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In this week’s edition: Cannabis Banking Bill has bipartisan support Congressional Research Service clarifies 280E New York comes to recreational cannabis agreement Medical cannabis laws have no impact on adolescent recreational use, research finds Federal Cannabis Banking Bill Reintroduced in the Senate - US Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), along with 27 other cosponsors, have reintroduced the Secure and Fair Enforcement (SAFE) Banking Act. If enacted, SAFE would ensure that financial institutions could service cannabis business clients without facing federal penalties. At present, the threat of federal penalty has shut out many cannabis companies from working with many banks and credit unions. Now that Democrats control the Senate and the White House, many in the industry are optimistic about passage. ....
In this week’s edition: 37 lawmakers issue letter to President Biden urging him to grant executive clemency for non-violent cannabis offenders Senate Majority Leader Schumer tweets that he is working on comprehensive cannabis reform legislation AG nominee Merrick Garland’s comments during confirmation hearing signal support for friendlier stance on cannabis enforcement Minnesota, Nebraska, New Mexico and Wisconsin considering legalizing cannabis New Jersey Governor signs bills legalizing cannabis NFL and NFL Players Association issue RFI to pain management researchers seeking alternatives to opioids, including CBD And more… Federal 37 Members of Congress Ask Biden to Issue Mass Marijuana Pardons Ahead of Legalization - In a February 18 letter, 35 House members joined Reps. Earl Blumenauer (D) and Barbara Lee (D) in urging President Biden to grant executive clemency for non-violent cannabis offenders. The lawmakers cited the growing number ....
These States Have The Highest Cannabis Sales Taxes In America These States Have The Highest Cannabis Sales Taxes In America It can be argued that the high taxes are well-intentioned, signaling support for an inclusive cannabis market. Due to ongoing federal prohibition, America’s cannabis regulations remain fragmented by state. Until reform occurs, states will continue to set their program frameworks, including how it taxes the supply chain, with consumers feeling the brunt directly by taxes or indirectly by retailers up-charging to offset costs. Depending on the state, a market’s tax rates could look similar to any other legal product, or the figure could balloon. Examples of the latter can be found in states like Washington (37% sales tax) and Oregon (17%), with several others charging around 15%. States with lower sales tax rates, like Illinois, charge 7%, but rates can swell when considering the various additional taxes applied to flower, infused goods an ....
Jan 12, 2021 09:10 pm By Chloe Aiello Share with After the tremendous political strides the cannabis industry made in 2020, 2021 has a lot to live up to. Experts and insiders agree the coming year could have a lot in store for the maturing cannabis industry, from acceleration of M&A and funding in the capital markets to continuing momentum toward legalization on the state level. TRENDS STRATEGIC M&A Experts predict that shifting political preferences toward legalization in the U.S. and globally will kick off a flurry of consolidation in the cannabis industry. But mergers and acquisitions in 2021, following last year s onset of COVID-19 and a pre-pandemic market rout that rocked the cannabis sector, will be much more intentional and accretive than the land grab M&A of more cash-flush years. ....