Politicians at both the state and federal levels made headlines in the cannabis industry this week by proposing and advancing bills that seek to improve and stabilize markets. Here is a roundup on those stories, and more.
Federal: House Judiciary Chairman Bob Goodlatte has agreed to co-sponsor Rep. Matt Gaetz’s bipartisan bill to make medical marijuana research easier. The backing bolsters the Medical Cannabis Research Act’s chances in the House. Read more
U.S. Sen. Cory Gardner announced plans to introduce a bill with Sen. Elizabeth Warren that would legitimize state-regulated cannabis industry, potentially opening up banking and a host of other legal protections for state-licensed businesses. Gardner said he hopes this will be a breakthrough on everything from the threat of federal prosecutions to marijuana banking to IRS tax deductions problems. Read more
California: A California bill that proposes lowering the state’s cannabis excise tax from 15 to 11 percent passed the Assembly Committee on Revenue and Taxation with bipartisan support. The bill is aimed at reducing the price disparity between legal cannabis businesses and illicit market sources, and now heads to the Assembly Committee on Business and Professions. Read more
A second state Senate committee approved a bill that would make it easier for California cannabis businesses to access banking. The legislation, introduced by Sen. Robert Hertzberg (D-Van Nuys), would allow the creation of a special class of state-chartered banks and credit unions, regulated by the Department of Business Oversight, that could process deposits, withdrawals and other financial transactions by licensed cannabis merchants. Read more
Michigan: The Michigan State Board of Canvassers certified that the Coalition to Regulate Marijuana Like Alcohol has enough signatures to place an initiative that would make marijuana legal and regulated for adults on the state’s November ballot. If approved by voters, Michigan would become the first state in the Midwest with an adult-use cannabis program. Read more
Michigan also is trying to find ways to help medical marijuana businesses that are having trouble finding a bank or credit union. The state is in the process of licensing growers, transporters and retailers, and the state’s licensing agency is meeting with vendors that may be able to fill a financial need. Read more
Pennsylvania: A group of commercial cannabis growers and retailers in Pennsylvania filed a petition in Commonwealth Court seeking to extinguish the state’s cannabis research program, saying it would give the hospital-affiliated producers an unfair advantage. The research program would allow eight of the state’s teaching hospitals to contract with a cannabis producer, granting the producers a “super-permit” to operate an indoor grow facility and to open six retail dispensaries that can sell medical marijuana to any approved patient. Read more
North Dakota: Proponents of legalizing adult-use marijuana in North Dakota are about 2,500 signatures away from requirements to place a legalization measure on the November ballot. The petition calls for full legalization for those 21 and older and allows expungement for anyone previously convicted of a marijuana-related crime. Read more
Utah: Medical marijuana will likely be on the November ballot in Utah, as new numbers from the Lt. Governor’s office show that the Utah Patients Coalition has met the threshold for signatures required to put the question to voters. A minimum of 113,000 signatures were needed, and the group turned in more than 200,000 signatures. Read more
Iowa: The Iowa Senate Ways and Means Committee passed a bill April 23 that would eliminate the state’s cap on THC in cannabidiol (CBD) and allow doctors to prescribe CBD for any patient they determine it might help, but House Speaker Linda Upmeyer said she and the rest of the Republican caucus that controls the House are opposed to changing the current law. Speaking earlier this week, Speaker Upmeyer said Iowa House Republicans did not want to make any changes to the law without the recommendation of the Medical Cannabidiol Advisory Board, which is charged with overseeing the state program. Read more
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