Treasury Secretary Slams Congress Over Cannabis Banks (Newsletter: April 8, 2022)

DEA: Marijuana seeds are legal hemp; OK legalization initiative erased; SC Medical Marijuana Bill Approved; Cananbiz tax cut in New York; MV sales

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/ THINGS TO KNOW

the Drug Enforcement Administration clarified that marijuana seeds are not considered illegal controlled substances as long as they contain less than 0.3% delta-9 THC. Of course, the resulting marijuana is still illegal to grow, but the seeds themselves are defined as “hemp.”

Treasury Secretary Janet Yellen said it’s “extremely frustrating” that Congress hasn’t passed a marijuana banking bill and his department is supporting its achievement through the America COMPETES Act or on its own.

  • “We would like that to happen.”

the Oklahoma Supreme Court cleared a proposed marijuana legalization initiative to a challenge filed by an activist from another campaign that is pursuing its own separate cannabis measures for the 2022 ballot.

the South Carolina Medical, Military, Public, and Municipal Affairs Committee approved a medical cannabis bill passed by the Senate, despite the objection of a representative who filed more than 100 amendments (only one of which passed). He is now heading upstairs.

Leaders of the New York Senate and Assembly recently negotiated budget legislation contains provisions to decouple state tax policy from federal provision 280E, allowing marijuana businesses to deduct business expenses on their state returns.

Montana Marijuana Sales hit a new high in March, and an attorney says the state is on track to generate more tax revenue and jobs from cannabis than coal by the end of this year.

/ FEDERAL

the House Appropriations Subcommittee on State, Foreign Operations, and Related Programs held a hearing on “United States International Assistance in Combating Narcotic Trafficking”.

Senator Elizabeth Warren (D-MA) said the federal marijuana ban “makes no sense.”

Senator James Lankford (R-OK) said, “Increased cannabis use doesn’t make our streets safer, doesn’t make our workplaces safer, it doesn’t make our families stronger.”

Senator Ted Cruz (R-TX) says he doesn’t use marijuana because “it’s illegal and it’s harmful to you. It’s not healthy.”

House Majority Leader Steny Hoyer (D-MD) tweeted, “Federal marijuana decriminalization is a matter of justice and equal opportunity – #WeNeedMore to address systemic inequities and disproportionate economic impacts of the War on Drugs on communities of color.”

Bylaws Committee Chair, Jim McGovern (D-MA) tweeted, “Last week the House passed the MORE Act, legalizing marijuana federally and creating a process to overturn convictions. I call on the Senate to pass this bill, bring justice to those affected by the systematic inequalities of the war on drugs, and legalize marijuana once and for all.

Rep. Barbara Lee (D-CA) tweeted, “Federal marijuana legalization is about racial justice. It’s high time to end the failed “war on drugs” that has shattered the lives of so many black and brown families. #MOREAct”

Rep. Nancy Mace (R-SC) tweeted, “There is a need to bring common sense cannabis legislation.”

Representative Andy Harris (R-MD) tweeted, “Too much of the mainstream discussion about marijuana, on both sides, is based on anecdotal evidence, not rigorous, reliable empirical data or studies. I am very optimistic that we will get this legislation past the finish line so that we can finally cut red tape and encourage quality research into the real health effects of marijuana, good or bad.

Representative Ben Cline (R-VA) tweeted, “For people with medical conditions, the use of marijuana derivatives may offer potential medical benefits. As a delegate, I have passed laws that support certain marijuana treatments, and this week , I voted for new research to determine the safety of medical cannabis.

Democratic Senate candidate from Wisconsin Mandela Barnes, currently lieutenant governor, tweeted: “It’s 2022. It’s time to legalize marijuana. In fact, it was about time.

The Senate Bill compel the Department of Veterans Affairs to study cannabis got a new co-sponsor for a total of three.

/ STATES

Kentucky Gov. Andy Beshear (D) called on the Senate to approve a medical cannabis bill passed by the House when they returned from a recess and said he would explore potential executive actions if lawmakers do not act. But the president of the senate said that while the body will try to pass narrow research legislation, it will be difficult to pass broader legalization.

New Mexico Governor Michelle Lujan Grisham (D) tweeted, “Opening weekend alone, recreational cannabis sales generated nearly $700,000 in tax revenue for the state and local communities. By creating an exciting new industry, we are diversifying our state’s economy and creating new jobs for New Mexicans.

Florida gubernatorial candidates weighed in on the smell of marijuana.

the Massachusetts The Senate approved a invoice establish a social equity fund for marijuana, establish municipal rules, and pave the way for the opening of social consumption sites.

the California Senate confirmed the director of the Department of Cannabis Control.

the Colorado The Senate Health and Human Services Committee rejected a bill requiring regulators to conduct at least one minor compliance check per cannabis dispensary each year, and now its sponsors are calling for an audit of the Marijuana Enforcement Division.

the Wyoming The Supreme Court rejected a man’s argument that the marijuana ban is unconstitutional.

New York regulators have passed rules on hemp cultivation licenses and research authorizations.

Georgia officials have asked a judge to deny an injunction on the ability to suppress sales of delta-8 THC and delta-10 THC products, and are also asking that the overall case challenging the policy be fired.

Iowa officials said police would do “additional enforcement” of drug-impaired driving laws around 4/20.

the Pennsylvania The Department of Community and Economic Development tweeted: “Only 5 companies in the United States have licenses to grow marijuana for federal research purposes – and one of them is in York County. 😲🌿”


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/ LOCAL

the Jersey City, New Jersey The Planning Board has approved a cannabis lounge project.

/ INTERNATIONAL

Albanian Prime Minister Edi Rama has said the government will legalize the cultivation of medical cannabis after the idea gained backing from a national consultation survey.

the canadian The government has announced plans to form a strategic group focused on helping the cannabis industry grow.

Gauteng, South Africa officials are developing a “cannabis blueprint” focused on economic growth and job creation.

/ SCIENCE & HEALTH

One study found that “smoking may be a risk factor for hearing loss but does not support an association between hearing loss and cannabis use.

One study concluded that “CBD, used as a supplement in combination with other medications, was well tolerated over a wide dose range and decreased the occurrence of pruritus in affected dogs.” [canine atopic dermatitis] when ingested twice a day.

/ ADVOCACY, OPINION & ANALYSIS

A survey of american adults found that 60% support legalizing marijuana, 57% want to overturn previous convictions, and 51% support cannabis banking, among other findings.

the New Mexico Democratic Party tweeted, “Governor @Michelle4NM has never stopped fighting to deliver recreational cannabis to New Mexico. Even when Republicans stymied those efforts, MLG pushed back and made progress on cannabis, adding thousands of new jobs to the economy and building New Mexico!

/ BUSINESS

Jushi Holdings Inc. completed its acquisition of NuLeaf, Inc.

Receptor Life Sciences raised $9.7 million to support clinical trials of its CBD inhaler to treat acute anxiety.

/ CULTURE

Bill Maher and Judd Apatow swapped stories about their early experiences smoking marijuana.

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