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US House Members Approve SAFE Banking Act

Written by Johnny Green on . Posted in Politics.

Once again The SAFE Banking Act received a vote in the United States House of Representatives, and once again it yielded bipartisan support and passed.

Access to the United States’ banking system by the cannabis industry is not as big of a problem as it once was, however, it’s still a major issue that countless state-legal cannabis companies have to deal with.

Below is more information about yesterday’s historic vote via a press release sent to the International Cannabis Business Conference from our friends at NORML:

Members of the House of Representatives voted today in favor of a stand-alone piece of legislation, The SAFE Banking Act, to remedy the ongoing inconsistencies between state and federal marijuana laws.

In a vote of 321-101, House members approved HR 1996, The SAFE Banking Act, which would create a legal safe harbor for financial institutions to engage in business relationships with state-licensed and regulated cannabis companies.

“For the first time since Joe Biden assumed the presidency, a supermajority of the House has voted affirmatively to recognize that the legalization and regulation of marijuana is a superior public policy to prohibition and criminalization,” said NORML Political Director Justin Strekal. “However, the SAFE Banking Act is only a first step at making sure that these state-legal markets operate safely and efficiently. The sad reality is that those who own or patronize the unbanked businesses are themselves criminals in the eyes of the federal government, which can only be addressed by removing marijuana from the list of controlled substances.”

To date, over 40 percent of Americans reside in a jurisdiction where transactions involving the sale of cannabis have been approved under state law, and the majority of Americans live in a state where medical cannabis sales are permitted.

Why NORML Supported Passage of HR 1996: The Safe Banking Act:

Federal law currently defines all marijuana-related endeavors as criminal enterprises, including those commercial activities that are licensed and legally regulated under state laws. Therefore, virtually no state-licensed cannabis businesses can legally obtain a bank account, process credit cards, or provide loans to small businesses and entrepreneurs.

In this environment, the rapidly growing multi-billion dollar cannabis industry must operate largely on a cash-only basis, which makes businesses more susceptible to theft and more difficult to audit. This ongoing federal prohibition also places the safety and welfare of these businesses’ customers at risk, as they must carry significant amounts of cash on their persons in order to make legal purchases at retail facilities. For these reasons, NORML has long advocated that federal lawmakers vote “yes” on The SAFE Banking Act.

A version of this bill first passed the House of Representatives on September 25th, 2019. Subsequently, it was included multiple times in various COVID relief packages that the House approved in the previous Congress. Ultimately, however, the language was not included in any of the enacted COVID stimulus bills.

What’s Next?

Commenting on the next steps, NORML Political Director Justin Strekal said: “Today’s vote is another important mile marker on the road to repealing federal prohibition, yet much more action must still be taken by lawmakers in both chambers. In the Senate, we are still waiting on a comprehensive proposal promised by Senate Majority Leader Schumer and Senators Cory Booker and Ron Wyden and in the House, we anticipate additional efforts to move forward and pass comprehensive reform legislation like The MORE Act — which was approved in the previous Congress — in order to ultimately comport federal law with the new political and cultural realities surrounding marijuana.”

For reference:

In the previous session of Congress, the vote on SAFE Banking was 321 to 103 in favor of HR 1595. Two-hundred and twenty-nine Democrats and 91 Republicans cast ‘yes’ votes in favor of the measure.

This year, for HR 1996, amongst the Democrats, the vote was 215-0, and among the Republicans, the vote 106-101.

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Why Is It Taking So Long To Legalize Cannabis At The Federal Level In The US?

Written by Johnny Green on . Posted in Politics.

Cannabis prohibition is one of the worst public policies in human history. It goes well beyond the negative impact that is experienced by the person subjected to an initial prohibition-based penalty. The negative impact lingers well after the person has paid their fine and/or served their jail sentence.

They have to carry the ‘cannabis scarlet letter’ for years into the future in many cases, and for some people, the designation of being a ‘cannabis criminal’ is something that they have to deal with forever. The designation ruins the person’s life by preventing them from getting jobs, housing, and can even prevent them from obtaining volunteer positions in the future. 

It’s like an anchor that keeps them from moving on with their lives, and it’s happened to countless people for many decades, which is beyond unfortunate. Yes, people can get the cannabis offense expunged from their record, however, it only happens after a judge approves the request (which they do not have to do) and the individual has paid a substantial sum of money. 

For many folks convicted of a cannabis offense obtaining an expungement is simply not an option. The financial hurdle is too great, and they often decide to just endure the negative fallout from having a cannabis conviction on their record because there’s no other viable option to do otherwise. It’s one of many reasons why cannabis prohibition needs to end immediately across the United States to ensure that no further harm is needlessly inflicted on cannabis consumers, many of which being patients who rely on medical cannabis.

Reform Continues To Spread At The State Level

The United States is in the midst of a cannabis policy reform revolution at the local level, with 18 states and Washington D.C. having passed adult-use cannabis legalization measures either at the ballot box or via legislative action since 2012. Regulation is clearly better than prohibition, with state-level cannabis legalization succeeding by virtually every measure. 

Despite all of those victories, the harms of cannabis prohibition still linger in too many states as well as at the federal level in the U.S. Federal cannabis prohibition is becoming less tenable with every passing year. Just this year alone three states have passed legalization measures – Virginia, New York, and New Mexico. Obviously, the year is only roughly 1/3rd of the way over, and it’s quite possible that more states could legalize cannabis for adult use in the coming months. Unfortunately, which side of a state border you live on still determines your fate if/when you are caught with cannabis, and that makes no sense.

As it stands right now, well over 40% of people in the United States live in a state which has legalized cannabis for adult use. All except two states (Nebraska and Idaho) have passed some type of medical cannabis measure, ranging from CBD-only legislation to comprehensive medical cannabis reform. When it comes to cannabis policy in the United States, geography means everything because of federal prohibition. When will that change and every adult in the United States be allowed to possess a personal amount of cannabis?

Executive Action Or Congress?

When it comes to ending federal cannabis prohibition in the United States, there are two avenues that can be pursued. The first is via executive action, with President Joe Biden hypothetically taking it upon himself to initiate a bureaucratic process to get cannabis removed from the Controlled Substances list. The Biden Administration has made it clear that this is not a priority, so no one should hold their breath waiting for executive action.

The second avenue for achieving an end to federal cannabis prohibition is via Congress. If there was enough political will in Congress to pass a legalization bill, that’s all it would take to end federal cannabis legalization. It’s a far-more straight path to legalization compared to executive action. Unfortunately, it’s yet to happen for some reason, even though support for national cannabis legalization is greater now than at any other time in United States history.

With that being said, recent comments made by Senate Majority Leader Chuck Schumer are encouraging. “I want to make my arguments to him, as many other advocates will,” Schumer stated in a recent interview with POLITICO regarding President Biden. “But at some point we’re going to move forward, period.”

Senator Schumer seems to recognize the obvious fact that cannabis policy reform is an extremely popular political issue, which is something that appears to be lost on the Biden administration for reasons unknown. In addition to being the right thing to do, pushing for cannabis legalization is also politically viable, and one would think that federal politicians would push hard for legalization, if for any reason to help boost their chances of staying in office. 

As of right now, federal legalization appears closer than it has since prohibition was first enacted in 1937, yet there’s no clear date for when it will finally happen. A significant amount of positive comments are being thrown around by federal politicians, however, actions speak louder than words. While we continue to wait for Congress to get their act together make sure to contact your federal officials and urge them to support sensible cannabis laws. Do your part!

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U.S. Cannabis Tax Revenue Tops $3 Billion In 2020

Written by Johnny Green on . Posted in Business.

Cannabis legalization in the United States at the state level has been a smashing success by virtually every measure. With New York, Virginia, and New Mexico having passed legalization measures via legislative action in 2021, the number of legal states is now up to 18. Washington D.C. has also legalized.

Obviously, not every state has fully implemented its legalization reform measure that was passed by voters or lawmakers. However, several have, with Colorado being the first state to allow legal adult-use sales starting in 2014.

2020 was a banner year for cannabis tax revenues in the United States, with total revenue topping $3 billion. Below is more information about it from our friends at NORML via a recent news release:

Tax revenue from state-legal cannabis sales rose significantly in 2020, according to an analysis by the Institute on Taxation and Economic Policy.

Authors reported, “Powered by an expanding legal market and a pandemic-driven boost in cannabis use, excise and sales taxes on cannabis jumped by more than $1 billion in 2020, or 58 percent, compared to a year earlier. In total, these taxes raised more than $3 billion last year, including $1 billion in California alone.”

Transactions specific to the commercial market in California were responsible for over one-third of the nation’s total cannabis tax growth in 2020. Year-over-year, cannabis tax revenue rose some 40 percent in the state.

Significant growth in revenue also occurred in 2020 in states with more established markets, such as Colorado and Washington.

Overall, the report acknowledged that cannabis-related tax revenues still comprise only a small percentage of states’ overall budgets. However, authors emphasized that these tax revenues are among “states’ fastest growing revenue sources.”

Full text of the ITEP analysis is online. Additional information is available in the NORML fact sheet, “Marijuana Regulation: Impact on Health, Safety, Economy.”

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Cannabis Legalization Advances In Mexico’s Senate

Written by Johnny Green on . Posted in Politics.

Mexico has been on the cusp of legalizing cannabis for adult use since late 2018 when Mexico’s Supreme Court issued a ruling that struck down cannabis prohibition as being unconstitutional.

As part of the decision, Mexico’s Supreme Court mandated that lawmakers pass legislation that implemented the Court’s ruling and create a regulated adult-use cannabis industry.

Multiple extensions had to be granted because lawmakers in Mexico failed to meet the initial one-year Court deadline, as well as subsequent deadlines.

Some of the deadlines could not be met due to COVID, however, part of the blame lies squarely on lawmakers that have failed to get on the same page. Fortunately, there is movement in Mexico’s Senate, as reported by Marijuana Moment:

A bill to legalize marijuana in Mexico moved another step closer to final floor consideration in the Senate on Tuesday.

While the chamber approved the legislation last year, it then passed in revised form in the Chamber of Deputies last month and was sent back to the Senate for final consideration. On Tuesday, a second Senate committee advanced the amended legislation, with one more panel set to take it up before it moves to the floor.

The Second Legislative Studies Committee approved the bill one day after the Justice Committee cleared it. The next stop for the proposal is the Health Committee, which could happen as soon as Wednesday—setting up potential action by the full body on Thursday.

Many times lawmakers in Mexico have indicated that they ‘have it’ when it comes to getting a measure to the finish line just for the claims to fizzle.

At this point, it’s best to be cautiously optimistic. If Mexico finally legalizes cannabis for adult use before any other country beats them to it, Mexico will be the third country to legalize recreational cannabis behind Uruguay and Canada.

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New York State Officially Legalizes Cannabis For Adult Use

Written by Johnny Green on . Posted in Politics.

The State of New York has officially legalized cannabis for adult use after a long, hard-fought battle by cannabis advocates. New York is a very, very big domino to fall, and will hopefully lead to more reform not only in the United States but also in other countries.

Below is more information about today’s historic event courtesy of a press release from our friends at NORML:

New York Governor Andrew Cuomo today signed The Marijuana Revenue and Taxation Act (MRTA) into law, which legalizes and regulates an adult-use commercial marijuana market in New York State, and also permits those over the age of 21 to cultivate personal-use quantities of cannabis in their own homes.

The provisions specific to the personal possession of marijuana took effect upon signing.

“I just signed legislation legalizing adult-use cannabis,” Governor Cuomo said in a statement. “The bill creates automatic expungement of previous marijuana convictions that would now be legal. This is a historic day. I thank the Leader and Speaker and the tireless advocacy of so many.”

NORML Executive Director Erik Altieri stated, “This signals an end to the racially discriminatory policies that have long made the Empire State the marijuana arrest capital of the United States, if not the world. This stops police from annually arresting tens-of-thousands of New Yorkers for low-level marijuana offenses, the majority of whom are overwhelmingly young, poor, and people of color.”

NORML Deputy Director Paul Armentano added, “The passage of this legislation will not only have serious economic and social justice ramifications for its nearly 20 million residents, but it no doubt will have ripple effects across the nation and arguably also within the halls of Congress — providing further pressure on federal lawmakers to amend federal law in a manner that eliminates the existing inconsistencies between state and federal cannabis policies.”

Six percent of US House members represent New York State, and seven percent of all Congressional House Committee and Subcommittee Chairs are from New York.

Empire State NORML Deputy Director Troy Smit said, “It’s taken a great amount of work and perseverance by activists, patients, and consumers, to go from being the cannabis arrest capital of the world, to lead the world with a legalized market dedicated to equity, diversity, and inclusion. This might not be the perfect piece of legislation, but today, cannabis consumers can hold their heads high and smell the flowers.”

The Act established a process for the licensed production and retail sale of marijuana to adults. Regulators would license delivery services and on-site consumption facilities. Retail sales will be taxed at nine percent, plus up to a four percent local tax, as well as an additional tax based upon THC content. Localities that do not wish to have cannabis retailers in their neighborhoods can opt out, but they will not receive tax revenues if they choose to do so. The Act also provides expungement relief for millions of residents with past cannabis convictions on their records.

Forty percent of tax revenue will be directed toward communities disproportionately impacted by cannabis prohibition. Provisions in the MRTA seek to award half of all business licenses to social equity applicants.

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French Medical Cannabis Public Policy Experiment Is Underway

Written by Johnny Green on . Posted in Medical.

At one point France had one of the worst cannabis policies in Europe, with personal possession carrying a penalty of jail time and thousands of dollars in fines.

Fortunately, that changed recently and now cannabis possession is decriminalized and carries a much lower fine. It’s obviously not as good as outright legalization, but it’s certainly an improvement compared to the previous policy.

The nation-wide decriminalization policy change came after a public policy experiment in which certain parts of France instituted a temporary decriminalization policy, and after that proved to be successful, the policy was enacted across France.

Another cannabis-related public policy experiment is underway in France, this time focusing on medical cannabis. Per ABC:

France’s government launched a two-year nationwide experiment with medical marijuana Friday with a view to its eventual legalization.

Some 3,000 patients around the country will be given medical cannabis treatments and their health will be monitored by the national medicines watchdog, the Health Ministry said in a statement. The first prescription was issued Friday at the Clermont-Ferrand University Hospital in southern France.

The goal is to gather data about the effectiveness and safety of therapeutic marijuana, and to prepare eventual logistical circuits for future distribution, the ministry said.

If lawmakers and regulators in France take a truly objective approach to this experiment, it’s virtually guaranteed that the experiment will prove to be successful.

After all, a number of countries have already legalized cannabis for medical use, including and especially in Europe. If medical cannabis can work in those countries, then so too can it work in France.

The suffering patients in France deserve to have safe, legal access to a proven medicine, and to be governed by cannabis policies that are based on science, logic, and compassion.

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European Cannabis Association Is Working Towards A Harmonized Regulatory Framework

Written by Johnny Green on . Posted in Business, Medical, Politics.

Cannabis is medicine. That is a phrase that has always been true, yet was not always reflected in public policy. The cannabis plant was prohibited across the globe for many years and subjected to a tremendous amount of negative propaganda and stigma.

Fortunately, the truth about the cannabis plant and its wellness properties could not be contained forever. Activists across the planet worked extremely hard to cut through the propaganda and get the facts out to society regarding medical cannabis.

Myth after myth was debunked. As public awareness about medical cannabis spread, so too did cannabis reform victories and compassion and healing as patients started to gain safe access to medical cannabis.

Few if any medications are as dynamic as cannabis-based medicines. As tens of thousands of peer-reviewed studies have found, the cannabis plant can be used to successfully treat a number of conditions. Those studies are also backed up by the personal experiences and testimonials of countless patients.

Medical cannabis is now, thankfully, being embraced by more and more countries throughout the world, including and especially in Europe. The medical cannabis industry is booming on the European continent, with domestic markets ramping up, as well as imports and exports.

With that being said, Europe’s medical cannabis industry is still in its infancy by many measures. As of right now, policies across the continent are a bit of a patchwork of sorts and there is not a balanced framework in place for medical cannabis products like there is with other legal medicines.

Getting the right Europe-wide medical cannabis framework of policies, rules, and regulations in place is vital to the future success of Europe’s medical cannabis industry. Europe is home to roughly 750 million people, many of which will benefit from safe access to medical cannabis. Those suffering patients deserve to have a medical cannabis industry that helps them as much as possible, and that will only happen if entrepreneurs are operating in a business environment that is conducive to helping them succeed.

That’s where the European Cannabis Association (ECA) comes in. ECA recently launched and will focus on consulting and helping European lawmakers and regulators craft standards for the production of medicinal cannabis, among other things.

“The use of medical cannabis has a very high potential and it has become one of the most important economic topics in recent years. Nevertheless, there is still no harmonized regulatory framework that governs the trade in medical cannabis at the EU level.” stated ECA member Peter Homberg. Homberg is the Head of German Life Sciences Practice at Dentons, as well as Head of the European Cannabis Sector Group at Dentons.

“The ECA addresses exactly this area and offers support in consulting and developing uniform standards for the production of medical cannabis. In particular, the ECA informs its members about the current EU framework conditions in the field of medical cannabis, stays in contact with and influences on policymakers and regulatory bodies with the aim of achieving appropriate framework conditions in particular on a European level, represents the European medical cannabis industry in an international environment, develops and supports international networks and organizes and realizes industry conferences.” Homberg went on to say.

Getting the right medical cannabis framework in place in Europe is vital because it will steer the young industry well into the future. Initial rules and regulations will inevitably change, however, those changes will presumably be incremental and a future complete overhaul will be unlikely. Lawmakers and regulators need to get it right the first time.

A collective industry voice will be key to the ongoing regulatory framework process. Cannabis opponents and uneducated skeptics will no doubt have a seat at any regulatory table, and they will certainly have collective voices lobbying all over Europe. That lobby presence has to be met with a credible collective voice representing the medical cannabis industry.

Membership to the European Cannabis Association is open to all stakeholders in the medical cannabis industry, whether they are large companies or small and medium-sized enterprises, including start-ups. Interested parties can find out more, including how to join ECA, at EuropeanCannabisAssociation.com.

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Apply To Pitch To Cannabis Investors At The Emerge Virtual Cannabis Conference

Written by Johnny Green on . Posted in Business.

Being an entrepreneur and pursuing your business dreams is a very exciting thing to do. Yes, it involves long hours and a lot of sacrifices, but for many people, the pursuit of business success on their own terms is well worth it.

That is especially true for entrepreneurs in the emerging cannabis industry. In addition to the standard thrill that comes with working to launch an idea or grow a small business, the cannabis industry adds an extra layer of excitement.

By most measures, the cannabis industry is still in its infancy, and the room for industry growth is substantial. 

The thought of getting in early in what is likely to eventually become one of the largest industries on earth is very appealing, which is why so many people are scrambling to get into the cannabis industry.

The cannabis industry involves a lot of moving parts and unique stresses, however, if you ask aspiring cannabis entrepreneurs what is the biggest issue they face, they almost always say the same thing – meeting investors.

Obtaining an investment at the right time for the right amount can literally be the difference between a cannabis company launching into the industry stratosphere or fizzling out.

For cannabis entrepreneurs that are looking for an investment (which is probably 99% of entrepreneurs), there’s a great opportunity to pitch your idea(s).

The Emerge Virtual Cannabis Conference is coming up March 30-April 1, and will feature a pitch contest. Emerge is partnering with cannabis business social network Leafwire and cannabis sustainability fund Regennabis to offer the pitch contest.

You can sign up online here, and also find out more about what the pitch contest involves, including important dates..

In addition to the pitch contest, the Emerge Virtual Cannabis Conference will feature a number of speakers and presentations, with the virtual event focusing on cultivation and sustainability.

The Emerge Conference is the cannabis industry’s only virtual reality event and is packed with unique offerings. For instance, virtual conference attendees get to create their own avatars and explore the conference’s dynamic and immersive virtual reality world.

The truly savvy attendees can (maybe) figure out a hack for a virtual smoke sesh on the platform! To find out more about the virtual event, it’s speakers, and agenda check out Emerge’s website.

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Canada Wants To Know What You Think About Home Cultivation

Written by Johnny Green on . Posted in Medical.

Canada is an international leader when it comes to cannabis policy, and that was true prior to the country becoming the first G-7 nation to legalize cannabis for adult use.

Canada’s top court ruled that medical cannabis was a constitutional right back in 2000, and a year later lawmakers in Canada passed legislation implementing the ruling into public policy.

Since that time patients have been allowed to cultivate medical cannabis at home, however, Canada is now looking to tighten up medical cannabis home cultivation rules and has launched a ‘consultation on guidance on personal production of cannabis for medical purposes.’

The consultation, which can be found at this link here, opened on March 8th and goes through May 7th and is open to:

  • All interested Canadians, including Indigenous Peoples
  • Patients and patient associations
  • Provincial, territorial, and local governments
  • Cannabis industry licence holders and associations
  • Law enforcement and first responders and associations
  • Health care practitioners and health care practitioner regulatory bodies and associations

The goal of the consultation is to craft criteria that can be used for refusing or revoking a medical cannabis cultivation registration to help combat unregulated cannabis sales.

Canada has a robust legal framework in which people can cultivate cannabis and sell it legally, however, the unregulated market still exists post-legalization.

Rather than putting resources and effort into taking away the rights of patients to cultivate medical cannabis, Canada’s government should be dedicating those same resources to improving the current legal framework in a way that makes the regulated market more competitive with the unregulated market.

Canada’s lawmakers and industry regulators need to figure out how to create a business environment in which the price for cannabis flower and other cannabis products are closer to unregulated prices.

The main reason that consumers point to as to why they still purchase unregulated cannabis in Canada is that regulated cannabis costs too much. If legal options were more affordable, presumably more customers would make legal purchases instead of purchasing unregulated cannabis.

With that being said, the unregulated market for cannabis will always exist to some extent, just as it does for cigarettes and alcohol, which is a fact that seems to often be missed by lawmakers bent on clinging to failed prohibition policies.