Cannabis

#3 In Senate Talks About Safe Banking

Published

2 years ago

June 27, 2023

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Once again, Congress is working to pass SAFE Banking, a much needed boost to the cannabis industry. Not only would SAFE Banking provide secure ways to move legal money, it would bring them deeper into the mainstream economy like alcohol and tobacco.

While this is the third attempt, it has garnered key allies like Senator Patty Murray, who is the 3rd in line for the presidency and has chaired the powerful Appropriations committee. She known for speaking softly and carrying big influence.

The Fresh Toast Founder/ Publisher JJ McKay and Senator Patty Murray

“It makes absolutely no sense that legal cannabis businesses in states like Washington are forced to operate entirely in cash—and it’s dangerous to their employees, their businesses, and our neighborhoods,” said Senator Murray. “I’ve introduced bipartisan legislation that would bring legal cannabis businesses into the formal banking system, where they belong—making our communities safer and providing much-needed relief to these small businesses and their customers. Let’s make this the Congress where we finally pass this legislation into law—and let’s get it done as soon as possible.”

In speaking with her team and this media outlet, she reasserted her position of support and reasoning. She states the bill is bipartisan, which is critical to its passing. Senator Murray is joined by Senator Chuck Schumer, the Democratic Majority Leader in the U.S. Senate who has voiced his own support of the bill.

Along with Senator Murray, U.S. Senators Jeff Merkley (D-OR), Steve Daines (R-MT), and U.S. Representatives Dave Joyce (R-OH-14) and Earl Blumenauer (D-OR-03) introduced the bipartisan, bicameral Secure and Fair Enforcement (SAFE) Banking Act of 2023. The bill would ensure that legal cannabis businesses would have access to critical banking and financial services.

The SAFE Banking Act of 2023 would prevent federal banking regulators from:

Prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business (such as a lawyer or landlord providing services to a legal cannabis business);
Terminating or limiting a bank’s federal deposit insurance primarily because the bank is providing services to a state-sanctioned cannabis business or associated business;
Recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses; or
Taking any action on a loan to an owner or operator of a cannabis-related business.

The cannabis industry has been bedeviled by a surplus of flower, over taxation along with the same trouble of the mainstream industry such as finding staff. The SAFE Banking act would be a blessing for both the industry and the states who are driving strong revenue from legal sales.

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Cannabis

White House Finally Comments On Marijuana Industry

Published

5 hours ago

April 1, 2025

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Part of the cannabis industry supported the new president, betting he was going to move and move quickly on cannabis – the White House finally commented.

The cannabis industry has been a boon for consumers, medical patients, veterans and legal states, but for the thousands of mom and pop businesses is has been a roller coaster. With a huge demand, it would seem to be easy money, but the federal, tax, and banking restrictions have made it difficult to grow and expand. Part of the industry were all for the new administration assuming they would support positive change, but many in the new cabinet and the House Speaker Mike Johnson are foes. Now the White House finally comments on marijuana industry…and it doesn’t show a clear path.

The administration’s current stance on marijuana reform is marked by inaction, despite campaign promises and earlier signals of support for cannabis-related reforms. A White House official recently confirmed that “no action is being considered at this time” regarding marijuana policy, leaving advocates and industry stakeholders uncertain about the administration’s priorities.

During his campaign, the resident expressed support for rescheduling marijuana under the Controlled Substances Act (CSA), which would move it from Schedule I to Schedule III, easing restrictions on medical use and enabling cannabis businesses to access banking and tax benefits. However, since taking office, no concrete steps have been taken to advance this initiative. A DEA hearing on rescheduling, initially planned for January 2025, was postponed due to procedural appeals and remains unscheduled.

The president has also voiced support for state autonomy in cannabis policy and endorsed state-level legalization initiatives, such as Florida’s failed 2024 ballot measure for recreational marijuana. While this reflects a more favorable stance compared to his first term, his administration has yet to prioritize federal reforms like the SAFE Banking Act, which would facilitate banking services for cannabis businesses. Efforts to include such measures in a government funding bill late last year were unsuccessful.

The delay in federal action has significant implications for the cannabis industry. Rescheduling marijuana could alleviate financial burdens by eliminating restrictions under IRS Code Section 280E and promoting medical research. However, the stalled process leaves businesses navigating regulatory uncertainties and limited financial access.

While stakeholders continue lobbying for reform, the administration appears focused on other priorities such as immigration and foreign policy. Advocates hope the President will leverage his influence to advance cannabis reform, but for now, the issue remains sidelined. Until then the industry struggles and waits.

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Cannabis

This State’s Cannabis Revenue Keeps Pouring In

Published

1 day ago

March 31, 2025

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States are starting to scramble with looming budget deficients, but marijuana is a boon to some – especially one state.

The new federal administration is revamping how the government operates. With Doge, they are changing agencies and reducing services and support of states, which has left budget deficients in many. But some states have legal marijana and it has been a boon, for like alcohol…people are still consuming. States who are fully legal are making more money on weed than booze and this state’s cannabis revenue keeps pouring in. Missouri, the show me state, is being shown unexpected revenue.

RELATED: Mike Johnson And Marijuana

“Due to a strong cannabis market and effective, efficient regulation of that market,” Amy Moore, director of the Missouri Division of Cannabis Regulation, told The Independent this week, “the funds available for the ultimate beneficiaries of the cannabis regulatory program continue to outpace expectations.”

Funds will help veterans and other key projects. The other benefit is as seen in data from legal states, teen use is down so it frees up some other funds. Legal states are seeing benefits from legal cannabis including lower teen use and crime reduction.

States with legal cannabis are experiencing a significant boost in tax revenue, surpassing those generated by alcohol sales. This trend highlights the economic benefits of marijuana legalization, as cannabis markets expand and mature.

In California, cannabis excise taxes have consistently outperformed alcohol-related taxes, bringing in over double the revenue. Colorado has seen even more striking results, with marijuana tax revenues totaling seven times those of alcohol. Similarly, Massachusetts has collected more tax revenue from marijuana than alcohol since fiscal year 2021, marking a notable shift in state finances.

Nationally, legal cannabis states generated nearly $3 billion in excise taxes on marijuana in 2021—20% more than alcohol taxes. By 2024, total adult-use cannabis tax revenue exceeded $20 billion, with states like Illinois and Washington reporting record-breaking contributions. Illinois alone collected $451.9 million from cannabis taxes in fiscal year 2022—one-and-a-half times the revenue from alcohol.

The funds are being put to good use. States like Illinois are channeling marijuana tax dollars into mental health services and community programs, while Colorado has invested nearly $500 million into public education. California has allocated millions to nonprofits addressing the impacts of the war on drugs.

This growing revenue stream underscores the potential of cannabis legalization to support vital public services and bolster state economies. As more states embrace regulated marijuana markets, the financial benefits are expected to continue flourishing.

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Cannabis

Mixed Messages From The Feds About Cannabis

Published

4 days ago

March 28, 2025

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The federal administration is all over the board around fed cannabis policy…and millions of patients are worried.

The industry employees over 440,000 workers at all lives and is driven in a large part by mom and pop businesses. Millions use medical marijuana for health issues ranging from chronic pain to sleep. But there are mixed messages from the feds about cannabis, and people are very worried. The federal government’s stance on marijuana has become increasingly complex, as recent developments show conflicting approaches to the drug’s potential benefits and risks. On one hand, there’s a push for research into medical marijuana for veterans, while on the other, a campaign against cannabis use is being launched.

The juxtaposition of initiatives highlights the federal government’s inconsistent approach to marijuana policy. While some departments are exploring the potential benefits of cannabis, others are actively working to discourage its use. This dichotomy is further exemplified by ongoing legislative efforts. For instance, Rep. Brian Mast (R-FL) has reintroduced the Veterans Equal Access Act, which would allow VA doctors to recommend medical marijuana to patients in states where it’s legal. Meanwhile, documents from an ongoing lawsuit suggest that the DEA may have weighted the marijuana rescheduling process to ensure rejection of moving the drug from Schedule 1 to Schedule 3.

The Department of Defense (DOD) has allocated nearly $10 million in funding for research into the therapeutic potential of MDMA for active-duty military members. This initiative, driven by congressional efforts, aims to explore MDMA’s effectiveness in treating conditions such as post-traumatic stress disorder (PTSD) and traumatic brain injury (TBI). Rep. Morgan Luttrell (R-TX) expressed pride in this development, stating that it could be a “game-changer” for service members battling these combat-related injuries.

Additionally, a bipartisan effort in Congress has been pushing for VA research on medical marijuana for PTSD and other conditions affecting veterans. The VA Medicinal Cannabis Research Act, introduced in both the Senate and House, would mandate studies on how cannabis affects the use of addictive medications and impacts various health outcomes for veterans.

In stark contrast to these research initiatives, the Drug Enforcement Administration (DEA) has partnered with an anti-cannabis nonprofit to launch a social media campaign targeting young people. The campaign, set to run ahead of April 20 (4/20), aims to “flood” Instagram with anti-cannabis content. The DEA is offering monetary incentives to students for creating and posting anti-THC videos, with payments ranging from $25 to $50 depending on the type of content produced.

This approach has raised eyebrows, as it seems to contradict the growing acceptance and legalization of marijuana across the United States. Critics argue that such campaigns may be out of touch with current societal trends and scientific understanding of cannabis.

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