Category: marijuana

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House Reintroduces SAFE Banking Act To Normalize Cannabis Commerce

In a letter to several members of the House Financial Services Committee today, the American Bankers Association expressed support for the SAFE Banking Act of 2021, which would provide a safe harbor for depository institutions seeking to serve legitimate cannabis-related businesses in states where such activity is legal.

On Thursday, The United States House of Representatives reintroduced a critical cannabis banking bill. Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velazquez (D-NY), and Warren Davidson (R-OH) brought the SAFE banking act back to the House along with the support of over 100 additional cosponsors. The bill, which is expected to effortlessly advance, previously passed the house in 2019 and 2020 but was squashed by the Republican-controlled senate. However, now that Democrats control both the White House and Senate, the bill has a real chance of passing.

What Is The SAFE Banking Act? The Secure and Fair Enforcement (SAFE) Banking Act would allow legitimate cannabis businesses acting within the confines of the law access to the same banking services as other companies. Currently, despite the industry generating millions of dollars in tax revenue, cannabis entrepreneurs are seen more like criminals in the in the eyes of major financial institutions. Not only are cannabis operations effectively barred from traditional lending, but it’s also nearly impossible for these businesses to legally open a bank account. As a result, dispensaries and other cannabis businesses are obligated to deal primarily in cash-only transactions, making them prime targets for criminals. According to Representative Perlmutter, “Thousands of employees and businesses across this country have been forced to deal in piles of cash for far too long. It is the responsibility of Congress to step up and take action to align federal and state laws for the safety of our constituents and communities.” The bill remains largely the same as it was in 2019 and 2020, but with added language that explicitly includes hemp and hemp-derived CBD related businesses, which still struggle in accessing financial services despite the legalization of hemp in the 2018 Farm Bill. The current version of the bill has been updated slightly to include minor technical changes to the safe harbor, strengthened hemp provisions, and other technical updates.

The SAFE Banking Act’s Path Forward In 2019, The SAFE Banking Act was introduced as a stand-alone bill. Despite overwhelmingly passing the House, it would never see the Senate floor. A year later, House Democrats attempted to embed the bill in part of their larger Coronavirus relief package, pointing out the inherent dangers of operating an “essential business” in a cash-only capacity during the height of a catastrophic pandemic.

After considerable criticism from Republicans, the House eventually dropped the SAFE Banking Act from the relief bill’s final draft. Perlmutter harkened back to this subject in his Thursday address, saying, “In many states, the industry was deemed essential yet forced to continue to operate in all cash, adding a significant public health risk for businesses and their workers. As we begin our economic recovery, allowing cannabis businesses to access the banking system would also mean an influx of cash into the economy and the opportunity to create good-paying jobs.”

The Senate is expected to introduce its own version of the bill this week. For the last two years, this is where the SAFE Banking Act has predominantly run into challenges. However, this time around, the Senate has a more favorable makeup—split 50-50 between Republicans and Democrats, with Vice President Kamala Harris acting as the tiebreaker. Perlmutter remains optimistic the bill will make it all the way to President Biden’s desk. He said, “I think this is going to get a full legislative review, and we’re going to get a good product, a good piece of legislation, and send it to the White House.”

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Cannabis Products Used To Promote Sleep sees 7 X INCREASE Since Pandemic Began

Since the start of the coronavirus pandemic, California shopping and delivery platforms have found a staggering 690% increase in revenue for cannabis products marketed to support sleep, while the same companies saw 100% year-over-year growth.

Additionally, most companies saw a 275% increase in revenue on 4/20     

,

the largest day for cannabis delivery sales and a 200% increase in revenue on Cyber Monday, the second-largest day for delivery sales.

Ganja Goddess CEO Zachary Pitts said during the pandemic, delivery “became a vital force in the industry.”

Throughout the U.S., both medical and recreational cannabis were considered essential services but were subject to in-person sales restrictions and forced to shift to delivery or curbside pickup.

The company also reported a 53% increase in conversion rates, outperforming the average e-commerce conversion rate of 1-2% by more than 350%.

Other, broader, consumer shifts have occurred since the declaration of the pandemic last March, including one survey by Harris Poll, conducted on behalf of cannabis company Curaleaf, which found 45% of respondents had reduced or replaced their alcohol consumption with cannabis since the start of the pandemic.

  

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The Florida House released a bill yesterday that would impose 10% THC cap on Medical Marijuana flower, a 60% cap on everything else.

Brought to you by “Florida For Care”

No, that’s not a joke. The Florida House released a bill yesterday that would impose exactly those arbitrary THC on Florida patients.

Sign our petition to tell Tallahassee politicians: say “No” to THC caps, and “No” to taxing already suffering Florida patients.

It is nothing but a GIANT tax on patients. Think about it:

They want to cap flower at 10%, right? Most flower in FL MMTCs is somewhere between 15% and 25%. A cap as proposed could more than double the price of flower. 

And other products would be capped at 60% – when your average vape cart these days is often 85% or more. 

Prices are gonna skyrocket. People are gonna go to the black market. Florida’s nearly 500,000 patients are out in the cold. 

But it doesn’t have to be that way. We are gonna fight like hell to beat these caps! 

Sign our petition to tell Tallahassee politicians: stand against THC caps, do not put a giant new tax on already suffering Florida patients. 

Thank you,

– Eric

Florida for Care

P.S. After you sign the petition, forward this to a fellow patient advocate and ask them to do the same!

Florida for Care · 3921 Alton Rd, Suite 272, Miami Beach, FL 33140, United States

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New Jersey weed legalization, governor signs laws to legalize marijuana use, decriminalize possession

Recreational weed is finally legal in New Jersey after years of failed legislative attempts. While the historic law signed by Gov. Phil Murphy Monday allows for the possession of up to six ounces of marijuana, it will take time for Garden State residents 21 and older to be able to legally purchase weed. Here’s a look into the state’s rollout of the law. When and where can I buy weed? Give it some time. The state still has to set up a marketplace and regulations for the new industry, which Murphy said could take months. Experts have told that legal sales could begin in early 2022. Purchases will initially be made at existing medical marijuana dispensaries, but only after they show they have enough dope for the nearly 100,000 patients in New Jersey.

The Cannabis Regulatory Commission, which will oversee the industry, has six months to enact its rules and regulations before it’ll start accepting new licensees for recreational businesses. But a recent court ruling may help hasten the process — the state Department of Health may soon be able to dole out up to 24 new licenses to dispensaries, NJ.com said. However, the new law limits the number of licenses to grow pot to 37 in the first two years.

Where will I be able to smoke it?

It’s still prohibited to use pot in public settings. But the new law calls for the creation of “consumption lounges” where you can bring your own weed to enjoy.

So, will I get arrested if I’m caught with pot?

Effective immediately, those in the Garden State can carry up to 6 ounces without the threat of fines or arrest. Those under 21 are now subject to a series of written warnings — the first warning would go to themselves, the second to a parent and the third would involve a referral to a community program, such as drug education or treatment.

The new law also creates a way for pending cases involving marijuana offenses to be dismissed, and offers more protections when it comes to pot.

Police can no longer stop someone because they smell marijuana. They must also have body cameras turned on when interacting with young people and cannot detain them beyond issuing a warning.

Where else is recreational weed legal?

New Jersey joins 14 other states, as well as Guam and Washington, DC, in legalizing pot — Colorado, Arizona, South Dakota, Montana, Alaska, California, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont and Washington.

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