NEW YORK, NEW YORK
Cannabis leaders and politicians to join forces in New York
More than 400 influential leaders will convene at Business of Cannabis New York on November 3 to discuss New York’s revolutionary cannabis framework as states prepare to legalize cannabis, reports Cannabis Now.
Despite passing its Marijuana Regulation and Taxation Act in early 2022, New York’s cannabis market has still not taken off.
The bill aims to:
- Prioritize racial equity
- Reinvest 40% of tax revenue from adult-use cannabis sales into minority communities
- Automatically expunge or resentence people with previous cannabis convictions that are no longer criminalized.
- Awarding 50% of all adult-use cannabis licenses to social equity applicants
Voters are preparing to vote on cannabis policy in Arkansas, Missouri, Oklahoma, Maryland, North Dakota and South Dakota, and Cannabis Now highlights that all eyes are focused on whether New York will remain a model for others to follow.
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ANOTHER CHANCE FOR SAFE
Cannabis banking among reforms on the table in upcoming lame-duck Congress
MJ Biz Daily reports that this year’s lame-duck session could bring positive news for the legal cannabis industry as reform is on the agenda.
According to the publication, Democrat lawmakers and stock analysts are optimistic that long-standing issues such as cannabis banking reform and restorative justice will be addressed.
an updated version of the Secure and Fair Enforcement (SAFE) Banking Act – SAFE Banking Plus – will be looked at, which addresses protection for financial institutions from federal punishment, small business loans, access to medical cannabis for veterans and restorative justice.
If passed, the bill could transform the industry – relieving retailers and other businesses of cash-only operations, and enabling access to bank loans and financial services – as these issues have been plaguing the industry.
PROCEEDS OF CRIME
Vancouver Island targets illegal cannabis retailers
The B.C. government wants 10 properties across Vancouver Island forfeited as proceeds of crime after the provincial Community Safety Unit allegedly uncovered a large-scale illicit cannabis operation, reports The Vancouver Sun.
According to the director of civil forfeiture, four Island residents and four companies linked to them have allegedly been illegally producing and selling cannabis and psilocybin producing mushrooms, and five of the ten properties Five of the properties have a total assessed value of almost US$15 million. It has been suggested that all of the properties should be forfeited to the government, however, the defendants are yet facing any criminal charges.
DIFFICULT TO STUDY
DEA has final word on cannabis scheduling review
Following President Biden’s recent announcement that the scheduling status of cannabis would be reviewed, Marijuana Moment reports that a Food and Drug Administration (FDA) official Janet Woodcock said the agency is exploring “what flexibilities we might have”.
The official stated that the FDA will lead the scientific and medical evaluation of cannabis, however, the Drug Enforcement Administration (DEA) will have the final word on the matter – adding that it is “very difficult” for scientists to study cannabis under DEA’s current policies.
According to the publication, it is hoped the review will result in the descheduling of cannabis, effectively legalizing the plant under federal law.
