420 with CNW — Could Rescheduling Make Marijuana Interstate Commerce Possible?

There is optimism among some marijuana executives that the federal government’s potential reclassification of cannabis from Schedule 1 to Schedule 3 could open the door for interstate commerce in marijuana products. However, legal experts in the marijuana industry caution that this optimism is only partially warranted.

Schedule 3, along with Schedules 4 and 5, currently allows interstate commerce only for drugs that have received approval from the FDA. This approval includes drugs such as testosterone, ketamine, anabolic steroids and certain formulations of THC, such as Syndros, Marinol and dronabinol.

The crucial factor, according to Bianchi and Brandt attorney Justin Brandt, is FDA approval. Only cannabis products approved by the FDA would be eligible for interstate commerce under Schedule 3. However, the legalization of medical marijuana at the state level does not automatically grant it Schedule 3 status. It remains separate from FDA approval and the Controlled Substances Act (CSA), making it technically federally illegal.

While non-FDA-approved cannabis products would remain federally illegal, the prevailing belief is that rescheduling will deter federal authorities from interfering with state-law-compliant cannabis enterprises.

Over the past decade, Congress has consistently passed budget legislation preventing the use of federal funds to crack down on state-regulated marijuana businesses. This legislative trend has contributed to the federal government largely leaving marijuana companies alone, despite the substance’s Schedule 1 classification.

The potential move to Schedule 3 is expected to further reduce federal interference with compliant businesses that adhere to state laws. Moreover, if states have established agreements allowing for interstate commerce under specific conditions, as seen in WashingtonOregon and California, federal intervention could be even less probable.

Hawaii is also testing federal cannabis enforcement boundaries with legislation allowing state-licensed companies to sell wholesale marijuana to businesses on other islands. However, the legislation acknowledges that state law does not override federal marijuana prohibitions, emphasizing the inherent risks involved in such activities.

Jaclyn Moore, CEO of Big Island Grown, who completed the first interisland transport under these regulations, underscores the importance of compliance. She recognizes the uncertainty regarding federal interference and advises businesses to prioritize compliance, particularly given the greater need for enforcement against the illicit market.

Eric Berlin from global law company Dentons suggests that FDA approval for marijuana products would facilitate full engagement in interstate commerce, potentially opening avenues for states to enact certain levels of interstate trade. Nabis CEO Vince Ning acknowledges that while rescheduling may not change the legal landscape for state-regulated cannabis products, it could influence federal law enforcement policies and attitudes toward interstate commerce.

Entities such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are likely to weigh their options once federal law eventually makes it possible for interstate commerce in marijuana products to take place.

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.

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420 with CNW — Bipartisan Bill to Legalize Cannabis Federally Is Reintroduced in Congress

A Republican has reintroduced a bipartisan measure that would legalize cannabis at the federal level to Congress. South Carolina Republican Representative Nancy Mace reintroduced the States Reform Act, a measure to amend the federal Controlled Substances Act and allow cannabis at the federal level.

The proposal is currently acting as a placeholder and has no text. Even so, it is cosponsored by Republican Representatives Matt Gaetz (Florida) and Tom McClintock (California) as well as Democratic Representatives Dean Phillips (Minnesota) and David Trone (Maryland).

Democrats have largely been behind America’s decade-long wave of cannabis reform and are currently working to legalize the controversial plant at the federal level. However, even though the States Reform Act was introduced by a Republican and has bipartisan support, it has little chance of advancing past the House with new Speaker Mike Johnson in charge.

A prior version of the cannabis legalization bill that was introduced in late 2021 would have eliminated marijuana from the Controlled Substances Act, levied a 3.75% federal excise tax on cannabis sales and let states decide on other regulatory issues.  It attracted significant attention because it was the first Republican-introduced measure to legalize cannabis at the federal level and had six Republican cosponsors.

Observers at Capitol Hill expected Mace to reintroduce the measure earlier this legislative session, but Mace’s involvement in the House speaker drama likely took her attention away from the measure. There has been evidence of strife between House leadership and Mace from early 2023, and she was part of a group of far-right Republicans who voted to remove Kevin McCarthy as the House speaker.

Consequently, many observers believe that any Mace-led legislation, especially a federal cannabis legalization measure, would not be successful.

New House speaker Mike Johnson is a conservative Louisiana Christian with a long history of opposing marijuana reform. Johnson voted against each marijuana reform bill while he was in Congress and will most likely maintain his prohibitionist stance now that he is the House speaker.

He opposed efforts to expand cannabis banking access in 2019 and 2021 and has shown that he is against even the most modest cannabis reform efforts. In 2020, Johnson was part of a group of Republicans who ridiculed a coronavirus relief measure for including cannabis-related language and questioned why the word “cannabis” was mentioned 68 times while the word “job” appeared only 52 times.

In the meantime, most federal business on Capitol Hill is on hold until Congress passes much-awaited spending bills before Nov. 17, 2023. Enterprises such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) that are intent on extending their footprints to most of the United States eagerly await reforms that will make this possible.

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.

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420 with CNW — Feds Fund Central Research Center to Combat Barriers to Cannabis Research

Recently, the National Institutes of Health posted a funding opportunity notice stating that it sought an eligible body to operate a new center for marijuana and cannabinoid research via a cooperative agreement. The centralized cannabis research center would be designed to help researchers overcome barriers to studying cannabis amid federal prohibition. This is in addition to allowing scientists to generate more scientific evidence across various research domains in clinical and basic research.

Addressing barriers in cannabis research has been a priority for many federal health agencies as researchers continue to be subjected to costly and taxing registration processes in order to access marijuana for research. This is primarily because of the drug’s current status under the Controlled Substances Act.

The NIH noted that ultimately, the research center could facilitate advancements in research through interactions among experts in relevant clinical, commercial, regulatory and basic science areas, both within the research center itself and jointly with other researchers that possess diverse expertise and research backgrounds.

The NIH also outlined central components of the center’s objectives, including  research standards, research support and regulatory guidance. On the regulatory front, the center would be charged with organizing meetings with the DEA and/or FDA to obtain updates on regulatory information, among other tasks. On the research standards front, the center would be responsible for the development of research metrics and standards that enhance the rigor of chemical analysis of complex marijuana products to improve research reproducibility, among other functions.

With regard to research support, the research center could identify and circulate early career reviewer opportunities under the NIH, administer seed funding and use social media to transmit scientific information, among other functions. Agencies under the NIH that will occupy supportive roles in the center’s work include the National Center for Complementary and Integrative Health, the National Cancer Institute, the National Institute on Aging and the National Institute on Drug Abuse.

Interested parties must elaborate how they propose to achieve the stipulated objectives, which involve the creation of a clearing house for existing research guidance, developing best practices, organizing meetings with the FDA and the DEA, standardizing research methodologies, circulating relevant scientific literature on marijuana and apportioning seed funding to support research initiatives.

Institutions that are invited to submit applications include nonprofit organizations, universities and local and federal government agencies, among others. The deadline for letters of intent is March 16, 2023, which is also when applications will start being accepted.

If this new research facility works as intended, cannabis industry actors such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) could sooner or later see a decrease in some of the hurdles they face in studying marijuana.

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.

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420 with CNW — Study Says Male Cannabis Users Are at Lower Risk for Kidney Stones

A recent study suggests that men who regularly use cannabis have a lower likelihood of experiencing kidney stones. Researchers who analyzed data spanning from 2009 to 2018, sourced from the National Health and Nutrition Examination Survey (NHANES), found that male cannabis users exhibited a significant 28% decrease in the odds of reporting kidney stones compared to nonusers.

Furthermore, research showed that men who used cannabis between one and seven times per week had even more favorable odds, with a substantial 38% reduction in the likelihood of kidney stones. Those who used cannabis more than seven times per week did not experience a decrease in kidney stone risk. No connection was established between marijuana use and kidney stones among women.

The authors stated that this was the first study to examine the link between cannabis use and the risk of kidney stones using data from the population-based NHANES data set to its knowledge.

The study included a total of 14,323 participants between the ages of 20 and 59, all of whom had a comprehensive history of kidney stones and cannabis use. Approximately 26% of these individuals reported using marijuana at some point in their lives, and the incidence rate of kidney stones stood at 7.8%.

The researchers noted that due to the cross-sectional design of the NHANES data set, it was not possible to establish a causal relationship between cannabis use and kidney stones. Additionally, the data on cannabis use was self-reported, lacking specifics regarding the type and dosage of cannabis.

Dr. David Goldfarb, New York University Langone Health Kidney Stone Prevention program director and nephrology chief, didn’t participate in the study, but he did comment on it, noting that “the study appears to be well-executed, and the data seem reliable.” He did, however, point out that the study did not provide a clear explanation for the observed effect in men and the lack of an effect in women.

Goldfarb also found it surprising that using marijuana more than seven times per week did not yield further reductions in the risk of kidney stones. He raised the question of whether the mode of consumption, specifically edibles, which have gained popularity in the United States, might have a similar impact on risk.

The study, carried out by Xin Wei, MD, and her colleagues from West China Hospital, Sichuan University in Chengdu, China, was published in “Frontiers in Pharmacology.”

This study shows that there is still much more being discovered about the health benefits of cannabis, and enterprises such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) may be selling recreational and medical marijuana products that provide more benefits to their customers than previously realized.

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.

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420 with CNW — Company Hopes Breathalyzer Will Curb Workplace Marijuana Use

California-based biotechnology company Hounds Lab has developed a first-of-its-kind breathalyzer with the ability to accurately detect cannabis use. The first model works by preserving breath samples and sending them to the lab for chemical analysis. However, the company is developing a second model that can deliver test results on scene.

According to Hound Lab’s chairman of the board Mike Lynn, the company learned via extensive testing that smoked cannabis will trigger a 100% positive result within an hour of smoking, but the positivity rate declines to around 85% at two hours.

Cannabis testing has been a contentious issue across the United States as dozens of states have legalized recreational or medical cannabis despite ongoing federal prohibition. Although many employers weren’t happy with the fact that their employees may be using cannabis, especially federal employees and those in safety-related positions, properly enforcing cannabis requirements was nigh impossible.

While we have standardized and relatively accurate tests for alcohol, there is no test that can accurately determine if and when an individual used cannabis or whether they are still affected by the drug at the moment of testing. With dozens of states legalizing the controversial plant, law enforcement and some employers have called for proper cannabis tests to facilitate proper enforcement of driving and workplace drug policies.

The new test represents a breakthrough that could finally provide an accurate means of testing for cannabis and curbing workplace cannabis use. Lynn says the Hound Cannabis Breathalyzer took close to a decade of engineering and science to develop. He calls the breathalyzer the “first and only” commercially available breath-based test that can help employers limit cannabis use at the workplace without penalizing their employees for using cannabis during their free time. Ideally, Lynn notes, the breathalyzer test should allow workers to use state-legal cannabis during their off hours just as they would consume alcohol without fear of reprisal by their employers.

Although Hound Labs will first market the cannabis breathalyzer to employers, it hopes other industries such as law enforcement will use the technology in the future. Lynn explains that the compny will be better equipped to serve law enforcement once federal and state governments define standards for cannabis law enforcement.

More than 20 states and nearly 40 states now allow recreational and medical cannabis respectively, meaning millions of employees across the country now have access to legal cannabis. As such, an effective system for testing whether or not employees are under the influence of cannabis while on the job will be critical to curbing workplace cannabis use.

Such a testing tool would likely gain the support of industry actors such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) since such testing equipment would eliminate cases of people who have been wrongly accused of being under the influence because they consumed cannabis off hours.

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.

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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.

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.

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420 with CNW — Wyoming Activists Consider Court Action Against Government Official Regarding Stand on Marijuana Voter Measure

Activists behind two cannabis reform measures in Wyoming are considering seeking legal action against the secretary of state over a voter-signature disagreement. According to the campaign, Secretary of State Chuck Gary’s office “provided incorrect information” on the number of signatures activists had to submit for their measure to qualify for the 2024 ballot.

The Compassionate Options Wyoming, the state Libertarian Party and Wyoming NORML says the misunderstanding has turned into a time-consuming back-and-forth that has derailed the marijuana reform measures and prompted them to consider litigation. Both measures would legalize medical cannabis in Wyoming and decriminalize simple possession of small amounts of marijuana.

In a recent press release, activists claimed that the secretary of state’s office had instructed them to collect more than 40,000 signatures for their measure to qualify for the ballot even though state law only called for 29,730 signatures. The cannabis measures would have qualified under the rules requiring slightly under 30,000 signatures; instead, both measures failed to qualify for the ballot earlier this year.

Wyoming NORML announced in March that although it had collected enough raw signatures for both initiatives, the group didn’t meet the minimum percentages needed in two-thirds of the counties in Wyoming. The activists collected 47,426 signatures for the cannabis decriminalization proposal and 48,687 signatures for the medical marijuana proposal but clarified at the time that the signatures were not state verified.

Reform activist and Oquirrh Mountain Strategies consultant Apollo Pazell said the disagreement stemmed from a dispute on when and how the secretary of state’s office determined the signature thresholds for measures to qualify for the ballot. According to Pazell, the campaign reached out to the office on several occasions but was “given the turnaround.” Pazell also notes that a state website showed that the minimum threshold for ballot initiatives to qualify was 41,776, but number changed to 29,000 the day after the campaign’s deadline passed.

Conversely, Secretary of State Gary says Pazell’s claims are untrue and an attempt to shift blame onto the office for not doing enough due diligence. Gary explained that the campaign began collecting signatures 15 months before he took office, and any incorrect information the organizations received would have come from the previous administration’s election team.

Wyoming is one of the few states in the country that still outlaws both medical and recreational cannabis. Reform activists tried to qualify a cannabis measure for the 2022 ballot but were unable to collect enough signatures due to the coronavirus pandemic and poor weather.

As the calls for reform in Wyoming become louder, a time will come when this outlier state on matters of marijuana policy also eventually opens up and allows local enterprises akin to Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) to mushroom and thrive within its borders.

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.

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420 with CNW — Brazilian Study Suggests Cannabis Helps Against Autism

With emerging research showing that cannabis holds promise for various health conditions, it comes as no surprise that some scientists have started conducting research on the drug’s usefulness in managing autism. Global researchers estimate that about 1% of the total population worldwide suffer from autism. However, few patients receive diagnoses, with many going about their daily lives undiagnosed.

Now new research by a team of scientists in Brazil has made a new discovery concerning the use of cannabis extracts in managing autism.

This isn’t the first study to evaluate this link, as a number of separate studies have also noted improvements in patients with autism who consume either the cannabis flower or plant-derived extracts.  For instance, survey data published two years ago by the “Autism Parenting” Magazine cited that 22% of parents or caregivers in the United States had given CBD to an autistic child.

For their study, the researchers in Brazil evaluated the use of personally tailored doses of full-spectrum cannabis extracts in 20 patients living with autism spectrum disorder. Roughly 80% of the patients consumed these extracts, which were either dominant in THC or CBD, for a period of no less than six months. To personalize these THC and CBD dosages, the researchers used a titration protocol. It should be noted that all dosages were taken orally.

The researchers linked the cannabis treatment to perceived improvements in autism symptoms, as well as reductions in the use of neuropsychiatric drugs prescribed to the patients.  In their report, the researchers stated that during the three to twenty-one months of treatment using cannabis extracts, parents of patients involved in the study reported improvements. They added that as treatment continued, the doses of most other drugs being taken were reduced or were totally eliminated during the treatment period.

The researchers noted that the majority of patients and their families noted an improvement in quality of life, adding that the side effects observed from the treatment were primarily temporary and mild.

In their conclusion, the researchers highlighted that their study expanded the scientific data that demonstrated that the use of cannabis extracts clinically was a safe intervention with valuable and promising effects over many aspects of autism that weren’t achieved by conventional drugs. The researchers added that based on their findings, they proposed guidelines for personalized treatment regimens that could be adapted to locally available and qualified full-spectrum cannabis extracts and help advance clinical trials.

The researchers’ findings were published in the “Frontiers in Psychiatry” journal.

This research suggests that the full potential of the medical marijuana products sold by companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) hasn’t been fully documented. As more becomes known about the additional conditions that marijuana can help with, the number of people who look to this substance for relief will keep growing.

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.

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420 with CNW — Key Senate Committee Chair Promises to Advance Cannabis Banking Bill

The chairman of a key Senate committee has revealed that he discussed the possibility of advancing bipartisan cannabis banking legislation within the next six weeks with Senate Majority Leader Chuck Schumer. During a recent interview with Punchbowl News, Senate Banking Committee chair Sherrod Brown said that he talked to Schumer about moving the Secure and Fair Enforcement (SAFE) Banking Act alongside several other major bills within the next one and a half months.

Cannabis banking has been a contentious issue since states began legalizing medical and recreational cannabis in the United States nearly two decades ago. Although dozens of states now have legal cannabis programs, federal law still classifies marijuana as a Schedule I drug with no medical application. As a result of federal prohibition, licensed cannabis operators find it nigh impossible to access critical financial services such as banking, cashless payments, capital and financial aid.

This forces cannabis businesses to operate on a mostly cash-only basis and puts these businesses at significant risk of violent robberies, something that has been occurring in recent months with increasing frequency. The SAFE Banking Act was introduced to address the lack of access to financial services in America’s multibillion-dollar cannabis industry.

In a recent floor speech and in a letter to fellow lawmakers, Schumer said providing the cannabis industry with access to banking is a priority. He noted that although “making progress on cannabis” via banking legislation was a legislative priority, the legislation wouldn’t progress on the Senate floor without bipartisan support on cannabis reform and related issues, including capping insulin prices and competing with China on the global scale. Additionally, spending legislation will take up a lot of the Senators’ time in the next few weeks, likely reducing the time they have to discuss cannabis banking.

One key section of the SAFE Banking Act (Section 10) has also been subject to intense debate among lawmakers in recent months and even prevented the measure from passing during the summer legislative session.

In late July, Schumer said lawmakers having bipartisan negotiations over the SAFE Banking Act were “making good progress.” The Senate Majority leader reportedly told a lobbyist at the time that Senate lawmakers were working on cannabis banking. He had previously stated that he wished to address marijuana banking reform during the summer session but constant debate over sections of the cannabis banking bill have kept the measure from advancing until the end of the session.

The marijuana industry and its leading entities such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) have heard such promises before and are unlikely to get too excited by these new pronouncements until actual banking reform is enacted at the federal level.

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.

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420 with CNW — DeSantis Reaffirms Opposition to Federal Cannabis Legalization

Ron DeSantis, the Florida governor and a contender for the 2024 presidential election on the Republican ticket, has restated his firm stance against the legalization of marijuana if he were to assume office. His argument asserts that the legalization of marijuana has contributed to the growth of the illegal market in Colorado — despite evidence to the contrary.

While engaging with supporters during a campaign event in Iowa over the weekend, a concerned attendee shared stories of individuals whose children had developed cannabis-induced psychosis. The individual queried DeSantis about his position on legalizing or rescheduling cannabis at the federal level should he ascend to the presidency. DeSantis responded, reiterating his unwavering stance against legalization, echoing viewpoints he had expressed in a similar vein back in June.

The conversation then shifted toward a broader discourse on the negative consequences of substance abuse. DeSantis highlighted the existence of an unregulated drug market in San Francisco, using it as an example to underscore his belief that prevailing policies have contributed to the deterioration of society by enabling drug use.

DeSantis acknowledged the existence of medical cannabis access in Florida through a voter-approved constitutional amendment. However, he emphasized that different states have handled cannabis regulation differently, and he expressed his disinclination to further increase its accessibility under his leadership.

The fate of cannabis legalization in Florida might not solely rely on DeSantis’s stance, as the state Supreme Court is currently deliberating on the inclusion of a marijuana legalization initiative on the 2024 ballot.

Although DeSantis didn’t substantiate his argument with data or references, various government and private analyses suggest that Colorado has witnessed a considerable reduction in illicit market influence since implementing legalization. Notably, a report by Whitney Economics and Leafly from the previous year indicated that the regulated industry accounts for 99% of adult-use cannabis sales in Colorado, signifying a successful transition from the illicit market.

Recent data from the city of Denver further bolstered the case for legalization. The report indicated a significant decrease in law enforcement’s handling of illegal marijuana in 2022, providing tangible evidence of legalization’s effectiveness in curbing illicit sales.

DeSantis’s opposition to marijuana legalization, despite a growing bipartisan trend in support of reform, is consistent with his historical stance. This standpoint is only one aspect of his multifaceted position on the matter, as he competes to maintain his position as the second-leading candidate in the Republican presidential nomination race.

On a policy level, DeSantis signed a bill that recently came into effect in Florida, imposing stricter regulations on medical marijuana advertising and manufacturing. The law prohibits any promotional content related to “recreational” marijuana use while also imposing more rigorous eligibility criteria for individuals working in the cannabis industry. Additionally, DeSantis signed a bill in June that prevents residents of sober living facilities from possessing or using medical marijuana, even if they possess a doctor’s certification for therapeutic use. This restriction does not extend to other doctor-prescribed medications.

In the same month, the governor enacted legislation prohibiting the sale of consumable hemp products, including cannabis-infused chewing gum, to individuals under the age of 21. This expanded the existing restriction on the purchase of smokable hemp by young individuals.

DeSantis’ opposition to federal cannabis legalization suggests that it may still take a while for politicians on Capitol Hill to enact federal drug policy reforms that align with the wishes of the people, just in the same way that the current U.S. president hasn’t pushed for major reforms as had been expected when he was elected. Countrywide cannabis legalization as enjoyed by companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) in Canada is still a dream for American enterprises.

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

CannabisNewsWire is powered by IBN