Colorado Gov. Jared Polis issued an executive order July 14 to protect some employees’ off-duty cannabis use.
Under the order, state agencies that regulate professional licenses must now protect an individual’s right to use cannabis without workplace sanctions, according to a Westword report.
The order protects individuals who consume, possess, grow or process cannabis in accordance with Colorado law from professional sanctions or professional license revocation, the news outlet reported, including those who participate in cannabis-related activities in other states that would also be legal in Colorado.
Polis’ order directs the Colorado Department of Regulatory Agencies (DORA) and the Department of Revenue (DOR) not to cooperate with out-of-state investigations “related to disciplinary action against a professional license, certification, or credential for marijuana-related actions” that are lawful in the state, Westword reported.
The departments, which issue professional licenses for health care, trade practices, cosmetology, engineering, real estate and more, now have 90 days to establish and implement new policies to adhere to Polis’ order, according to the news outlet.
Earlier this year, Colorado lawmakers considered legislation that would have prohibited employers from firing employees for cannabis use, as well as require employers to let their workers consumer medical cannabis on the job.
According to a press release, starting this August, CAFLS and Curio will conduct a two-year study using industrial hemp that will “aim to protect plants from viral pathogens while improving production efficiency.”
Curio Wellness Chief Executive Officer, Michael Bronfein, said in the press release that the partnership is an example of how Curio is “investing in the future of medical cannabis for [its] patients and everyone in need of safe, effective and reliable health solutions.”
Jeff Adelberg, a professor of horticulture in Clemson’sPlant and Environmental Sciences Department, Experiment Station, and a leader in the study, said the project is “unique,” as “both organizations will conduct research using our individual plant collections.
“Research conducted at Clemson will be shared with Curio for use on their plants in Maryland,” Adelberg said. “This collaboration creates an opportunity for researchers from both institutions to use their knowledge to benefit people.”
Matt Taylor, applied science director at Curio Wellness, said the partnership will allow Curio to increase its knowledge base of cannabis tissue culture, which, in turn, will enable the company “to continue cultivating high quality, plant-based medicine for patients in Maryland and beyond.”
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New York Regulators Approve Regulations Governing Adult-Use Cannabis Sales
Rules formally adopted by the Cannabis Control Board ensure that the first round of dispensary licenses go to applicants with past cannabis-related convictions.
The New York Cannabis Control Board (CCB) approved regulations last week that will ultimately govern the state’s forthcoming adult-use sales.
Regulators formally adopted a licensing program July 14 that was initially proposed earlier this year to ensure that the first round of dispensary licenses go to applicants with past cannabis-related convictions, according to the New York Daily News.
The regulations mandate that applicants for the first set of Conditional Adult-Use Retail Dispensary (CAURD) licenses must provide proof that they or a family member have been convicted of a cannabis-related offense prior to New York legalizing adult-use last year, the news outlet reported.
These applicants must also have a minimum of two years’ experience in owning a profitable business, the Daily News reported.
The online application portal is expected to go live next month, according to the news outlet, and the New York Office of Cannabis Management will post the launch date on its website at least 14 days before the application window opens.
“This is a tremendous stride in the right direction,” CCB Chair Tremaine Wright told the Daily News. “We’re leading with equity in this state.”
New York Gov. Kathy Hochul announced the state’s “Seeding Opportunity Initiative” earlier this year to prioritize those most impacted by the war on drugs in the adult-use cannabis licensing process.
One hundred to 200 CAURD licenses could be issued by this fall, the Daily News reported, with adult-use sales expected to launch by the end of the year.
Regulators have issued more than 200 adult-use cannabis cultivation licenses to date, according to the news outlet.
The CCB also approved changes to New York’s medical cannabis program Thursday, the Daily News reported, including a streamlined patient registration process and revised packaging, labeling, marketing and advertising rules that align with the regulations for the adult-use industry.
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U.S. House Passes SAFE Banking Act as Amendment to Defense Bill
The House approved the cannabis banking reform legislation for the seventh time as part of the 2023 National Defense Authorization Act.
Editor's note: This story was updated at 4:45 p.m. ET on Monday, July 18 to include a statement from the Minority Cannabis Business Association (MCBA).
The U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act for the seventh time last week, this time as an amendment to the fiscal year 2023 National Defense Authorization Act (NDAA).
“Today marks the *7th time* the #SAFEBankingAct has passed the U.S. House,” Perlmutter, the SAFE Banking Act’s original sponsor, said in a tweet on Thursday. “I’m calling on the Senate to take action for the safety of our communities and success of Veteran- and minority-owned businesses across the country. It’s time to get this done.”
The SAFE Banking Act, which would prohibit federal regulators from taking punitive measures against financial institutions that provide services to state-legal cannabis businesses, cleared the U.S. House six times prior to last week’s passage, including twice as a standalone bill, but has stalled each time in the Senate.
The Minority Cannabis Business Association (MCBA) applauded the House's passage of the SAFE Banking Act as an amendment to the NDAA.
"SAFE would not only address ongoing safety concerns and provide much needed relief to small and minority-owned cannabis businesses, but SAFE would represent a big step on a long journey towards equitable and sensible cannabis policy," the organization said in a public statement. "Access to core financial services is a basic necessity for any small business. By making it easier for financial institutions to offer financial and banking services to cannabis businesses, we are providing entrepreneurs pathways to access capital to build and scale their business and lowering crimes of opportunity that flourish in this largely cash-based industry."
"We are running out of time to pass SAFE," the MCBA concluded in its statement. "No longer can Congress ignore the urgent need for federal cannabis banking reform in protecting small cannabis businesses from extinction. We urge the U.S. House of Representatives and Senate to pass the SAFE Banking Act in the NDAA to provide desperately needed relief to communities and small, minority, women, and veteran-owned businesses. We again thank Congressman Perlmutter (D-CO) for his continued courage and leadership on this issue and will fight alongside him to see SAFE passed this Congress."
The NDAA authorizes appropriations for the Department of Defense’s military activities, military construction and military personnel, and must be ratified annually.
The House also passed the Veterans Equal Access Act as another amendment to the NDAA last week, according to Financial Regulation News. That legislation directs the Department of Veterans Affairs (VA) to allow its health care providers to discuss participation in state-legal medical cannabis programs with their patients, the news outlet reported.
The roughly $840-billion NDAA bill, formally known as H.R. 7900, must now be reconciled with the Senate’s version.
“The House has shown once again that the people’s chamber is ready, willing, and able to move forward with sensible cannabis policy reforms,” NORML Political Director Morgan Fox said in a public statement. “Our nation’s disastrous marijuana policies negatively impact national security on a number of levels and actively harm those who have valiantly served. It is now up to the Senate to help veterans and small businesses by including these broadly popular measures in their companion legislation, or continue standing in the way of progress."
Flora Growth Appoints New CFO, Board Member
Elshad Garayev joins the company as CFO, while Brandon Konigsberg was elected to the board of directors.
Flora Growth named Elshad Garayev as its CFO and elected Brandon Konigsberg to its board of directors.
Garayev joins the company with more than 25 years of experience in finance, specifically in developing and implementing accounting and reporting policies and finance teams, according to a company release. He has served in a range of financial leadership roles at companies including Amazon, Boeing BP and RPK Capital, according to the release.
“I am very excited to join Flora and to becomes its chief financial officer,” Garayev said. “As one of the largest cultivators licensed by the federal government of Colombia, their robust portfolio of brands and the future of research in the space, Flora presents a truly amazing opportunity to lead the global cannabis supply chain. Through financial discipline, transparency and industry-leading reporting practices, I believe Flora will lead the way for the next generation of cannabis companies.”
In his new role, Garayev will be responsible for financial control and governance, cash management, and will assist in executing the company’s strategy to drive profitable growth while enhancing shareholder value, according to the release.
Garayev will officially assume the role of CFO following the company’s filing of its mid-year financial results. Until then, he will serve as vice president of finance while current CFO Lee Leiderman transitions into an advisory role.
“Mr. Garayev is a deeply talented and experienced individual, and I am thrilled to welcome him to the Flora team at this exciting time in the company’s evolution,” said Luis Merchan, chairman and CEO for Flora Growth. “As Flora seeks to establish itself as a global leader in cannabis, adding someone of his caliber will further strengthen our position. On behalf of both our executive leadership team and board of directors, I want to personally thank Mr. Leiderman for his commitment and service to Flora through an incredible growth phase for the company. He has played an important role in setting the foundation for our future success, and we look forward to continuing to work with him in his new capacity.”
Also joining the company in a new capacity is Konigsberg. In addition to being elected as a board member, Konigsberg will also serve as chair of the company’s audit committee and as a member of the compensation committee.
“I am excited to be joining Flora’s board of directors and look forward to assisting the management team as the company continues to make progress on its strategic financial plans,” Konigsberg said. “As an executive and entrepreneur operating for many years in finance and treasury, I look forward to taking on challenges and opportunities that lie ahead for our board and the Flora organization.”
Konigsberg joins Flora Growth with 24 years of experience at JP Morgan Chase, where he most recently served as an executive. In his new roles at Flora Growth, he will be responsible for driving global expansion growth for the company, according to the release.
“The addition of Mr. Konigsberg to our board is further testament to our ongoing commitment to fiscal discipline and sound governance,” Merchan said. “He brings with him exceptional experience in the fields of finance and operations and will assist in helping our organization achieve rapid financial growth and maximize shareholder value.”
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