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Much the way banks are unwilling to finance cannabis startups, television networks and online advertising marketplaces are understandably cautious because the Feds still classify marijuana as a Schedule 1 drug alongside heroin and ecstasy. Many companies rely on the “bud tenders” manning the counter at dispensaries around California.
The US House Energy and Commerce Subcommittee on Health will hold a legislative hearing entitled “Cannabis Policies for the New Decade.” ” This marks the first time that members of the Energy and Commerce Committee will hear and debate issues specific to marijuana policy reform. IN resident? NJ resident? New Mexico.
Following the announcement of Velieva’s eligibility, Richardson took to Twitter to call out the Olympic Committee’s uneven enforcement of its drug policy. According to Tom Bout, founder of the Cannabis Professionals Network, over 30 Washington dispensary robberies have occurred since November 2021. ” Richardson wrote.
Senate Bill 45 would make this policy consistent for juvenile offenders. Legislation is pending, House Bill 2980 / Senate Bill 2023, to amend the Illinois Banking Act and the Illinois Credit Union Act in a manner that facilitates banks and other financial institutions to safely conduct transactions with licensed marijuana businesses.
Applications for medical marijuana dispensaries available for the first time since 2010, caregiver applications added to Office of Marijuana Policy’s electronic offerings. If appropriate for their business models, registered medical cannabis caregivers may choose to convert their registration type to dispensaries.
In a recent controversial move, Mastercard issued a directive to United States banks, ordering them to block cannabis purchases on its debit cards. This new mandate struck a chord because, unlike credit cards, debit cards are linked directly to an individual’s bank account.
However, the legality is questionable, and as cashless ATMs may be violating the policies of major credit card companies, the method may soon be shut down. Tina Sbrega of Lighthouse Biz Solutions, and Cathy Corby Iannuzzelli of KindTap Technologies, will discuss their … Keep reading.
Six years after introducing the Secure and Fair Enforcement (SAFE) Banking Act, a cannabis banking reform measure, co-author Denny Heck finally saw it enjoy its first committee hearing in Congress on Wednesday. Here’s How Cannabis Companies Are Banking Legally on the Down Low. “We are all late,” Rep. .”
This week, a bipartisan coalition of more than 100 co-sponsors has reintroduced legislation in Congress, The Secure and Fair Enforcement Banking Act (SAFE Banking Act), HR 1595, to allow state-licensed marijuana-related businesses to engage freely in relationships with banks and other financial institutions. MN resident?
FIRST CONGRESSIONAL HEARING HELD ON CANNABIS BANKING. Today the House Financial Services’ Subcommittee on Consumer Protection and Financial Institutions held the first-ever congressional hearing on the issue of cannabis banking. . I fear dispensary employees being at great risk. From Rep Heck’s Office. Feb 13, 2019 .
At the state level, activists in Florida and Missouri gathered in their state capitals along side state and local NORML chapters to lobby state lawmakers in favor of sensible marijuana policy reform. Click here to email your lawmakers in support of banking access. John Fetterman, Lt. CA resident? Update : S. FL resident?
The policy was updated last month to remove the ban, with some restrictions. Here’s what the previous policy said: . The new policy , which was updated on June 7, reads: . Apps that encourage consumption of tobacco and vape products, illegal drugs, or excessive amounts of alcohol are not permitted on the App Store.
Over the study period, 59% of dispensary licenses were issued to minority- or women-owned businesses (compared to 21% for the medical cannabis market). This nuanced understanding calls for targeted policy interventions and support mechanisms to address the unique obstacles faced by M/WBEs in the cannabis sector.”
Across the country, retail stores and medical dispensaries are seeing large revenues, despite the even larger burden of regulations and the persistent federal prohibition of the practice. Many of the dispensaries, especially in Nevada, are seeing their efforts pay off. How do I start a dispensary? 1] [link] ; [link]. [2]
The House Financial Services subcommittee on Consumer Protection and Financial Institutions held a hearing Wednesday to address the lack of access to basic banking services by state-legal marijuana businesses. ” At a more local level, the decriminalization policy in Dayton, Ohio went into effect this week. New Hampshire.
Here’s their letter to the Chair and Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee. The inability of these state-legal entities to bank their significant cash reserves is an issue of public safety. In Yellowstone County, two medical marijuana dispensaries were burglarized on the same day in March.”.
With banking options still difficult for cannabis businesses to access – including the ability to accept debit and credit cards – cannabis companies are still searching for ways to facilitate their merchant processing needs. The issues with cashless ATMs. Two accomplices were eventually fined and were sentenced to prison.
Banking and the cannabis industry have a somewhat hands-off relationship. banks are skittish about doing business with dispensaries in legal states. Even taxes cannot be paid electronically through a bank, forcing owners to literally hand massive amounts of cash to the IRS every year. New Legislation. .
In the absence of federal banking standards for the cannabis industry, the Illinois Department of Commerce and Economic Opportunity (DCEO) has grant and loan programs to support small businesses, but its not sufficient to support needed growth. EXPANDING ACCESS Too many consumers do not have easy access to legal cannabis dispensaries.
House Financial Services Committee has passed The Safe Banking Act, HR 1595 out of committee this week. Governor Jim Justice (R) of West Virginia signed legislation into law that allows financial institutions to provide banking services related to the state’s medical marijuana program. It now awaits consideration by the U.S.
Will the SAFE Banking Act finally have its day in the Senate? And finally, in a victory for effective product placement, the Girl Scouts are back in front of dispensaries. The SAFE Banking Act returns for another shot at enactment. Then, the regional Girl Scout council stopped the sales, saying it was “against policy.”
House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th. Senate Bill 45 would make this policy consistent for juvenile offenders. Click here to email your lawmakers in support of banking access. DE resident? IL resident? IL resident? ME resident? ME resident?
Vice-President Michele Nakata, Supervisor of the Medical Cannabis Dispensary Licensing Program at the Hawaii Department of Health. As we collectively analyze and respond to emerging issues in the cannabis industry, we will continue to be the preeminent voice in cannabis regulatory policy.”. Banking, Finance, and Taxation.
State budget forecasters are banking on a robust kickoff, however, estimating $5 million in sales by the end of the month. Maine is “very close” to issuing the first round of conditional recreational business licenses, said Erik Gundersen, the director of the Office of Marijuana Policy.
The measure would allow additional dispensaries to operate in unincorporated areas of the state that are not within 25 miles of an existing dispensary. Click here to email your lawmakers in support of banking access. Legislation is pending, Senate Bill 1286, to expand patient access to medical cannabis in Arizona. IL resident?
The organization sent a letter this week to the SBA asking them to reconsider their policy barring companies that have any dealings with cannabis firms from receiving money under the PPP. The dispensary formerly known as the Dank of Oklahoma will choose a new moniker. Further bulletins as events warrant. what’s in a name?
Hardware stores and dispensaries alike, business operators who work out of commercial properties have been ensnared in a recent theft trend. cannabis industry is of course locked out of American banking. Broadly known as cash-only operations, the nation’s dispensaries have been targets since legalization’s dawn.
At Leafly, we believe there’s a first time for everything, including your very first trip to a marijuana dispensary. We also know that a good first-time experience often boils down to expectations, and that many people want to know exactly what to expect before they even think about visiting a dispensary. . The bottom line?
The newly signed legal framework will boost medical cannabis purchase limits, as well as prolong specific policies that were imposed on a temporary basis when the coronavirus (COVID-19) health crisis initially erupted. What’s more, sales between dispensaries and patients accumulated $1.7
Additionally, on June 18, 2019, the Governor signed into law an emergency bill increasing the amount of marijuana and marijuana products that a caregiver may wholesale to other caregivers and dispensaries from 30% of annual yield to 75% of annual yield. In fiscal year 2023, Maine is banking on $33.2
Louisiana lawmakers advanced three marijuana reform bills on Wednesday, and that includes legislation that would dramatically expand the state’s medical cannabis program and offer protections for banks that service marijuana businesses. Another bill introduced by Rep. Larry Bagley (R), withdrew it.
Wellness Connection filed a lawsuit in federal court Friday against the Maine department that oversees marijuana policy, claiming that residency restrictions on owners of recreational cannabis businesses violate the U.S. He said that because marijuana is illegal on a federal level, banks cannot provide loans. Constitution.
Yes, there is a New Jersey legal weed dispensary near you. It may not be in your town, but it’s probably in your county. In most parts of the state, you should have one within a half-hour drive at the most. And in some places — like Somerset, Mount Holly. Read More
The National Organization for the Reform of Marijuana Laws (NORML) has issued marijuana policy guidance for lawmakers during the coronavirus (COVID-19) crisis, along with a statement regarding the designation of medical cannabis facilities as “essential.” NORML: COVID-19 Memo to Lawmakers.
We certainly didn’t expect the opportunity to protest Jeff Sessions alongside Congresswoman Dina Titus and State Senators Aaron Ford & Tick Segerblom at the Apothecary Shoppe Dispensary with every news outlet present, but it happened! to engage their lawmakers in marijuana policy reform. August 2018: Public Meetings at Acres.
The “Cannabis Administration and Opportunity Act (CAOA) Series” continues: If the Cannabis Administration and Opportunity Act (CAOA) is passed, would the banking practices of dispensaries be impacted? See the Answer.
For example, even though cannabis dispensaries cannot deduct employee wages against their taxes, they nevertheless must comply with minimum-wage laws. While these businesses must pay taxes, they are largely unbanked due to regulatory hurdles that prevent such businesses from accessing banking and other financial services. [10]
Click here to email your lawmakers in support of banking access. The measure would allow the Department of Health and Human Services to authorize additional dispensary licenses in certain geographic areas of the state. Update : SB 51 was approved by the Senate on 5/21/19, and now heads to the Assembly. CA resident? NH resident?
Alison Felix , Senior Policy Advisor , Sam Chapman , Associate Economist , and Jordan Bass , Research Associate. v This coincided with changes in enforcement policy from the U.S. This continues to create challenges for marijuana businesses, including access to the payment and banking systems. Conclusion.
The establishment of cultivation, processing, and dispensary facilities creates a diverse array of employment opportunities, spanning from agricultural roles to retail positions. Policy decisions related to taxation, zoning, and advertising also impact the industry’s operations and growth trajectory.
and becoming legal, regulated, and accepted in more states, one thing the cannabis industry struggles with is having access to services that most businesses have access to, including banking and insurance. At this time, in the state of Arizona, there are 130 registered, medical dispensaries that operate as nonprofits within the state.
Medical cannabis sales kicked off in Arkansas last Friday as the first dispensary opened its doors. Click here to email your lawmakers in support of banking access. Welcome to the latest edition of NORML’s Weekly Legislative Roundup! Update : SB 51 was heard in the Senate Appropriations Committee on 5/13/19 and 5/16. CA resident?
This means that there are no caps on the number of business licenses that can be awarded to dispensaries. Municipalities are also prohibited from enacting zoning restrictions, so it’s difficult to actually prevent dispensaries from opening in certain areas.
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