STATE BANKING
Pennsylvania Governor signs state cannabis banking bill
Gov. Tom Wolf signed a bill that protects Pennsylvania banks and insurance companies from facing consequences for working with legal cannabis businesses, reports Marijuana Moment.
The law doesn’t protect banks from federal law, where bills like SAFE Banking have stalled.
Under the law, state agencies cannot “prohibit, penalize or otherwise discourage a financial institution or insurer from providing financial or insurance services to a legitimate cannabis-related business or the business associates of a legitimate cannabis-related business.”
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NOT ENOUGH
Why the California cannabis industry is disappointed by latest tax cuts
California Governor Gavin Newsom’s cultivation tax cut won’t be enough to boost embattled cannabis businesses according to many in the industry, per Politico.
In addition to giving cultivators a tax break, many say retailers also need to see the 15% sales tax eliminated in order for regulated companies to compete with the booming unregulated industry.
“We’re going to continue to fuel the illicit market until we acknowledge that there’s over regulation, over taxation of something that we claim we want to see succeed, a legal cannabis market,” said state Sen. Scott Wiener.
BIDEN PLEASE
Snoop Dogg takes aim at the President with Sleepy Joe OG strain
Poking fun at President Joe Biden, rapper and cannabis entrepreneur Snoop Dogg posted a picture of a new cannabis strain called Sleepy Joe OG to Instagram over the weekend.
“Where am I?” reads the package, along with, “You won’t even remember what country you are in!”
“Snoop, hook me up, I need whatever Joe’s smoking,“ wrote one commenter. Another asked, “Do I hit it and get my vote back?”
BUD BUYS
Ontario-based retailer ShinyBud is acquiring pharmacies
ShinyBud, an Ontario-based cannabis retailer, has plans to acquire five to 10 independent pharmacies by January 2023 as part of its expansion strategy, reports MJBizDaily.
The details
- The plan is to sell cannabis health products over pharmacy counters or install mini-cannabis stores within pharmacies
- ShinyBud would change its name to Shiny Health & Wellness
- So far, Canadian regulations do not permit pharmacies to dispense cannabis-containing products unless they are pharmaceuticals such as Sativex
“We are working through what’s acceptable with the regulators,” said chair and CEO Kevin Reed.
