LAME DUCK
SAFE Banking Act ‘very close’ to passing according to Schumer
Marijuana Moment reports that Senate Majority Leader Chuck Schumer (D-NY) has confirmed Congress is getting close to introducing and passing a cannabis bill that covers banking access and expungements of past convictions.
“I am working in a bipartisan way with Democrats and Republicans to take the SAFE Banking Act, which allows financial institutions to involve themselves in cannabis companies and lend money to them—but it also does some things for justice, such as expunging a record,” Schumer stated.
The publication reports that it is intended for the package of modest reforms to be filed during the lame duck session, pass it through both chambers and send it to the president’s desk before the end of the current Congress.
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REGULATORY TENSION
Cannabis lawyers weigh in on the challenges of confusing regulations
Attorneys in the U.S. and Argentina dished on the challenges in advising the industry, reports the Daily Business Review.
This week, at the International Bar Association’s 2022 annual conference in Miami, lawyers representing clients in the cannabis industry discussed racist policies on the confusing laws surrounding cannabis, banking challenges law firms can face when helping clients in the industry handle money and the taboo nature of the industry.
A further topic of discussion included the distinction between state laws and federal laws. One lawyer noted: “You have, in the United States, this tension between the federal government and all these states, which really serves almost no one other than lawyers, so thank you very much.”
STAGNANT SALES
Analysts look at Canada’s cannabis sales growth
Sales growth in Canada appears to be stagnating for the cannabis sector, reports Benzinga.
Statistics Canada retail sales reporting has shown that sales increased from July by 0.2% but that, in August, sales increased 13.0% from one year earlier, down from July’s 17.2% growth rate.
The market is showing continued signs of deceleration for the third Quarter of 2022 according to one expert. Cantor Fitzgerald’s Pablo Zuanic told Benzinga that: “Prices continue to decline, but less than in the past and we see signs of stabilization,” adding that “companies gaining share tend to enjoy higher average prices.”
The Statistics Canada report explores sales by province, categories and mergers and acquisitions.
ADVOCACY GROUP
The Retail Cannabis Council of Canada launches
A nonprofit advocacy group – the Retail Cannabis Council of Canada (RCCC) has launched to represent the interests of licensed Canadian cannabis stores at the federal level, reports MJ Biz Daily. The organization represents existing partner groups in British Columbia, Saskatchewan and Ontario.
Issues are of concern to the organization include:
- Canadian law sets a cannabis possession limit of 30g or the equivalent, which serves as a purchase cap.
- Changes to Canada’s restrictions on cannabis marketing.
- Regulations that limit the potency of cannabis edibles and cannabis excise tax structure.
Alfred Schaefer, founding director of the RCCC, told the publication: “With the federal review of the (cannabis) legislation coming up, we just all saw the need to get together – not just to push for the things that, at a federal level, have been the sticking points that have been hard for the retailers, but also just creating a network of people that we can talk to and support each other around the country.”
