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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.
Cresco Labs made a huge acquisition, Denver is within reach of opening its first consumption club, and cannabis executives rallied to push for industry banking protections. Cannabis Industry Makes Final Push for SAFE Banking. The SAFE Banking Act would allow cannabis businesses to use banking services and credit cards.
Our goal is to ensure consumers have ease of access to legal cannabis products, access to medical dispensaries, access to world-class product options, as well as access to affordable legal options. 4) US relations – border & banking. 1) Increased Access. 3) Social discrimination protections.
Researchers told the internet to temper its expectations after a CBD and COVID-19 study went viral, Amazon backed a GOP-led bill to federally legalize cannabis, and a mother-daughter pair sparked a debate about Girl Scouts selling outside of dispensaries. Simply put, you can’t just buy a COVID cure at your nearest dispensary.
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.
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.
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.
The big news this week is that cannabis banking is included in the latest federal relief bill. cannabis banking. Whether the Senate will retain this language, considering that they have taken no action on the SAFE Banking Act, is not certain. No word yet on any change in policy. SBA funds, however, are not. and finally.
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.
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?
Declan O’Scanlon (R-Red Bank) was promising home cultivation for medical patients. Marijuana prohibition is a tragedy of policy. Politicians dropped press releases on Friday afternoons followed by numerous last-minute bill amendments, then lightning-fast hearings and floor votes. Others were touting clean slates for weed.
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. .”
With cannabis reform sweeping across the country, measures life the SAFE Banking Act are welcome by many financial institutions and members of the cannabis industry. This will certainly open up a world of opportunity, safety and convenience to beleaguered dispensaries everywhere. This leaves the SAFE Banking Act standing on its own.
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.
If passed, this bipartisan bill would demolish an obstacle that has plagued banks and dispensaries alike. Due to the clashes between laws in legal states and federal laws – which maintain that marijuana is illegal – banks fear federal prosecution if they handle money from otherwise legal dispensaries. BankingPolicies.
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.
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?
Senator Ron Wyden introduced legislation in the Senate — The Marijuana Revenue and Regulation Act — to permit states to establish their own marijuana regulatory policies free from federal interference. House Financial Services Committee is scheduled to hold a hearing on cannabis business banking issues next week.
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 .
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.”
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?
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]
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. .
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.”
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.
have introduced legislation that would ban the spending of federal welfare benefits at cannabis dispensaries. Interestingly, Daines is the primary Senate Republican co-sponsor of the SAFE Banking Act of 2021, federal legislation that would allow financial institutions to provide traditional banking services to state-legal cannabis businesses.
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.
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?
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.
Meanwhile, the state of Arizona is experimenting with a new procedure to get around the lack of banking services for marijuana companies. The state’s attorney general has approved a pilot program allowing digital payments to medical cannabis dispensaries.
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 Eastern Bank of Cherokee will vote in September on whether to legalize adult-use cannabis possession and sales on tribal lands. The tribe legalized medical marijuana in 2021, and construction of a dispensary is underway, albeit slowly. A consequence of living in the gerontocracy of Congress is a boomerfied view of drug policy Rep.
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.
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