420 with CNW — Why the Federal Government Is Not Acting Fast to Reform Cannabis Laws Despite Public Support

The legal status of cannabis remains complex in the United States, with the Drug Enforcement Administration (DEA) playing a central role. For years, the agency has maintained that cannabis is a highly dangerous and addictive drug and lacks medical value, despite contrary evidence from public opinion, medical research and state laws.

This has led to a situation where marijuana is readily accessible in certain states, heavily penalized in others and federally illegal throughout the country. According to Carmel Shachar, a professor at Harvard School of Law, the U.S. courts or Congress could resolve this confusion, but so far, there’s been limited action.

Currently, the DEA classifies cannabis as a Schedule I substance, alongside ecstasy, heroin and LSD. This classification indicates that the substances have a high addiction and abuse potential with no recognized medical benefits. Shachar points out the irony of cannabis being more restricted than substances such as morphine and cocaine, which are classified as Schedule II and acknowledged to have medical uses.

Marijuana’s Schedule I classification presents significant barriers to research into its potential medical benefits, creating a cycle where its value cannot be proven due to federal restrictions. Cannabis has remained under this classification since 1971, when it was initially added to the list under President Richard Nixon. According to experts, Nixon’s decision was influenced more by political motives than scientific evidence.

At the moment, the next potential development involves the DEA considering reclassifying cannabis to a lower schedule, though this wouldn’t federally legalize the substance. Advocates view this as a symbolic step in the right direction while also recognizing that it falls short of meaningful change.

Reclassification to Schedule III would allow for medical prescriptions but wouldn’t resolve the conflict between federal and state laws. To fully address this conflict, though still distant, cannabis would need to be removed from the Controlled Substances Act (CSA) altogether, according to experts. This means cannabis would be regulated in the same way as tobacco and alcohol.

National polls indicate that public support for cannabis legalization is high, with 70% of U.S. citizens in favor, according to a Gallup survey. Additionally, only 10% of people, according to a 2022 Pew Research Center poll, think the substance should be outlawed. By contrast, 30% favor legalization for only medical purposes, while 59% favor legalization for recreational and medical purposes.

Despite the overwhelming support, legalization progress is slow because of several factors, including differing opinions among legislators and concerns about potential health risks. As advocates note, while rescheduling is a positive step, it’s insufficient, and there’s no justification for marijuana to remain under federal regulation.

The cannabis industry, including entities such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), is focused on operating within the existing regulatory frameworks at state and federal level as it advocates for further reforms to be enacted.

About CNW420

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Judge Rejects Challenge by Out-of-State Residents Against New York’s Cannabis Program

A recent ruling by a federal judge Anne M. Nardacci has dismissed a lawsuit challenging New York’s cannabis licensing program. The lawsuit, filed by two applicants from California, argued that the program unfairly discriminates against non-New York state residents. The ruling would allow the state to grant more licenses, which would have a big effect on a market that is primarily controlled by illegal businesses.

According to Nardacci, the public’s interest in allowing legitimately licensed entities to dominate the market outweighs the issues brought up by the plaintiffs. She noted that the plaintiffs-cited dormant Commerce Provision does not apply to illegal marijuana commerce on federal territory. Rather, due to the lack of Congressional legislation, the provision prohibits states from enacting protectionist policies that hinder interstate commerce.

The legal action, initiated in mid-December by two Los Angeles-based companies, sought a preliminary injunction and temporary restraining orders. Their goal was to halt the state’s licensing procedure during the course of litigation. Nardacci, however, denied the motions, stating that the implementation of regulated permits for the sale of marijuana products would be delayed if an injunction were granted, maintaining the dominance of illegal operators in the market.

New York attorney general Letitia James expressed satisfaction with the court’s decision, noting its significance in ensuring equitable opportunities for disproportionately affected communities within the legal marijuana industry.

New York launched its cannabis program in October last year, intending to give priority to people with past drug convictions who are seeking permits. The strategy aimed to give individuals negatively impacted by the drug war an opportunity before rivals overflowed the market.

Attorneys for the state claimed that more than 1,000 retail locations were expected to be granted licenses this year. They stated that applicants from outside the state are accommodated by the application process, which enables them to prove that they reside in regions that have been disproportionately affected by marijuana prohibition. These measures were anticipated to increase the number of licensed dispensaries, challenging the dominance of black-market vendors who operate unlicensed retail locations.

Critics point to bureaucratic obstacles as the reason for the slow growth of New York’s retail cannabis market, citing delays in the social-equity fund rollout intended to assist applicants in launching stores. The licensing process has also faced legal challenges from excluded individuals and businesses, with a recent lawsuit aiming to further delay the process.

This court victory is a win for the broader cannabis industry, including companies operating in other state markets, such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), since the decision leaves regulators in New York state free to proceed with the rollout of recreational cannabis sales.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — New York Grants Recreational Sales Licenses to Medical Cannabis Companies

The state of New York recently permitted eight medical cannabis companies to sell recreational cannabis. This brings the number of companies that can sell recreational cannabis in the state to more than a dozen. In December 2023, six companies received registered organization dispensing licenses, and in January, the Cannabis Control Board approved licenses for two more companies, among them Green Thumb Industries.

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a company based in Chicago, entered the New York’s marijuana market in 2019, following its acquisition of Fiorello Pharmaceuticals. Currently, the company operates more than 90 recreational marijuana dispensaries in 15 states and 4 medical dispensaries under Fiorello’s medical marijuana license.

Green Thumb’s location in Henrietta, called RISE, is the sole dispensary under the company to have received a license to sell recreational marijuana to customers in New York. The company’s senior VP of Revenue, Dominic O’Brien, stated that the company had been serving medical cannabis patients for almost give years in the state and that would remain a priority for the organization.

While a large share of Green Thumb’s market is still medical marijuana patients, O’Brien noted that he was optimistic and excited about bringing recreational marijuana products already sold in other states to RISE, among them EVO, Incredibles and Dog Walkers.

Medical cannabis providers have been part of the state’s marijuana industry since the implementation of its medical cannabis program in 2016. Medical companies are vertically integrated, which allows them to cultivate, process and sell their own produce under a single license.

In the past, some independent growers have raised concerns that the presence of medical companies might drive them out of New York’s burgeoning recreational market. This sentiment isn’t shared by all, however. The director of policy for the Office of Cannabis Management, John Kagia, states that the companies’ inclusion may help expand the state’s retail capacity at a faster pace.

New York has, in the past, struggled with access to licensed retail dispensaries. In August 2023, a court injunction left many applications that had been submitted to the state’s Conditional Adult-Use Retail Dispensary in limbo, which prevented the Office of Cannabis Management from issuing any other licenses until the injunction was lifted a couple of months later by the supreme court.

With the issue now sorted, Kagia expects that New York may issue more than a thousand licenses to manufacturers, growers, retailers and distributors in the coming months. With these changes, he notes that retailers that sell both recreational and medical marijuana will be required by law to stock products from other suppliers in the market.

Currently, regulations require that all recreational and medical marijuana sold by licensed retailers in New York must be grown in the state.

About CNW420

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — SD Assembly Approves Legislation Sanctioning Cannabis Companies Without Warnings on Gun Ownership

South Dakota’s Assembly has passed two bills highlighting that those who use medical cannabis may be prevented from legally possessing firearms under federal law. The legislation includes adding policy notices in cannabis dispensaries and on patient applications. Failure to comply with these standards may result in daily fines for dispensaries.

The first measure, relating to marijuana patients’ applications, received resounding support with a 68 to 1 vote, while the second one, concerning dispensaries, faced a more divided vote, passing 42 to 27.

According to the legislation, medical marijuana dispensaries in South Dakota must display a warning sign stating that federal law forbids firearm possession for persons addicted to or using cannabis. The measure allows suspension if the attorney general certifies that federal law no longer prohibits firearm possession for such individuals.

Representative Kevin Jensen sponsored both bills, noting his vast background as a gun trainer and dealer. He stated that many people are unaware that this specific federal statute even exists.

Some industry players argue that the law requiring dispensaries to display notices of the statute at entrances and every point of sale brings an unwarranted burden on the operators. In response to these worries, Jensen stated that dispensaries wouldn’t have to pay more as a result of the regulation. He also noted that the $250 daily fine for noncompliance is only one-half of the cost that federal authorities impose on retailers that neglect to post notices on tobacco products.

Additionally, Jensen stated that the state’s health department would be in charge of implementing the rule and gathering fines as part of their regular inspections.

The U.S. Department of Justice (DOJ) has continuously argued in federal courts that the ban on firearms for marijuana users is necessary because possession presents a special risk, similar to the situation where people with severe mental illnesses aren’t permitted to possess firearms. The DOJ justified the prohibition by citing historical precedence and claiming that cannabis users pose a threat to society since they would likely store their weapons improperly.

Despite the federal government’s view, certain federal courts have ruled that the marijuana-related firearm restriction is unlawful, prompting the DOJ to file an ongoing appeal.

A 2019 FBI memo came to light, suggesting that the federal authorities do not usually view the possession of firearms by medicinal cannabis producers and caregivers as a legal crime.

In the broader context of gun and marijuana policy, GOP congressional legislators have introduced two bills this session aiming to address the intersection of gun ownership and cannabis use.

The proposed reforms in South Dakota are still a developing story, and major cannabis companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) operating in more established markets are unlikely to give the legislation much thought until the final law takes shape and its ramifications on the broader industry are assessed.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Study Says Most Cancer Survivors Using Cannabis See Significant Symptom Relief

A recent study involving 1,886 individuals who have battled cancer revealed that almost one-half of them, at some point, have utilized marijuana, either currently or in the past. Among those who turned to cannabis postdiagnosis, the primary motive was to alleviate symptoms such as pain and sleep disturbances. Notably, approximately 20% of cancer survivors currently resort to marijuana for relief from symptoms while actively undergoing cancer treatment.

The study, published in the “Cancer Survivorship Journal,” underscored the noteworthy prevalence of marijuana use among those who have conquered cancer. A majority of respondents reported significant improvement in symptoms for which they employed cannabis.

Out of all respondents, 17.4% identified as active marijuana users, 30.5% as past users and 52.2% as noncannabis users. Among the 510 participants who turned to marijuana following their cancer diagnosis, 60% used it for sleep issues, 51% for pain management, 44% for stress, 33% for nausea, and 32% for depression or mood disorders. Additionally, one-fifth of survivors used it as part of their cancer treatment.

Most participants expressed that cannabis effectively addressed their symptoms, with 73.6% finding it greatly effective 24.4% deeming it somewhat effective. A minimal percentage, 1.9%, reported little or no efficacy across various symptoms such as sleep deficiency, pain, appetite, nausea and depression.

Regarding cancer treatment, responses were marginally less enthusiastic. The study reported that 47.7% perceived cannabis as significantly effective, 34.5% found it somewhat effective, 13.8% believed it provided very little help and 4% declared it not helpful at all.

The authors also discovered a low awareness of potential health risks associated with marijuana use, with only about 9% of respondents aware of such risks when asked about them during their cancer treatment. Among the 167 survivors who acknowledged cannabis’ potential health risks, awareness of adverse effects remained low: only 5% were aware it could trigger suicidal thoughts, 6% on intense nausea and vomiting, 11% on depression, 14% on anxiety, 31% on breathing problems, and 35% interference or interactions with cancer treatment.

Given the possibility that individuals may employ marijuana without full knowledge of its potential side effects, the authors advocate for incorporating discussions about therapeutic marijuana into a patient’s comprehensive treatment plan.

This study unfolds amid heightened anticipation within the medical community and beyond, awaiting a decision from the U.S. Drug Enforcement Administration (DEA) on the rescheduling of cannabis under the federal Controlled Substances Act. While not legalizing medical or recreational cannabis federally, rescheduling could pave the way for FDA approval of marijuana-based drugs and provide tax deductions for medical cannabis entities.

As more studies highlight the therapeutic potential of marijuana, companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) could tweak their offerings to better address specific groups of medical marijuana consumers.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Johns Hopkins Team to Track 10,000 Medical Cannabis Users in Federally Funded Research

Researchers at Johns Hopkins University will be studying the effects of marijuana therapy by closely monitoring 10,000 medical cannabis patients over a five-year period. The study, backed by a generous $10 million grant from the National Institute on Drug Abuse (NIDA), is a collaborative effort with federal researchers and the nonprofit Realm of Caring.

Together, the researchers will amass comprehensive data encompassing delivery methods, product chemical composition, dosage, potential medication interactions and other intricate facets of treatment.

Ryan Vandrey, cocreator of the study and a professor at the Johns Hopkins University School of Medicine, expressed the research team’s objective to comprehend the health impacts of therapeutic cannabis use. The comprehensive study aims to shed light on the diverse landscape of marijuana products, recognize their differences and identify areas of promise. Vandrey emphasized the need to narrow the focus to distinguish helpful products from those that might pose risks, tailoring the research to specific populations and therapeutic purposes.

Despite the increasing volume of cannabis research, federal marijuana laws have posed significant obstacles to scientific exploration. The study recognizes that with more than three-quarters of states legalizing medical cannabis, there is a considerable gap in understanding due to federal restrictions.

The National Cannabis Study is designed to follow a representative cohort of approximately 10,000 patients, spanning from cannabis naivety to a year or more of marijuana use. Johannes Thrul, a mental health professor at the Johns Hopkins Bloomberg School of Public Health, explained that the assessments will be more frequent in the initial stages, acknowledging that patients are likely to experiment with different products to find what best addresses their symptoms.

While Johns Hopkins pursues this independent initiative, the National Institutes of Health (NIH) has expressed the need for a new Resource Center for Marijuana and Cannabinoid Research. The initiative aims to tackle the challenges and barriers hindering cannabis research. Numerous federal health agencies have prioritized overcoming these barriers due to the cumbersome and costly registration process scientists face when trying to access marijuana given its current Schedule I status under the Controlled Substances Act.

Significantly, the Drug Enforcement Administration (DEA) is actively reviewing the policy classifying marijuana as a Schedule I drug, prompted by a recommendation from the HHS to reclassify it to Schedule III. This potentially signals a shift in the regulatory landscape, opening avenues for more streamlined and accessible marijuana research.

Cannabis companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are likely to await the findings of the study as those findings could provide valuable insights into the specific ways in which customers are benefiting from the medical marijuana products they buy.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Ohio Marijuana Sector in Limbo as Lawmakers Close for the Year

Last week marked the conclusion of the Ohio Senate and House’s final scheduled sessions for the year, yet the anticipated progress on cannabis legislation remained elusive. Despite both chambers convening on Wednesday, no cannabis-related bills were discussed, prompting questions about the proximity of a consensus between the Senate and House on the matter.

Senate president Matt Huffman expressed uncertainty about the progress, noting that it was “challenging to determine. The provisions we endorsed, developed in collaboration with the governor and presented to the House have not received significant feedback.”

In a bipartisan move, the Senate passed HB 86, advocating for a 15% increase in cannabis tax, capping home cultivation at six plants, restructuring revenue distribution and integrating automatic expungement. Governor Mike DeWine urged swift legislative action, emphasizing the urgency for signing the measure into law. However, the House exhibited a less urgent approach, leaving DeWine disappointed.

Although cannabis is legal in Ohio, the absence of legal avenues for recreational purchases remains a challenge. The existing law empowers the state’s commerce department to formulate regulations and issue licenses, a process delayed until at least nine months after Nov. 7, 2023. Consequently, legal cannabis sales in Ohio might not materialize until well into the following year.

HB 86 presents an opportunity to expedite this timeline, allowing Ohioans to access recreational cannabis at dispensaries promptly upon the bill’s enactment. Senate Minority leader Nickie J. Antonio noted the importance of making safe, legal products available as soon as possible.

Huffman expressed concerns that the cannabis legislation’s progress might stagnate, particularly with the looming March 19, 2024, primaries. Fearing a potential delay into April and beyond, Huffman stressed the need for elements in the bill that were agreeable to the House.

Both Huffman and Antonio advocated for a dialogue between the Senate and House to discuss various aspects of the legislation. Meanwhile, House speaker Jason Stephens asserted that cannabis discussions would persist, noting the absence of significant hurdles in reaching a consensus within the chamber.

Three critical components of the proposed cannabis law include determining permissible usage locations, issuing licenses and outlining revenue utilization. State Representative Jamie Callender introduced HB 354, clarifying certain aspects of Issue 2. The bill maintains the existing home cultivation limits and specifies that cultivation must occur at a residential address.

As legislative discussions continue, with HB 354 undergoing three hearings in the House Finance Committee, the Senate and the House are scheduled to reconvene next month. Established cannabis companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are likely to follow how matters evolve in this latest state to legalize recreational marijuana.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Limited Product Range Hampers Recreational Cannabis Sales in Connecticut

The recreational cannabis market in Connecticut has hit a snag less than a year after it was launched. At the time of its launch, the market had 13 retail outlets. However, latest figures show that overall sales of recreational as well as medical marijuana have dipped, which isn’t common for a new market.

Total marijuana sales from October dropped from the $25.2 million recorded the previous month to $24.8 million. Recreational sales made up roughly $14.7 million of the total sales, with state data showing that since August, recreational sales had risen by only 5%.

Experts attribute this decline in sales to a lack of variety in products sold to consumers, which has seen many visit stores in neighboring states such as Massachusetts. The dip in sales also reflects a combination of other factors, including high barriers for those who would like to enter the market; regulatory restrictions such as bans on products including pills and capsules; and more municipalities restricting recreational sales and other marijuana businesses.

White Oak Bridge CEO Justin Frytz stated that most consumers in Connecticut choose not to visit dispensaries in the state because the product quality doesn’t meet their standards. Frytz also noted that consumers preferred going to Massachusetts because the product quality is better and they have more choices. He pointed out that manufacturers had shortened or cut production runs on some medical cannabis product lines in favor of recreational products that could generate higher margins and were more scalable. This, he argued, affected medical patients who couldn’t get quality products and also stymied the full potential of the market.

Wholesale marijuana product purchase data also demonstrates a huge discrepancy on category choice in Connecticut, especially in comparison to other recently launched recreational markets.

Leaflink, a marijuana wholesale technology platform, tracked wholesale volume in Connecticut via its online marketplace. The platform determined that an average store in the state bought roughly 400 product stock-keeping units, a figure that is significantly lower than those from its counterparts in Missouri and Maryland.

Data from Leaflink shows that in Missouri, where recreational sales launched in February, the average retailer purchased about 1,000 store-keeping units. In Maryland, where adult-use sales begun in July, the average dispensary in October purchased 1,200 store-keeping units.

Also impacting the situation is the fact that the vertically integrated market is dominated by businesses such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), Verano Holdings Corp and Curaleaf Holdings, which operate in multiple states.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — NY Regulators Can Issue Cannabis Business Licenses After Supreme Court Suspends Injunction

The New York State Supreme Court has formerly removed an injunction that had prevented state marijuana regulators from considering a flood of new store licenses, paving the way for a massive expansion of the state’s marijuana market. The court’s ruling comes only days after the state’s marijuana control board, CCB, reached agreements to settle two cases that had stalled regulators’ licensing procedures since August.

In one of those resolved claims, a collective of war veterans sued the CCB, claiming that Ney York’s license prioritizing policy, which focused on social-equity entities affected by criminalization, unlawfully barred veterans with disabilities from candidacy. In the resolution, authorities consented to drop the lawsuit in exchange for approving a provincial recreational marijuana store license for each of the four complainants at a predetermined location. Additionally, the state committed to delaying approvals for any further conditional licenses until April next year to address the existing backlog. The CCB will also form a task force dedicated to service-disabled veterans’ businesses to promote veteran involvement in the marijuana industry.

The second lawsuit, also resolved, involved existing medical-marijuana operators and potential recreational-use applicants who argued that state regulators were misinterpreting the state’s cannabis laws and that licensed companies should be eligible for immediate licensure. In adherence to the court-approved settlement terms, regulators will grant recreational cannabis licenses to the five registered groups involved in the lawsuit.

New York Governor Kathy Hochul expressed her satisfaction with the court’s ruling, stating that it paves the way for quicker store openings, expanded legal marijuana options and enhanced enforcement against illicit activities in the market.

Presently, there are approximately 24 licensed recreational cannabis stores in the state. Despite the legal obstacles, regulators began accepting applications for hundreds of new general cannabis company licenses in October. The prolonged rollout has seen an increase in illicit marijuana operators throughout the state, prompting heightened enforcement measures. In response to the challenges in marijuana legalization implementation, the state Senate Marijuana Subcommittee, chaired by Senator Jeremy Cooney, held discussions on potential legislative solutions in October.

In other developments, Hochul recently enacted legislation aimed at facilitating financial institutions’ collaboration with state-licensed marijuana clients. Additionally, she signed separate legislation to provide tax relief to NYC cannabis businesses facing restrictions under the IRS code 280E. The legislative move complements an earlier budget bill from the previous year addressing state-level marijuana business tax deductions but leaving NYC’s tax laws unaffected. The new bill aims to bridge this policy gap.

Now that New York has had the injunction removed, the state can now get back on track to implementing cannabis regulation, a step that is a win for the broader cannabis industry, including key players such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF).

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Amid Congressional Inaction, NY Governor Enacts Measure Easing Cannabis Banking

Last week, Governor Kathy Hochul of New York signed into law a measure that eases the process through which financial institutions can work with legal marijuana businesses. The bill was sponsored by Assembly member Crystal Peoples-Stokes and Senator Jeremy Cooney.

It permits the Office of Cannabis Management to offer information about legal cannabis business applicants or licensees to financial institutions. The objective is to make it easier for businesses to comply with antimoney-laundering laws and filing of activity reports required for every marijuana-related transaction at the federal level.

It should be noted that before information can be shared, applicants and licensees would have to give their consent.

A memo attached to the measure states that it would permit financial institutions to access and verify financial as well as personal information for their prospective marijuana clients. It explains that the measure will reduce the costs imposed by additional reporting and compliance measures while also making it easier for financial institutions that want to bank marijuana businesses to comply with federal reporting.

The memo also highlights that handling large cash amounts, which most legal marijuana businesses do because they are unable to secure banking services, puts workers as well as the general public at risk. It notes that accessing financial services affects public safety and that cash businesses are exploited for criminal purposes, which undermines the goal of creating legal, safe and regulated markets.

The memo also highlights that handling large cash amounts, which most legal marijuana businesses do because they are unable to secure banking services, puts workers as well as the general public at risk. It notes that accessing financial services affects public safety and cash businesses are exploited for criminal purposes, which undermines the goal of creating legal, safe and regulated markets.

Currently, marijuana is still classified as a Schedule I substance under the Controlled Substances Act. Despite being legal in various states, this classification makes the drug illegal at the federal level.

In addition to providing banking services to marijuana businesses, the new law eliminates a number of the systemic and financial barriers that can prevent some from taking part in the legal cannabis market safely. Expanding eligibility for participation in this flourishing market may facilitate the opening of more legal businesses at a time when the illicit market continues to flourish in New York City.

Hochul also signed a resolution that offers tax relief to cannabis businesses in the state of New York. Currently, these businesses are still not allowed to make federal deductions under IRS code 280E.

In other news, legislators in Albany have been debating on solutions to deal with issues facing the implementation of marijuana legalization. Last month, the legislators discussed enforcement efforts to quash the illegal cannabis market in the state, the THC potency tax, preventing youth from accessing marijuana and lab testing practices, priorities on licensing and distribution, among other problems.

As more states take matters into their own hands and enact local measures to help marijuana businesses access conventional banking services, the operations of numerous entities such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) could have one less hurdle to deal with.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com