News

U.S. Court of Appeals tells DEA to get its act together

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The U.S. Court of Appeals for the Second Circuit (New York), in a groundbreaking decision, warned the DEA that it may take matters into its own hands if the DEA doesn’t “promptly” consider medical cannabis patients’ rescheduling request.

 “Taking the facts as alleged, and, accordingly, taking the supposed benefits some Plaintiffs have experienced from marijuana as true as well, we—like the District Court below—are struck by the transformative effects this drug has assertedly had on some Plaintiffs’ lives. As a result, we are troubled by the uncertainty under which Plaintiffs must currently live.”

 “It is possible that the current law, though rational once, is now heading towards irrationality; it may even conceivably be that it has gotten there already.”

Stay tuned …. Story here.

Robert Reich weighs in on why the country must legalize marijuana. 

‘The federal prohibition of marijuana has been unnecessarily cruel—wasting billions of dollars, unjustly harming millions of lives, and furthering racist policies.’

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Banking, Banking, Banking 

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The federal banking bill could have implications beyond cannabis businesses, specifically in the trading game. Analysts see significant opportunities in the U.S. cannabis market if federal regulators here legalize the drug. That could be huge for exchange traded funds (ETFs).

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But maybe don’t take it to the bank

A pair of Republican senators told Marijuana Moment that they believe cannabis banking legislation has a shot of getting a hearing in that chamber after House passage.

“He didn’t say ‘hell no,’” Sen. Kevin Cramer (R-ND) said of a key Banking Committee Chairman Mike Crapo (R-ID),  whom he pressed on the bill. “I thought he was quite open-minded to it.”

Banks that serve lawful marijuana businesses would be protected from a crackdown by financial regulators such as the U.S. Department of Treasury under a provision in a draft congressional spending bill.

“None of the funds made available in this Act may be used to penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, a producer, or a person that participates in any business or organized activity that involves handling marijuana, marijuana products, or marijuana proceeds, and engages in such activity pursuant to a law established by a State, political subdivision of a State, or Indian Tribe ….”

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Turning over a new leaf

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So far 323 citizens have taken advantage of Denver’s “Turn Over A New Leaf,” a program that helps erase low-level marijuana convictions.  It is estimated that 13,000 people are eligible.

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From “I didn’t inhale” to “legalize it!”

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The majority of 2020 Dem candidates are making legalization and the cannabis industry a part of their platform to some degree.

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Marijuana banking bill gains momentum with prosecutors’ support

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The attorneys general of 33 states and five U.S. territories said they support congressional legislation that would allow cannabis companies in Colorado and elsewhere to use banks without fear of federal repercussions.

“For too long, the status quo has pushed legitimate businesses outside the banking system and into cash-dependent models, creating a lucrative target for violent and white-collar crime,” said Colorado Attorney General Phil Weiser, who lead the effort on uniting the group.

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Moving onto Congress…

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Colorado senators lead way on legalization of marijuana

U.S. Sens. Cory Gardner and Michael Bennet take the lead on the STATES Act and the SAFE Banking Act. 

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Colorado elected leaders say it’s not okay to build a moral wall keeping out cannabis workers

Four Colorado Congressional Members wrote to the heads of the Department of Justice and Homeland Security about the policy that punishes immigrants for allegedly not having “good moral character” as a result of working in the marijuana industry.

Also at the legislature . . . 

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The Colorado House passed a bill to reduce drug possession penalties, moving the bill to the Senate. The bill would lower the penalty for Schedule I or II drug possession to a level 1 drug misdemeanor instead of a level 4 drug felony. Level 4 drug felonies are punishable by six to 12 months in prison.

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The bill allowing greater investment flexibility in marijuana businesses, HB-1090, cleared another hurdle Tuesday, when appropriations committee referred it unamended to the Senate. The Denver Business Journal gave a preview of what passage of the bill may mean to Colorado. 

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Business News

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Good news for those seeking investors

A poll found that 46% of U.S. adults would consider investing in the marijuana industry.
View the Poll »

Bank of America began covering marijuana stocks.

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Pinnacol Assurance released its first-ever public data analysis of safety in Colorado’s cannabis industry.

 “As a whole is relatively safe compared with other cultivation, retail and manufacturing jobs in Colorado.”

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Dave Martyn, president of the Compass Cannabis chain of Canadian dispensaries…

sat down with Peter Miller, CEO of cannabis branding and packaging company SLANG Worldwide. When discussing exactly what the future of the global cannabis industry will look like, both Miller and Martyn suggested companies look to the past. Industry models in recreational cannabis forerunners like Colorado, Washington and of course Canada, serve as examples of what works.
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Hometown reporter and cannabis industry hits national mainstream news as a legitimate beat

Former cannabis reporter Alicia Wallace from The Denver Post is headed to CNN for their new cannabusiness coverage. CNN states: “CNN Business launches a new content initiative focused on one of the most dynamic growth industries in America: the cannabusiness sector. The next generation of entrepreneurs, investors, and consumers are captivated by this storyline, and CNN Business is making a new commitment to cover every aspect of the cannabis industry, from innovation to regulation.”

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No slack for social use in Denver 

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The Denver City Council rejected a bill that would have loosened restrictions on marijuana social use businesses. 

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Legislative Update

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With less than four weeks left until the end of the Colorado legislative session, lawmakers are acting on several cannabis-related bills ranging from cannabis delivery to public investment to tasting rooms. One, a bill adding autism spectrum disorders as a medical cannabis-qualifying condition, was already signed by Colorado Gov. Jared Polis. 

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Chuck Smith, president of Colorado Leads, was quoted in The Denver Post about the need for public and private investment in the cannabis industry.

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Both the cannabis delivery and hospitality bills advanced in the House.

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The state’s current medical and recreational marijuana laws are set to sunset in September of this year, so lawmakers have been reviewing the laws and regulations. 

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And The Colorado Sun looked at the increasing political clout wielded by Colorado’s cannabis industry.

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