marijuana users from the London Area, the “Cannabis and Me” campaign still needs to recruit hundreds more Asian, Caribbean and Black people.

Understandably, these two communities have met attempts to collect data about illicit drug use with suspicion and distrust. A 2021 analysis by the Liberal Democrats found that Black people in the UK are around 12 times more likely than White people to be arrested and prosecuted for marijuana possession.

Former police chief and the Liberal Democrat’s House of Lords home affairs spokesperson Brian Paddick said at the time that law enforcement’s focus on marijuana possession was undermining the Black community’s confidence and trust in the police. Asian and Black people also have an 11.8 cannabis possession conviction rate compared to White people, at 2.4 times even though they have lower self-reported rates of cannabis use.

Furthermore, Black people in the UK cumulatively make up a quarter of all cannabis possession convictions even though they make up less than 4% of the country’s population.

The two communities’ unwillingness to participate in the cannabis study points to a deeper issue in research science: Black people and other ethnic minorities have little representation in clinical research. This underrepresentation was especially present in clinical trials for coronavirus vaccines even though the pandemic had a significantly larger impact on minorities such as Asians and Black people.

Marketing consultant and head of the campaign’s recruitment drive William Gadsby-Smith says that for people who have had their trust in the government and law enforcement eroded by years of corrupt and racist police, saying no to participating in such initiatives is extremely easy.

An advocacy group based in Brixton that tackles racism in the UK’s legal system called Unjust refused to help the campaign recruit participants from minority groups. According to Unjust’s founding director Katrina French, the study’s findings on cannabis and psychosis could potentially lead lawmakers to expand cannabis criminalization among Black males while ignoring the effects of cannabis prohibition.

The fact that licensed companies such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) are permitted to operate in certain jurisdictions in the world doesn’t mean that all forms of prohibitionist policies were rolled back. The struggle for an end to prohibition is an ongoing process, and the reluctance of Blacks to enroll for the study above is testament that more still needs to be done.

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420 with CNW — SAFER Banking Bill Clears Panel, Heads to Senate Floor

The Senate Banking Committee advanced a new bill on Sept. 27, 2023, that would grant marijuana businesses access to banking services. The bipartisan measure, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, seeks to provide legal safeguards for financial institutions that choose to offer services to state-regulated cannabis enterprises.

Senator Jeff Merkley (D), the bill’s lead sponsor, celebrated this progress as a historic event, highlighting the remarkable spirit of cooperation across party lines.

He expressed his concerns about the current scenario where legal cannabis businesses are forced to operate solely in cash, terming it an invitation to criminal activities such as organized crime, robberies and money laundering. Merkley articulated his commitment to fostering bipartisan support to ultimately enact legislation that eradicates the cash-driven marijuana economy, thereby bolstering public safety nationwide.

The bill also boasts support from Senate Majority Leader Chuck Schumer (D) and Senators Steve Daines (R), Kyrsten Sinema (I) and Cynthia Lummis (R). The lawmakers issued a joint statement underscoring the legislation’s potential to create safer environments for small businesses and local communities by granting legal marijuana enterprises access to conventional financial services, such as bank accounts and small business loans.

Despite the legalization of marijuana for medical and recreational use in 39 states, the industry has grappled with growth limitations due to its classification as a Schedule I substance under federal law. This has deterred many banking institutions from offering financial services to cannabis-related businesses, thus restricting their access to capital and broader markets. As a result, state-regulated marijuana enterprises have been compelled to conduct their operations exclusively in cash, exposing them to the perils of theft, organized crime and money laundering.

Given the expansion of recreational marijuana markets in various states, analysts from the MJBizFactbook anticipate that the combined sales of recreational and medical marijuana in the United States will reach $33.6 billion by the close of 2023.

The recent Senate vote represents a historic milestone, marking the first time the Senate has considered such legislation. While a previous iteration of the bill, the SAFE Banking Act, enjoyed multiple House approvals, it faced repeated obstacles in the Senate under both Republican and Democratic control.

The latest version of the bill also includes stringent provisions for federal regulators, preventing them from closing cannabis-related accounts without valid justification and from denying banking services based on political motivations and personal beliefs. The fate of the bill now hinges on the potentially more challenging terrain of the Republican-controlled House.

The entire cannabis industry, including major entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY), is waiting with bated breath as they follow how this landmark bill will be handled on the U.S. Senate floor.

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