Colorado Department of Agriculture Director Kate Greenberg lays out the many ways she believes our state is leading the way in hemp.
“Basically, we kick butt. We had one of the first hemp programs in the country, and there’s still only a few across the country. Folks are racing post-2018 Farm Bill to set something up, but we are five years ahead of the curve, having our own hemp program.”
Colorado has surpassed $1 billion in cumulative tax revenue since legalization in 2014. The industry continues to grow, which is good for all of us considering the programs the tax revenue funds. “Marijuana revenue funds a range of youth and public health programs in Colorado, including mental health services, youth literacy initiatives and anti-bullying programs in schools. Marijuana tax revenue goes to both state and local governments.”
A recent poll showed that 55 percent of voters supported legalization, but New York’s plan to legalize marijuana collapsed Wednesday, “dashing hopes for a potential billion-dollar industry that supporters said would create jobs in minority communities and end decades of racially disproportionate policing.”
Columbia Care has introduced the industry’s first cannabis credit card.
“Columbia Care initiated its CNC Card on a trial basis in New York State in the second half of 2018. What the company found was that, when compared to other forms of payment, those folks who purchased cannabis products with the CNC Card had a basket size that was 18% larger for in-store purchases.”
The Nevada Legislature pulled the rug out from under Las Vegas with Assembly Bill 533 that overrode the Las Vegas City Council’s work of over two years in licensing social use cannabis venues. Venues now have to wait until at least 2021. From Leafly, “Las Vegas OK’d Cannabis Lounges but Nevada Just Said No.” More »
Come for the stories of entrepreneurs having to shelve their plans indefinitely, but stay for an understanding of the remarkable political pull large casinos have in the way policy is crafted and implemented.
U.S. state bankers’ associations jointly sent a letter to leaders of a key Senate panel saying they support cannabis banking reform and urging the committee to hold a hearing on the overall merits of such legislation.
Colorado Attorney General Phil Weiser, sent a formal letter to Congressional leaders last week demanding that lawmakers pass the SAFE Banking Act or similar legislation that would provide a safe harbor for banks to provide financial services to the marijuana industry.
A bill to allow financial institutions to assist the cannabis industry without penalization has backing on both sides of the aisle and from the White House.
A survey found that 82% of banking executives want the federal government to allow financial services providers to do business with the marijuana industry.
With no guidance from the EPA, it is difficult for the marijuana industry to regulate pesticides and other safety concerns, but Colorado and other states are figuring it out and developing their own standards.
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.
After what seemed like an eternity, the Colorado legislature closed out its 2019 session last week. There were 15 bills related to cannabis and hemp and thirteen passed. Only one has been signed into law by Gov. Jared Polis, but the others are expected to be signed in the near future.
The highlights include bills:
Up to $25 million is expected to help districts in rural areas, as well as others struggling financially. The money would help buy new desks and furniture, fixtures for bathrooms and classrooms, and other equipment schools need as they expand their full-day kindergarten offerings.
The bill, HB-1055, won House approval 56-8 and now awaits action by the Senate.
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.
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.
The Trump administration issued a memo saying immigrants working in legal marijuana industry lack “moral character” for citizenship.