Marijuana Moment: Fewer banks work with cannabis biz due to COVID, feds say (Newsletter: September 8, 2020)

[Tokeativity]

Kamala Harris calls out discriminatory marijuana enforcement; New congressional CBD bill; VA lawmakers vote to ban cannabis searches

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/ TOP THINGS TO KNOW

The Treasury Department’s Financial Crimes Enforcement Network reported that fewer banks and credit unions are working with marijuana businesses—and that “government imposed quarantine restrictions” amid the coronavirus pandemic may be partly to blame.

Democratic vice presidential nominee Sen. Kamala Harris (D-CA) cited marijuana enforcement as an example of the U.S.’s discriminatory criminal justice system in a new interview.

• “It does us no good if we want to solve those disparities to pretend they don’t exist. You can look at, for example, marijuana offenses. Equal use between the white population and the black population, but black people are exponentially more likely to be arrested and prosecuted for those offenses.”

Reps. Kurt Schrader (D-OR) and Morgan Griffith (R-VA) filed a new bill that would force the Food and Drug Administration to allow CBD and other hemp derivatives as dietary supplements.

• “I joined this bipartisan bill to provide certainty for hemp farmers that their crop may find legal uses.”

Virginia’s House and Senate both approved bills to stop police from searching people or seizing property based on the smell of marijuana alone, and cannabis expungements legislation is also advancing.

/ FEDERAL

Former Senate Majority Leader Tom Daschle (D-SD) authored an op-ed on why the next president should legalize marijuana.

Sen. Tina Smith (D-MN) posted a Twitter thread about her marijuana legalization bill.

Rep. Barbara Lee (D-CA) tweeted, “Our country’s cannabis laws have devastated communities of color. They’re wrong, discriminatory, and out of touch. We need reform. Let’s pass the Marijuana Justice Act now.”

New York Democratic congressional candidate Mondaire Jones spoke about his support for legalizing marijuana and expunging past records.

California Democratic congressional candidate David Kim posted a Twitter thread about how incumbent Rep, Jimmy Gomez (D-CA) hasn’t done enough to support marijuana reform.

/ STATES

New Jersey Gov. Phil Murphy (D) and the state’s Division of Elections are being sued by an activist known as NJWeedman for leaving the name of his Legalize Marijuana Party off the ballot for his congressional race.

Pennsylvania’s lieutenant governor tweeted, “Right here in Pennsylvania, we should be offering high-paying cannabis-related jobs in this growing industry. Pennsylvania needs action now. Contact your state legislators and advocate for change.”

A Georgia senator said the state hopes to issue license applications for medical cannabis producers by late fall.

Illinois regulators are being sued by unsuccessful marijuana social equity business license applicants.

Oklahoma regulators reported medical cannabis tax revenue totals for July.

Michigan regulators released the names of people who will participate in a marijuana licensing stakeholder workgroup.

Arizona’s Industrial Hemp Advisory Council will meet on Tuesday.

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Marijuana Moment is already tracking more than 1,500 cannabis bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.

Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
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/ LOCAL

The mayor of Long Beach, California tweeted about working to unionize marijuana business workers.

/ INTERNATIONAL

France’s interior minister justified a new fine against people who consume illegal drugs by insinuating that they are responsible for terrorism.

The chairman of Ukraine’s parliament said he doesn’t support legalizing marijuana.

South African lawmakers continue to debate a bill to legalize marijuana possession and home cultivation.

/ SCIENCE & HEALTH

A review of animal studies concluded that “treatment of prostate cancers in in vivo/xenograft models with various cannabinoids decreased the size of the tumor, the outcomes of which depended on the dose and length of treatment.”

A study found “evidence of a protracted analgesic effect of LSD at a dose that is low enough to avoid a psychedelic experience.”

/ ADVOCACY, OPINION & ANALYSIS

The Massachusetts Patient Advocacy Alliance is under fire for failing to file required financial statements.

/ BUSINESS

Curaleaf agreed to give up one of its Maryland medical cannabis processor licenses and pay a $150,000 fine after regulators determined the company exceeded the state’s licensing cap.

CannaRegs, its acquirer Fyllo, and people associated with the companies are being sued by former executives for allegedly engaging in securities fraud.

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