Illinois Bank to Close Cannabis Accounts, Connecticut Moving Quickly on Legalization Bill: Week In Review

We’ve rounded up our top 10 articles to keep you up-to-date on the latest industry news.

Hand Holding Cannabis Adobe Stock Credit Yellowj Resized

This week, the Illinois cannabis industry received a blow when Bank of Springfield announced it is closing all accounts associated with marijuana businesses; studies suggest that medical marijuana could help Americans struggling with opioid addiction; the prospect of adult-use cannabis was shot down in Arizona, while a Connecticut House Appropriations Committee approved an adult-use legalization bill; and more.

  • Arizona Reps. Todd Clodfelter and Mark Cardenas want to put recreational marijuana legalization in front of voters, but their bipartisan bill died quickly at the state capitol this session. "It's not so much my concept of legalization is my preference but it's a common-sense thing to do," Clodfelter said. "If we don't legalize it through the legislature, we have limited our ability to manage the outcome if it comes through a citizens initiative." Read more
  • According to a bill passed by Georgia’s state legislature March 29, the state’s medical marijuana law would be expanded to include post-traumatic stress disorder and intractable pain. The legislation passed after Rep. David Clark, one of the bill’s sponsors, railed against opposition from Lt. Gov. Casey Cagle, a Republican candidate for governor. Read more
  • Colorado HB 1263, introduced by State Rep. Edie Hooton in March, would add autism and acute pain to Colorado’s list of qualifying medical marijuana conditions. The United States Food and Drug Administration currently approves two drugs for ASD, Abilify and Risperdal, both of which have black-box warnings that suicide and other fatal conditions are potential side effects; class-action suits have been filed by patients who've used the drugs. Read more
  • Two studies published April 2 in the journal JAMA Internal Medicine compared opioid prescription patterns in states that have enacted medical cannabis laws with those that have not, finding that states that allow the use of medical marijuana had 2.21 million fewer daily doses of opioids prescribed per year under Medicare Part D, compared with those states without medical marijuana laws. "This study adds one more brick in the wall in the argument that cannabis clearly has medical applications," said David Bradford, professor of public administration and policy at the University of Georgia and a lead author of the Medicare study. Read more
  • Less than 24 hours after Massachusetts’ Cannabis Control Commission activated its licensing portal on April 2, more than 200 hopefuls have begun their applications for recreational marijuana businesses. It’s the first major step toward the opening of the first adult-use cannabis retail stores on July 1. Read more
  • Tennessee Sen. Steve Dickerson, one of the lead sponsors of a medical marijuana bill in the state, withdrew the measure April 3 after telling fellow lawmakers the legislation has been so watered down that passing it would actually harm rather than help patients. Dickerson said he worried that passing the bill as amended would only forestall the full legalization of cannabis in the state and told his colleagues that he is committed to the proposition that medical marijuana is a medication that helps people with many ailments. Read more
  • In anticipation of the historic legalization of adult-use cannabis in Canada, Tilray Inc. has announced the creation of a wholly-owned subsidiary, High Park Company, to produce and distribute a broad-based portfolio of cannabis brands and products. The company also announced that it is investing up to $10 million in a new facility located in London, Ont., to process and distribute finished cannabis products. Read more
  • Bank of Springfield, the primary financial institution for the cannabis industry in Illinois, is closing all accounts associated with marijuana businesses, effective May 21. Bank of Springfield spokesperson Andrew Mack told Cannabis Business Times that the board of directors took a number of issues into consideration, including U.S. Attorney General Jeff Sessions’ Jan. 4 repeal of the Cole Memo. Read more
  • Josephine County is suing Oregon over the state’s laws allowing recreational and medical cannabis. The lawsuit, filed April 3 in the U.S. District Court in Medford, is an attempt by one of the state’s largest marijuana-producing counties to win power to regulate cannabis production as it struggles with limited public safety resources, but the case could have far wider implications, as the county is essentially asking a federal judge to delegitimize Oregon’s cannabis laws because they conflict with stricter federal drug laws. Read more
  • A Connecticut House Appropriations Committee approved a bill April 5 that would legalize and regulate marijuana for adults in the state, potentially setting the legislation up for floor consideration before the end of this year’s legislative session. HB 5394, which was introduced by the Joint Committee on Appropriations, would task the commissioners of Mental Health and Addiction Services and Consumer Protection and Revenue Services with developing regulations for possession and retail sales of marijuana for adults 21 and older. Read more

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