Marijuana Moment: Cannabis banking on tap for passage by Nov, Schumer says (Newsletter: March 7, 2024)

[Tokeativity]

Fed marijuana cases drop as states legalize; HI expungements; UN board’s cannabis & psychedelics concerns; CT & AK psychedelics; CBD safe for dogs

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/ TOP THINGS TO KNOW

Senate Majority Leader Chuck Schumer (D-NY) said a marijuana banking bill is among the policy priorities his chamber will “work very hard” to enact this year ahead of the upcoming November elections.

A new U.S. Sentencing Commission report shows that federal marijuana trafficking cases are continuing to decline as more states enact legalization and give consumers the opportunity to transition to purchasing products from the regulated cannabis market.

The International Narcotics Control Board is again expressing concerns about jurisdictions across the globe enacting marijuana legalization—though it happily noted Germany’s initial cannabis plan was scaled back. The body is also calling out psychedelics reform in the U.S. and elsewhere.

The Hawaii House of Representatives passed a bill to automatically expunge tens of thousands of marijuana arrest and conviction records.

The Connecticut legislature’s Joint Judiciary Committee held a hearing on a bill to decriminalize psilocybin, a policy change that Gov. Ned Lamont (D) has “concerns” about.

The Alaska House Military and Veterans Affairs Committee amended and approved a bill to create a Mental Health and Psychedelic Medicine Task Force that would recommend licensing and insurance requirements for therapeutic practitioners under federal legalization.

The National Animal Supplement Council said CBD and other cannabinoids are “safe for long-term use” in dogs after funding a “comprehensive” study involving a trial and an analysis of 10 years of data from an adverse event reporting system.

/ FEDERAL

White House Office of National Drug Control Policy Director Rahul Gupta toured a coca field in Colombia.

Defense Office of Hearings and Appeals security clearance denials involving illegal drug use increased by 36 percent in 2023 from the previous year.

Sen. Tim Scott (R-SC) reportedly acknowledged that his vote against a marijuana banking bill in committee “wasn’t popular,” but argued it was “the right thing to do.”

Sen. Elizabeth Warren (D-MA) posted a video of herself talking about the need to deschedule marijuana.

The House bill to federally legalize marijuana got two new cosponsors for a total of 86.

/ STATES

New York Gov. Kathy Hochul (D) tweeted, “Legal cannabis retailers have done everything by the book to be a part of our new industry. We’re cracking down on illegal shops to ensure small business owners…can continue to grow.”

A South Carolina senator who is sponsoring a medical cannabis legalization bill spoke about its strict regulations.

Colorado regulators issued a health and safety advisory about potentially contaminated marijuana products.

Illinois regulators are accepting applications to expand marijuana craft grower canopy size.

Minnesota regulators posted a checklist for hemp-derived cannabinoid product events.

Montana regulators published fact sheets about medical cannabis purchase limits and concentrates.

The New Hampshire Therapeutic Cannabis Medical Oversight Board met.

The California Cannabis Advisory Committee will meet on Friday.

—
Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy 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.
—

/ LOCAL

San Francisco, California voters approved a ballot measure to mandate drug screenings for welfare recipients.

Killeen, Texas officials filed a response to the state attorney general’s lawsuit seeking to overturn the city’s voter-approved marijuana decriminalization law.

New York City officials said that landlords have moved to evict 75 retail tenants accused of selling cannabis without a license in response to the threat of fines.

/ INTERNATIONAL

UK Prime Minister Rishi Sunak spoke about efforts to review barriers to conducting research on psilocybin in response to a lawmaker’s question about the issue.

New South Wales, Australia’s work health and safety minister agreed to meet with experts to discuss workplace drug testing issues for medical cannabis patients.

/ SCIENCE & HEALTH

A study suggested that “failure to allow licensed cannabis farming in traditional agriculture regions has led to a self-fulfilling prophecy wherein cannabis cultivation is largely relegated to environmentally sensitive areas where cultivation activity has an elevated tendency for environmental impacts.”

A study found that “cannabidiol (CBD) induces significant analgesia at 20 mg/kg in neuropathic mice.”

/ BUSINESS

Curaleaf Holdings, Inc. reported quarterly net revenue of $345.3 million and a net loss of $65.6 million.

Planet 13 Holdings Inc. announced the pricing of its previously announced underwritten public offering, with plans to sell 18,750,000 units at an issue price of $0.60 per unit for total gross proceeds of approximately US$11.3 million.

Glass House Brands Inc. announced its intent to restate and reissue certain past financial statements.

/ CULTURE

Comedian Nick Swardson blamed a performance in which he got booed off the stage on marijuana edibles and alcohol.

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