CCMA Greenbrief February 27th: Federal Reserve Head Calls For Clarity On Cannabis Banking……More States Are Tackling Legalization…Southern California Dispensaries Donate Funds For Homeless Shelter Beds…

CCMA Political  greenBrief

Wednesday, February 27, 2019

Federal Reserve Chairman Jerome Powell Says Providing Insurance Coverage For Cannabis Businesses Is An Area Where Banks And Supervisors Could Use Some Clarity.


“The absence of a broader, permanent regulatory framework continues to keep nearly all banks out of this growing industry despite a clear interest.”
Rep. Gregory Meeks (D-NY) On Cannabis Banking
“In order to be sure and get the federal government out of the way, and allow the states to experiment with different models of legalization if they wish to, we need marijuana totally removed from the Controlled Substances Act.”
Keith Stroup, Founder Of NORML, On The Impacts Of The 2020 Election & Cannabis Laws

Tax Cuts Won’t Be Enough to Curb California’s Cannabis Illicit Market (CA – Illicit Market)

Cheddar (February 26, 2019) Temporary tax cuts for California cannabis growers and sellers won’t address systemic issues feeding the state’s black market, said John Oram, CEO of California-based cannabis company Bloom Innovations. Oram said those hefty taxes were the “pinch point” on a challenging first year after legalization, so the cuts will “go a long way.” But he said prohibitive regulatory requirements and market contraction are also contributing to the black market’s growth.


Pot Businesses Fund Homeless Shelter Beds In Southern California (CA – Cannabis Donations)

ABC 7 (February 26, 2019) A Southern California homeless shelter has 100 new bunk beds largely paid for by legal cannabis dispensaries. The Ventura County Star reports the temporary shelter in Oxnard after the police chief in neighboring Port Hueneme contacted Oxnard’s homeless program coordinator about a newspaper photo showing air mattresses on the floor.


CA Marijuana Distributors Lose First Fight In Attempt To Bar Feds From Seizing Assets (CA – Cannabusiness)

Marijuana Business Daily (February 26, 2019) A California cannabis distributor has lost the first round in what could prove to be an important test case in determining the role of the federal government in cracking down on marijuana companies. A state judge in California Superior Court in San Francisco County declined on Feb. 25 to issue a preliminary injunction against the state highway patrol.


San Francisco Is The First U.S. County To Dismiss Over 8,000 Cannabis Convictions (CA – Cannabis Convictions)

The GrowthOp (February 26, 2019) The city of San Francisco has dismissed thousands of minor cannabis convictions. The San Francisco District Attorney’s office made the announcement yesterday. The purge comes thanks to a computer algorithm that scans court records for cases that could qualify for expungement.


Federal Reserve Head Calls For Clarity On Marijuana Banking Issues (USA – Cannabis Banking)

Marijuana Moment (February 26, 2019) Conflicting federal and state marijuana laws put financial institutions and regulators in “a very difficult position,” the U.S.’s top central banking official said on Tuesday. Providing insurance coverage for marijuana businesses is another area where banks and supervisors could use some clarity.


Cannabis Social Equity Programs Are Imperfect But Critically Important (USA – Cannabis Convictions)

Green Entrepreneur (February 26, 2019) What we can probably all agree on is that once cannabis was added to the prohibition list, it has been consistently leveraged by those in power as a fear-mongering tool — proof of the loose morals of “bad” races. Put simply, cannabis was weaponized. Many states not only are passing legislation to decriminalize both the medicinal and recreational use of cannabis, they are also attempting to rectify the injustices of the past by helping victims of the drug war.


Marijuana Legalization Bills Are Advancing In Several States (USA – Legalization)

Forbes (February 27, 2019) Marijuana legalization advocates came into 2019 expecting it to be a huge year for cannabis, and lawmakers around the country are not disappointing them so far. This month alone, bills to legalize and regulate marijuana for adults have advanced through key committees in at least four states.


‘A Watershed Year’: Why Cannabis Policies Matter More Than Ever For 2020 Presidential Hopefuls (USA – Cannabis Politics)

Benzinga (February 26, 2019) Keith Stroup, the founder of the National Organization for the Reform of Marijuana Laws and the organization’s legal counsel, is one who understands the gravity of cannabis’ impact on the 2020 presidential election. Barring a rumored primary challenge or willing or unwilling exit from office, President Donald Trump appears poised to vie for a second term as the GOP’s 2020 nominee. Trump, a known teetotaler, has not personally supported legalization. That said, his actions over the past two years have left many uncertain of his plans for cannabis — similar to many of his policies.


Better Dosing May Be Key To Cannabis Industry’s Growth (USA – Cannabis Use)

Forbes (February 26, 2019) Seasoned cannabis users might find this story funny. But for the cannabis industry, anecdotes like this are no laughing matter. Right now, with cannabis legal in two-thirds of the states and a smattering of other countries, marijuana is a $12.2 billion business worldwide. In order for the market to truly grow, cannabis has to become much more like alcohol.


Opinion: Lack Of Price Transparency Is Hurting Cannabis Consumers (Canada – Cannabis Prices)

Leafly (February 26, 2019) Saying that Canada’s cannabis rollout has been a rocky road would be a huge understatement. Since Oct. 2018, consumers have been faced with limited access, supply shortages, and steep prices. And, while all levels of government seem to be attempting to address and accommodate access and supply problems, one issue that has not been properly addressed, however; is price transparency and price competition.