California Senate Passes Banking Bill, Federal Lawmakers Host Cannabis Lobby: Week in Review

The National Cannabis Industry Association led a week of important conversations in Washington, D.C.

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May 24, 2019

In California, state lawmakers are advancing a bill that would set up public banks for cannabis businesses. And in Washington, D.C., federal representatives tuned into lobbying conversations all week. Members of organizations like the National Cannabis Industry Association and the Minority Cannabis Business Association made their collective case for urgent cannabis reform.

Here are the top five news stories you need to read this week:

  1. The National Cannabis Industry hosted lobbying events around both banking reform and social equity in the fragmented U.S. industry. Lawmakers on both sides of the political aisle took time to meet with business owners and stakeholders. Check out a video from earlier in the week below. Read more here and here  

     

     

     

  2. The California Senate advanced a bill that would set up state-chartered cannabis banks for the industry. According to CNBC’s report on the legislation, “private banks or credit unions can apply for a limited-purpose state charter so they can provide depository services to licensed cannabis businesses. The measure, Senate Bill 51, still requires approval of the Assembly and California Gov. Gavin Newsom to become law.” Read more 
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  4. The NFL will put together a medical task force to study cannabis’s impact on pain management. The move marks a significant foray into a divisive subject in the league. As the Washington Post reported, “In recent years, some players have expressed frustration over the continued punishment of players who test positive for marijuana, even if it’s being used to help manage pain, at a time when more states are legalizing the drug.” Read more 
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  6. Maine continues to work on its approach to adult-use retail regulation, three years after voters approved a full-scale legalization measure. The Associated Press reports that lawmakers are hoping to avoid the overproduction that has plagued other state markets. Read more 
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  8. A Minnesota Court of Appeals judicial decision upheld the medical marijuana smuggling charges against former executives at Vireo Health. “The two former officers of Vireo,” according to the Journal-News, “are accused of using the company's armored vehicle to illegally transport medical cannabis oil from Minnesota to New York in December 2015.” Read more