420 with CNW – FBI Data Shows Cannabis Arrests Increased Last Year

Despite the passing of marijuana legalization laws in different states across the U.S., the number of marijuana-related arrests keeps rising.

On Monday, the FBI released new data which showed that in 2018, the number of marijuana arrests was 663,367. This means that every 48 seconds, one marijuana-related arrest was made. The data showed an increase from 659,700 arrests that were made in 2017, while there were 653,249 arrests in 2016.

The number of arrests continues to rise even though more than 11 states in the United States have legalized the use of recreational marijuana for people who are 21 years and above.

The previous years’ data together with this year’s, show that the police are still making marijuana-related arrests despite the law stating otherwise in states like Michigan and Illinois which have laws allowing the recreational use of marijuana though the products are not yet legally available.

The FBI reports show that before 2016, there was a steady decrease in the number of cannabis-related arrests for the past ten years.

Erik Altieri, the director of NORML, says that Americans should be outraged because the police department is wasting tax revenue and limited law enforcement resources on marijuana-related arrests even in legalized states.

The numbers reported by the FBI are part of an FBI’s Uniform Crime Report system where the local police who make the arrest participate by sending the data to the federal government.

In 2018, cannabis-related arrests were 663,367. Of this figure, 92% were for cannabis possession. The total arrests made for crime-related activities in the nation amounted to 1,654,282; this means that one person was arrested in the U.S. every 19 seconds. The FBI reported that in 2018 alone, drug busts arrests were 16 percent of the total arrests.

Arrests related to aggravated assault, arson burglary, fraud, sex offenses, or disorderly conduct were less than those of marijuana. Of all the arrests made only 33% for rape, 30% for robbery, and 14% burglaries prosecuted and convictions obtained.

Altieri further adds that the ban on marijuana is a failed policy because the only thing Americans from all political affiliations want is the end of the cannabis ban. It’s high time the lawmakers started respecting the wishes of their constituents by enacting marijuana policies focused on legalization and better regulation as it will help in ending the disastrous past practices by the police, he added.

Analysts think cannabis industry players like Cannabis Strategic Ventures Inc. (OTCQB: NUGS) and SinglePoint Inc. (OTCQB: SING) must be wondering when the U.S. federal government will wake up and realize that it isn’t viable anymore to continue with its prohibitionist policy on 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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsBreaks – Cannabis Strategic Ventures, Inc. (NUGS) Issues Update on NUGS FARM Operations

Cannabis Strategic Ventures (OTCQB: NUGS) today provided an update on its wholly owned and operated flagship cultivation site, NUGS FARM. Per the update, product sales from the site commenced in mid-September, with further revenue bookings expected on a continuing basis as a variety of planned crops are harvested. NUGS FARM is presently operating at about one-third of its total capacity. Full operational capacity is anticipated to be reached during the first quarter of 2020. “It continues to be an exciting time at Cannabis Strategic Ventures and at the NUGS FARM cultivation site,” Cannabis Strategic Ventures CEO Simon Yu stated in the news release. “We look forward to experiencing significant growth in operations at NUGS FARM over the next few months. As our operation scales, Cannabis Strategic Ventures will be positioned to keep up with the demand for high-quality legal cannabis products in California.”

To view the full press release, visit http://cnw.fm/jY8Ii

About Cannabis Strategic Ventures

Cannabis Strategic Ventures is on a mission to shape the cannabis industry by striving for constant evolution in products, process, and people. The Los Angeles-based company incubates, develops and partners with category leaders within the cannabis and ancillary sectors. As one of the largest publicly traded cannabis cultivators in the United States, the Cannabis Strategic Ventures portfolio includes NUGS FARM, a 6-acre greenhouse operation with full cultivation, manufacturing and distribution licenses; Asher House Wellness a is a line of ingestible Pet CBD products that contains a broad spectrum of beneficial hemp; The Cloud is a dispensary, cultivation, and manufacturing facility located in the heart of downtown Los Angeles. For more information, visit the company’s website at www.CannabisStrategic.com.

NOTE TO INVESTORS: The latest news and updates relating to NUGS are available in the company’s newsroom at http://cnw.fm/NUGS

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 instant SMS alerts, 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

Do you have a questions or are you interested in working with CNW? Ask our Editor

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

420 with CNW – Oregon Lab Offers Vitamin E Acetate Testing Services

An analytic laboratory in Oregon is offering additional testing services to detect the presence of vitamin E acetate in cannabis vape products.

Vitamin E acetate has been linked to the hundreds of people who have developed pulmonary illnesses after vaping cannabis oil, and at least six fatalities have been attributed to these tainted cannabis products. The Portland-based Pixis Labs started performing tests for vitamin E acetate on Monday.

The lab developed the test after it emerged that federal and state health authorities were investigating the possibility that the spate of lung illnesses arising after people vaped cannabis oil products could be linked to the additive (vitamin E acetate).

On its own, the additive isn’t dangerous because it is a supplement that people have taken for long either orally or topically. However, when it is combusted, it gets into lung tissues and causes similar problems to what has been reported in the media.

Why, then do people put it in vape cartridges? As media investigations have revealed, some unscrupulous people have been adding this supplement in cannabis oil in order to dilute it or make it thinner.

The motivation for the inclusion of this additive are twofold. First, those making counterfeit vape cartridges may be unable to make cannabis oil whose viscosity is low enough to allow the oil to be vaped. In order to thin the oil, these illicit entities add vitamin E acetate to cannabis oil.

Secondly, cannabis oil is a highly priced product. It is therefore possible that unregulated actors are taking advantage of the high demand for cannabis oil by adulterating it with vitamin E acetate in order to make more money from a small amount of cannabis oil.

Pixis Labs general manager Derrick Tanner revealed that the testing facility had run several tests using samples provided by consumers in order to validate how well the testing equipment works. He was however tightlipped as to whether those initial tests had detected the additive in any of the samples provided.

Tanner added that 3grams of cannabis oil are needed to conduct this test that currently costs $140 at the lab.

Currently, the Oregon Liquor Control Commission hasn’t yet issued any regulatory changes in light of the risks posed by cannabis vape oil tainted with vitamin E acetate. For example, the labelling guidelines still don’t require processors to indicate what additives are present in the vape oil.

However, the state agency has announced that it will not hesitate to take any action necessary in order to protect the public from this emerging public health threat. The Trump administration plans to ban flavored e-cig nicotine liquids.

It isn’t clear whether this ban will also apply to vape cartridges that don’t contain nicotine, such as those having cannabis oil. That notwithstanding, experts think industry participants, such as Youngevity International Inc. (NASDAQ: YGYI) and Cannabis Stragetic Ventures Inc. (OTCQB: NUGS), would welcome any measure taken to bring this latest health threat to an end.

About CNW420

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsBreaks – Cannabis Strategic Ventures, Inc. (NUGS) Reports First Sales from Inaugural Harvest at NUGS FARM

Cannabis Strategic Ventures (OTCQB: NUGS) today announced the first set of product sales from the initial harvest of its wholly owned and operated flagship greenhouse farm in Northern California, NUGS FARM (www.nugsfarm.com). Per the update, the six-acre cannabis operation is anticipated to reach its full capacity by year-end and is presently booking sales for more than 13 unique flower strains. NUGS intends to increase its operations in the future by adding on-site processing and manufacturing for oils, extracts, pre-rolls and more. “We are excited to start selling product from NUGS FARM inaugural harvest. Booking our first round of sales is an exciting milestone for our company and all stakeholders,” Cannabis Strategic Ventures CEO Simon Yu stated in the news release. “Our team is overwhelmed with the level of interest in NUGS FARM cannabis flower. We believed this a testament to the quality of our high-tech cultivation process and our commitment to quality, growth and infusing the California legal markets with exceptional cannabis flower and products.”

To view the full press release, visit http://cnw.fm/a2W1C

About Cannabis Strategic Ventures

Cannabis Strategic Ventures, Inc. is one of the largest publicly traded marijuana cultivators in the United States. The Los Angeles-based company incubates, develops and partners with category leaders within the cannabis and ancillary sectors. The Firm’s NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing cannabis consumer brands. For more information, visit the company’s website at www.CannabisStrategic.com.

NOTE TO INVESTORS: The latest news and updates relating to NUGS are available in the company’s newsroom at http://cnw.fm/NUGS

About CannabisNewsWire

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

Do you have a questions or are you interested in working with CNW? Ask our Editor

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

420 with CNW – LA Launches Crackdown on Marijuana Black Market

Recently, the city of Los Angeles launched a major crackdown on illegal marijuana activities that include cultivation, extraction, manufacturing and delivery. The city has a penalty of six months’ incarceration and a fine of $1,000 for those convicted of engaging in any unlicensed commercial cannabis activity.

LA City Attorney Mike Feuer is quoted as saying that that his office was taking the enforcement action because it wasn’t good for some entities to go through the entire process of getting licensed while others come and distort the industry without playing by the same rules.

Currently, the city has about 165 licensed businesses that are engaged in retailing and delivering legal marijuana. However, many more continue to flout the rules and operate in the shadows, a problem that has persisted over the years.

Some industry players and activists have started to become frustrated by this unending cat and mouse game with black market operators and they are suggesting that the penalties for commercial marijuana activity in California aren’t stiff enough and an amendment should be made to the law so that serious or repeat offenders are charged under federal law which carries stiffer penalties.

For example, under federal marijuana laws, anyone found engaging in commercial marijuana activity that involves 100 kilos of cannabis is liable to imprisonment for up to 40 years and a fine that can be as high as $25 million.

These activists and industry players point to “Project Exile” started in Virginia in 1997 to stamp out gun-related crime within the state as an example. In that project, felons found with guns weren’t charged in state courts where the sentences were lighter.

Instead, they went before federal courts and received stiffer penalties which came with denying the suspects bail until their cases were heard and concluded. Felons couldn’t be released until they had served their entire sentence and they were jailed at least 1,000 miles away from the county where they lived. Library, commissary and mail privileges were also off the table for such convicts.

“Project Exile” was effective in reducing gun-related homicides and other gun-related crimes in Virginia, and a modification of this tactic is being suggested as a way to deal a decisive blow to the marijuana black market in California.

It isn’t certain whether the prosecutors in California would agree and come up with the necessary measures to implement this strategy, but experts think industry participants like Cannabis Strategic Ventures Inc. (OTCQB: NUGS) and Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) would welcome any measure that gets rid of the illegal cannabis industry players so that consumers only access licensed products that have undergone rigorous testing.

About CNW420

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

420 with CNW – Missouri Receives More than 2,100 Medical Marijuana Business Applications

The Department of Health in Missouri announced earlier this week that it had received 2,163 applications from companies that wanted to operate medical cannabis facilities in the state. This tally reflects the applications that were received by the time the 4:30 pm Monday deadline clocked.

Only a small fraction of those applicants will be given licenses by the end of this year since the number of dispensary licensees required is 192 while 86 licenses will be given to manufacturing facilities. 60 licenses are earmarked for medical marijuana cultivators while ten are for testing facilities. This means that the state will issue a total of 348 licenses.

Missouri was one of the states in which voters approved a ballot initiative to legalize medical cannabis during the midterm elections. When regulators announced that interested companies should start submitting their applications, the response was massive.

When the constitutional amendment was passed, the state was required to start receiving facility license applications by August 3. The original deadline for the submission of license applications was August 17 but the huge demand made the Health Department to extend that deadline to Monday (Aug. 19).

The extension was also motivated by the desire to give all those people who had paid the non-refundable license application fee a chance to submit their applications for consideration when the applications are being assessed.

The constitutional amendment also required the regulators to begin accepting applications from patients and caregivers by June 4. By the start of this week, 6,500 patients and caregivers had expressed interest in participating in the medical marijuana program.

Dr. Randall Williams, the Missouri Health Department director, revealed that the regulators were pleased by the enthusiasm exhibited for the medical cannabis program. He explained that everything that his department is doing is geared at providing excellent customer service, and that was partially why they had extended the deadline for the submission of facility applications.

Now that the license application deadline has passed, the next stage will involve scoring the applications in order to identify which ones will be selected. The scoring will be undertaken by Wise Health Solutions, a third-party private company based in Nevada.

By the end of this year, Missouri will name the successful applicants and work will begin in earnest so that by mid-2020, patients can start accessing medical cannabis products in licensed dispensaries.

Experts applaud the seamless way in which Missouri has handled the process so far and they expect industry actors like Youngevity International Inc. (NASDAQ: YGYI) and Cannabis Strategic Ventures Inc. (OTCQB: NUGS) to also be pleased that everything is on track as laid out in the constitutional amendment which legalized medical marijuana.

About CNW420

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

420 with CNW – Using Medical Marijuana in Florida Could Affect Gun Ownership

As more patients get certified to use medical marijuana in Florida, it has come to light that their use of this particular drug could prevent them from purchasing a gun if they declared that they use state-legal marijuana. This reality also applies to medical and recreational marijuana users in states where such use is legal.

When someone goes to buy a gun, he or she is required to fill ATF Form 4473. This form captures all the relevant records pertaining to the firearm you wish to purchase, including details about the buyer.

Section 11e of that form clearly stipulates that the use of marijuana remains a federal crime even if states have legalized the drug. In short, even if medical cannabis is legal in Florida, that legality is of no consequence during the purchase of firearms.

For now, many people may not yet be aware of the implication of using medical marijuana and its effects on gun ownership, but lawyers warn that people will start taking notice or being upset if their applications to buy guns are rejected or when they face criminal charges related to owning a gun when one is a user of marijuana.

However, Craig Kailimai, the Assistant Special Agent in Charge of the ATF office in Tampa, Florida says that it is unlikely that the federal government could prosecute gun owners who use medical marijuana in Florida unless the law enforcement agencies can prove that the individual poses a real threat of violence.

Kailimai is quick to add that while charges may not be instituted, it remains a crime to buy a gun if you are a user of marijuana. But, the ATF and the federal government will only pick interest in a marijuana user who conforms to state marijuana laws if such a user becomes violent or reveals violent tendencies.

Unless federal marijuana laws change, people who wish to act in accordance with the strict spirit and letter of the law could be faced with a difficult choice between taking the medical marijuana that they need to deal with their health condition, or to buy and own a firearm.

Analysts believe that marijuana industry players like Cannabis Strategic Ventures, Inc. (OTCQB: NUGS) and Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) could be citing such contradictions between federal and state laws as they campaign for marijuana law reforms at the federal level. No one should have to choose between using medical marijuana and giving up his or her right to own a firearm in the U.S.

About CNW420

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

420 with CNW – Texas State Police Memo Instructs Officers to Stop Cannabis Possession Arrests

An interoffice memo sent to all Department of Public Safety officers in Texas instructs the members of the largest law enforcement agency in the state to stop arresting suspects on marijuana possession charges. This communication marks the most recent twist in the confusion surrounding marijuana law enforcement after lawmakers passed a law legalizing industrial hemp.

The memo instead advises police officers to write a citation asking a suspect to appear in court in order to respond to the criminal charges against him or her. Individuals who receive these citations are still liable to serve a maximum custodial sentence of one year as well as a $4,000 fine for marijuana misdemeanor charges.

The memo adds that department personnel should continue enforcing marijuana laws, but they will only cite and release the suspects.

The interoffice memo, written on July 10, came barely a week before the top Republican leaders in the state (the governor, lieutenant governor and assembly leader) wrote a letter castigating the prosecutors who had either dropped or put marijuana possession cases on hold because of the law legalizing hemp.

In the memo, Randall Prince (deputy director in charge of law enforcement operations, DPS) emphasizes that HB 1325 didn’t decriminalize marijuana, but the change in the law enforcement approach was needed since only a laboratory analysis can prove that a substance is hemp or marijuana.

The difficulty of proving that a substance is hemp and not marijuana is responsible for the decision of many prosecutors to drop marijuana possession cases since the crime labs of the state don’t have the required testing equipment.

However, the DPS memo states that while police officers may be unable to prove beyond reasonable doubt that someone was found in possession of marijuana, it is still possible to find probable cause to institute charges against an individual. The legal burden to prove probable cause is lower than the burden of proving beyond reasonable doubt, and that is why the memo asks officers to issue citations.

That notwithstanding, prosecutors in Tarrant County have decided to send seized samples to a private lab for analysis so that the pending felony cases can proceed. One of the three samples tested was found to have 13 percent THC while another had 15 percent THC. These substances were therefore confirmed to be marijuana while the third sample only contained 0.2 percent THC, which ruled it out as being marijuana.

It isn’t immediately clear how the new directive in the memo will affect marijuana prosecutions given the fact that some exceptions were made in the instructions provided. For example, the cite and release policy directive can only apply if the person suspected to have marijuana is found within the county in which he or she resides. Individuals found outside their counties, such as during traffic stops, will still be arrested.

Secondly, the cite and release policy can only apply in counties where mechanisms are in place to enforce such a measure. For example, a court system should be in place to handle such cases. However, most counties lack the processes needed to enforce the cite and release policy, so the prosecutors in those areas are unlikely to implement this directive.

Commentators wonder what kind of discussions could be taking place in the corridors of industry players like Youngevity International Inc. (NASDAQ: YGYI) and Cannabis Strategic Ventures Inc. (OTCQB: NUGS) about the marijuana law enforcement chaos in Texas.

About CNW420

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

420 with CNW – First US Marijuana Cafe Set to Open in September

Lowell Farms: A Cannabis Café is set to become the first marijuana café to open its doors to the public if its launch on September 1 this year goes according to plan. The West Hollywood Business License Commission gave the new business its final approval by a unanimous decision during a meeting that was held on July 16.

Andrea Drummer, the Head Chef of the café, said that they are proud to be the first in the U.S. to open a cannabis café. Drummer added that they take that responsibility highly, since it will set the pace for the educational and responsible use of marijuana as a food ingredient.

Drummer, a longtime cannabis advocate has authored a marijuana cookbook titled “Cannabis Cuisine: The Art of Cooking with Marijuana.” She has also served as a private chef to several celebrities, including Whiz Khalifa and Miguel. Andrea Drummer has also appeared on a number of television shows showcasing how people can cook with marijuana. These include “Cooking on High” on Netflix and Chelsea On!

The menu of the café, which will include CBD and THC-infused edibles, was designed by Drummer.

The café will have an area designated for people who don’t smoke cannabis and another area for those who smoke the drug. In the smoking area, a tableside service featuring unique strains grown by the company, will be available. A “Flower host” will be in charge of offering this service.

This “flower host” will explain the flavor profiles and specific effects of the different strains on offer before helping patrons to roll a joint. Dabs and bongs will also be available.

Representatives of the café also revealed that the establishment will have an advanced air filtration system in order to respect the interests of people in the neighborhood who may object to the cannabis smells wafting from the café.

The value of this filtration system took on greater importance when it emerged that the rabbi of a nearby synagogue had written to the license commission objecting to the planned location of the cannabis café.

The café is also taking the added precaution of planting landscaping that has been proven to absorb odors and purify air. Digital renderings of this landscaping were released to show that the café is taking every possible step to limit the impact of the establishment upon those in the neighborhood.

Drummer disclosed that the café idea has been fine-tuned over a period of four years and it was a logical next step after the push to have marijuana legalized was attained. Industry watchers believe that the entire industry, including Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) and Cannabis Strategic Ventures Inc. (OTCQB: NUGS), will be thrilled when this café opens since it will be another step towards making cannabis a mainstream substance.

About CNW420

To receive instant SMS alerts, text CANNABIS to 21000

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

420 with CNW – Senate Could Hold Hearings on Cannabis Banking Later this Month

The Senate Banking Committee could schedule hearings on bipartisan legislation on cannabis banking in as little as two weeks. This revelation was made by the chairman of that committee, Mike Crapo (R-ID) as he talked to American Banker.

Crapo said that he was looking into the prospect of scheduling a hearing on the matter and added that the hearings will be “relatively soon.”

This statement marks a huge change of heart for the senator from Idaho who is on record saying (in April) that he wouldn’t commit his committee to holding sessions on marijuana banking as long as marijuana is still illegal at the federal level.

Banking industry insiders believe that the committee is likely to have two hearings in the week starting July 22. One hearing will be centered on hearing from the regulators of the banking sector while the second hearing will listen to the other stakeholders on this matter.

A similar bill was passed by the Congressional Banking Services Committee in March and similar language to the contents of the STATES Act was included in the appropriations bill.

While pro-cannabis advocates have been hoping that the STATES Act is put on the schedule for a vote by the entire House before the legislative chamber goes for recess in August, this hasn’t happened as yet. It now seems that a vote on the bill may have to wait until the fall.

Concerns have also been voiced about how the STATES Act would be received once it gets to a Senate that is dominated by Republicans.

Rep. Ed Perlmutter (D-CO), the chief sponsor of the House version of the bill, revealed that lawmakers are currently exploring other ways to generate Republican support for the bill. One of the avenues being explored is including language to the effect that regulators will not prevent payday lenders and gun manufacturers from accessing banking services.

Another avenue that could be used is the inclusion of language that protects the hemp industry so that Republicans don’t look at that the bill as one on just marijuana.

A senate hearing on marijuana business banking would mark another milestone for those who want to see marijuana policy reform. While the STATES Act will not alter the status of marijuana federally, it is a step in the right direction since many advocates see the incremental approach to legalization as a more realistic option when compared to the chances of a standalone bill on legalization passing in both chambers.

Industry watchers believe that the entire cannabis industry, including Cannabis Strategic Ventures Inc. (OTCQB: NUGS) and Youngevity International Inc. (NASDAQ: YGYI), will be waiting with bated breath to hear what comes out from the Senate committee hearings.

About CNW420

To receive instant SMS alerts, text CANNABIS to 21000

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com