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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. 

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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. 

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

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

Colorado Leads’ members . . .  leading 

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Last week, the Denver Business Journal held its second Business of Cannabis event. Two Colorado Leads’ members were part of the panel: Native Roots represented by Director of Public Affairs Shannon Fender and Vicente Sederberg represented by Vice President of Government Affairs Jordan Wellington. 

The focus was on “what Colorado cannabis companies and the ancillary businesses that serve them should expect in the wake of new legislation that was recently signed by Gov. Jared Polis.”

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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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AND that’s a wrap…

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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 »

Hickenlooper on cannabis

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The latest on where former Colorado governor and current Presidential hopeful John Hickenlooper stands on cannabis. 

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America’s first cannabis  governor and the challenges ahead

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Gov. Jared Polis, considered the most industry friendly governor in the country, takes the reins at a crucial time for Colorado as the state’s regulations come under review and as at least one bordering state considers developing its own legal cannabis industry. The marijuana  industry is optimistic Polis will champion its cause to keep the industry growing and moving legislation that his predecessor vetoed.
Colorado Sun Article »

Indeed, several new marijuana bills were among the first filed as the legislature opened, including a new attempt to add autism spectrum disorders to conditions that qualify patients for medical cannabis;  another would make people eligible if they have a condition under which a doctor would prescribe opiates.
Reporter Herald Article »

Polis takes office as marijuana sales show signs of leveling off after five years of constant and dramatic growth.  New state figures show Colorado has logged over $1.4 billion worth of medical and recreational marijuana sales from January to November 2018, just $93 million behind 2017. And while a dramatic surge is not expected, Colorado is still on pace to finish the year slightly ahead of the year before.
Summit Daily Article »

While sales remain strong in Colorado today, will the state’s industry be impacted by a change in leadership across the border? The Albuquerque Journal takes a look at legislation being proposed to legalize cannabis in New Mexico under a new Democratic governor.
Albuquerque Journal Article »

Headlines

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Polis underscores support for cannabis initiatives with inaugural program

The new Colorado governor had his ceremonial schedule printed on hemp paper.

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Julian Castro supports state’s rights on cannabis

Presidential candidates says “growing evidence from Colorado and other states suggests we can sensibly legalize marijuana use with reasonable controls in place. State voters should have that power.”

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New Congress, new cannabis caucus

With Gov. Jared Polis’s departure from Congress, the caucus will be led by Rep. Earl Blumenauer, D-Oregon,  Rep. Barbara Lee, D-California, Rep. Dave Joyce, R-Ohio, and Rep. Don Young, R-Arkansas.

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Legal cannabis five years later

Retail cannabis sales are booming in Colorado, and so are the state coffers. But much of the bad predicted to accompany legal sales have not materialized. Alternet looks at five impacts the industry has had in Colorado.

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Yes, we’re in Colorado but “Florida Man” news is always entertaining 

A Florida man is in jail for trying to pay for his food at a McDonald’s drive-thru with a bag of marijuana.

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With Sessions out, industry exhales collective sigh of relief

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The departure of Attorney General Jeff Sessions has sent cannabis stocks rising and calmed states an industry on edge from his tough anti-marijuana rhetoric. While acting Attorney General Matthew Whitaker hasn’t taken a stand on the issue, marijuana advocates are hopeful they have  escaped the toughest scrutiny.

LA Times Article »

Quotable

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“Since Colorado became the first state to legally regulate marijuana, the national conversation has shifted from whether we’ll legalize to how we should do it.”

Art Way
Colorado State Director for the Drug Policy Alliance.

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