Cannabis News of Note for the Week:
Politico Pro Cannabis: Brown Wants to Move SAFE Quickly/Cornyn Says Cannabis Legislation Out to be ‘Comprehensive’ (paywalled newsletter, full text below)
Reuters: Cannabis industry looks ahead to 2023 after facing challenges in 2022
Green Market Report: Incoming: Next States to Join the Cannabis Industry?
Cannabis Wire: Scoop: American Express Lobbied on Cannabis Banking
MJ Biz Daily: FDA’s inaction on CBD regulations means more marijuana questions for Congress
Bloomberg: Legal Weed Sees Momentum in States, Illicit Competition in 2023
Independent: States with the highest revenue from cannabis taxes
Cannabis Wire: Marijuana M&A: Distressed, smaller and failed deals expected in 2023
MJ Biz Daily: Marijuana MSO Curaleaf bails on California, Oregon and Colorado, cuts workforce by 4%
Rolling Stone: What I Learned Raising Funds in Six Months for My Cannabis Company
Forbes Advisor: How To Insure A Cannabis Business
Cannabis Reports of Note for the Week:
Cannabis Advertising Policies in the United States: State-Level Variation and Comparison with Canada
PBC Conference: Compliance Directory – 2023
Politico Pro Cannabis: BROWN WANTS TO MOVE SAFE QUICKLY — Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said he wants to bring the SAFE Banking Act quickly to the floor for a vote.
“We’re working with Schumer to move the bill more quickly and not have to go to hearings at this point,” Brown told Natalie outside the Capitol building on Tuesday.
The cannabis banking bill has received just one hearing, in 2019, under GOP leadership. That hearing was sparsely attended and the bill was never marked up. SAFE has not yet been introduced in this Congress.
When asked if fast-tracking the bill for a floor could create problems with Republicans who support SAFE but want a hearing — something the bill’s GOP sponsor Sen. Steve Daines (Mont.) mentioned at the end of the last Congress — Brown demurred.
“I know what [Daines] said, obviously, but that is not the problem,” he said, declining to give more detail.
CORNYN SAYS CANNABIS LEGISLATION OUGHT TO BE ‘COMPREHENSIVE’ — Sen. John Cornyn (R-Texas) on Tuesday said that cannabis legislation should be done in a comprehensive way, rather than with smaller bills like the SAFE Banking Act.
In a conversation with a legalization advocate that Natalie observed on Capitol Hill, Cornyn said that he believes the SAFE Banking Act sets a “terrible precedent.”
Even though medical marijuana is legal in 37 states and recreational weed is legal in 20, the consumption and sale of marijuana is still federally illegal. Passing the SAFE Act is framed by some as validating businesses that are breaking federal law.
Cornyn mentioned that banking isn’t the only issue the cannabis industry faces, citing tax issues. The cannabis industry is notoriously unable to write off any business expenses under section 280e of the federal tax code. Cornyn also brought up the possibility of money laundering through cash-only cannabis businesses.
“There’s a lot of reasons why this ought to be handled in a comprehensive, regulatory fashion,” Cornyn said. “I think there’s some road to have a discussion about this, but the so-called SAFE Banking bill, to me, is a bad idea.”
Sen. Lindsey Graham (R-S.C.), meanwhile, told the same advocate on Tuesday that he is “totally open minded” to the SAFE Banking Act.