Posts

News

Historic Vote!

/in , /by

 

The U.S. House of Representatives overwhelmingly passed a historic bill Wednesday providing legalized cannabis businesses access to banking services.

Colorado Congressman Ed Perlmutter, lead sponsor of the SAFE Banking Act, said:

“After six years of working on this bill, the SAFE Banking Act will go a long way in getting cash off our streets and providing certainty so financial institutions can work with cannabis businesses and employees.”

It’s still an uphill climb in the U.S. Senate, but Senate Republicans may be softening. U.S. Sen. Marco Rubio, R-Fla.,  said Wednesday:

“I think you can be against marijuana and still understand that if it’s going to be a legalized product, we need to be able to control it through our banking system.”

And the chairman of the Senate Banking Committee Mike Crapo, R-Idaho, has said he wants to advance banking legislation by the end of the year, although it may not be Perlmutter’s bill.

More »

More »

Bipartisan Group of 21 AG’s Implore Congress to Act 

Colorado Attorney General Phil Weiser and 20 other attorneys general signed a letter sent to congressional leaders on Monday, supporting the STATES Act, which would allow legal cannabis businesses to access banks, shield legal cannabis businesses from federal interference and deter criminal activity associated with a largely cash-only business. 

“We are a bipartisan group of state and territorial attorneys general who share a strong interest in defending states’ rights, protecting public safety, improving our criminal justice systems, and regulating new industries appropriately,” the letter reads.  “Legislation like the proposed STATES Act is simply meant to ensure that if a state or territory does choose to legalize some form of marijuana use – which at least 33 states and several territories have done – its residents are not subject to a confusing and dangerous regulatory limbo.”

Read More »

/in , , , /by

The Senate Committee on Banking, Housing and Urban Affairs last week ushered in industry leaders and advocates to testify about the challenges cannabis companies face trying to get basic banking services in states where medical or recreational marijuana is legal. Those testifying urged lawmakers to change federal laws so the industry could access traditional financial services. 

While the hearing was the first-of-its-kind in the GOP-controlled Senate, passing federal legislation still remains an uphill battle. Except for the committee chairman, U.S Sen. Mike Crapo, R-Idaho, none of the other GOP committee members attended the hearing. He urged lawmakers to change federal laws to give the budding industry access to traditional financial services. 

More »

Related: 

Rob Nichols, President and CEO of the American Bankers Association and Jim Nussle President and CEO of the Credit Union National Association, co-authored an Op-Ed calling on Congress to pass marijuana banking legislation. 

More »

With the STATES Act and SAFE Banking Act, the cannabis lobby is on track to break a new record. 

Even More »

U.S Sen. Cory Gardner continues to urge the federal government to pass the SAFE Banking Act and the STATES Act:

New administration, new rules

/in /by

Because of laws passed during Colorado’s recent legislative session, the  Colorado Board of Health is “preparing to usher in one of the most expansive sets of MMJ rules that Colorado has seen in over a decade.”

Westword Article »

And finally… It’s possible this would improve morale at some jobs

/in , /by

“It is unlawful for any employer in this State to fail or refuse to hire a prospective employee because the prospective employee submitted to a screening test and the results of the screening test indicate the presence of marijuana,” states the law, signed by Nevada Gov. Steve Sisolak on June 5.

This is from a report by CNN,  which also cites the New York City Council passing a similar bill two months ago. As legalization continues throughout the country, will other states follow suit? Time will tell, although there are some exceptions to this policy. 

The law does not apply to firefighters, EMTs, employees who operate a motor vehicle, or those who, in the determination of the employer, could adversely affect others’ safety. That’s probably for the best.

Banking, Banking, Banking 

/in , , /by

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).

Read More »

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 ….”

 Read More »

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

/in , /by

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

Read More »

And More »

AND that’s a wrap…

/in , , /by

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: 

  1. Adding autism spectrum disorders to the list of disabling medical conditions for medical marijuana use. Signed into law. More »
  2. Allowing greater investment flexibility in marijuana businesses.  More »
  3. Permitting delivery of regulated marijuana by regulated marijuana sellers.   More »
  4. Legalizing consumption of cannabis in designated marijuana hospitality establishments. More »
  5. Allowing  physicians to prescribe opioids to the list of disabling medical conditions for medical marijuana use. More »
  6. Two separate measures that extend and update the state’s medical and retail marijuana codes. More »

In the News

/in , , , , /by

Take it to the bank

U.S. Treasury Secretary Steve Manuchin told a federal lawmakers that there is no regulatory solution to existing banking access issues for the marijuana industry, and he encouraged Congress to resolve the problem with legislation “on a bipartisan basis.”

Read More »

Cannabis helping kids stand up to bullies 

Parkview Elementary School in Lamar uses more than $100,000 a year it receives from the state’s cannabis taxes for its anti-bullying program. The program has made a big difference in the lives of elementary school kids.

Read More »

No legal immigrants need apply?

Denver Mayor Michael Hancock and City Attorney Kristin Bronson are pressing the Trump administration to rethink its citizenship policies after legal immigrants in Denver have been denied the opportunity to become naturalized citizens because they work in the marijuana industry.

Read More »

Inside the Beltway . . . 

/in , , , , /by

The National Institute on Drug Abuse released a job posting seeking a contractor to roll marijuana joints “within a range of varying concentrations of delta-9-THC and analyze strength and stability of them.”

Read More »

The Food and Drug Administration has scheduled a public hearing on CBD regulations for May 31.

Read More »

Colorado’s cannabis lobby gaining new clout

/in , , , /by

This will be a big year for the industry, with marijuana regulations sunsetting and bills vetoed by former Democratic Gov. John Hickenlooper resurfacing. And the cannabis lobby at the Capitol is growing, in numbers, spending and stature. Cannabis lobby gains new clout in Colorado as its spending tripled in the past five years.

For a review of the cannabis bills introduced in the 2019 Colorado legislature, please go here 

Goodbye tech, hello cannabis 

The fastest-growing industry in the U.S. right now is cannabis. The marijuana industry added 64,389 jobs in 2018, an increase of 44% from the year before, according to a new report from the cannabis website Leafly and Whitney Economics.  

 Marijuana is the fastest-growing sector in the US job market