Marijuana Business Daily

Cannabis groups pleased with SAFE Banking hearing as senators push for expungement

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2 weeks ago

May 11, 2023

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Cannabis industry groups were heartened Thursday to hear bipartisan support from members of the U.S. Senate Banking Committee for marijuana banking reform – particularly, passage of the Secure and Fair Enforcement (SAFE) Banking Act.

The Democratic-controlled banking panel convened the hearing about the challenges that a largely cash-based industry poses to small businesses and employees.

If lawmakers were to approve the SAFE Banking legislation, federal banking regulators would be prohibited from punishing financial institutions that offer basic banking services to marijuana businesses following state law.

While the outlook for passage appears better than in previous years, industry officials and congressional watchers say that approval is far from assured.

“The hearing showcased thoughtful discussion from members on both sides of the aisle, with a consensus among witnesses that the bill could go further to be most impactful, which should include providing broader access to financial services during committee

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Texas medical marijuana expansion fails in state Senate

Published

1 day ago

May 26, 2023

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An effort to expand Texas’ medical marijuana program beyond low-THC CBD oil failed in the state Legislature.

And a move to reduce criminal penalties for marijuana possession also was unsuccessful, Austin TV station KXAN reported.

House lawmakers approved both bills, but the measures then stalled in Senate committees.

House Bill 1805 would have increased the amount of THC allowed in products manufactured and sold in the state’s MMJ program from 1% by dry weight to 10 milligrams of THC by “dosage unit.”

HB 128 would have reduced possession of up to 1 ounce to a citable misdemeanor punishable by no more than a fine of $500.

May 24 was the last day this session for bills passed in one chamber to also be approved in the other.

Despite living under some of the most draconian drug laws in the United

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Q1 cannabis sales in California fall to $1.25M, lowest level since pandemic

Published

1 day ago

May 26, 2023

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First-quarter cannabis sales in California slid to $1,249,584,223, the lowest quarterly total since the onset of the COVID-19 pandemic, according to the latest statistics from the state’s Department of Tax and Fee Administration.

Sales were down 5.9% from the same quarter a year ago and the lowest since the second quarter of 2020, when sales were $1,153,285,028.

The first-quarter statistics put California’s marijuana operators on track to generate just less than $5 billion in sales this year, or 7.1% less than 2022, when taxable sales of recreational and medical marijuana eclipsed $5.3 billion.

If projections hold true, cannabis sales would fall for the second consecutive year in the world’s largest regulated market.

It’s the first time that has happened since regulations for adult-use retail sales were established in 2018.

Sales last year decreased 8.6% from roughly $5.8 billion in 2021, according to state data.

Beyond high

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Minnesota aims to issue adult-use marijuana retail licenses in 1 year

Published

2 days ago

May 26, 2023

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Minnesota regulators will start issuing adult-use marijuana retail licenses one year from now if they’re able to stick to their planned timeline.

A request for vendors posted by the state noted that license applications are scheduled to begin in May 2024 and sales would start in January 2025, MPR News reported.

Gov. Tim Walz still must sign the recently passed adult-use cannabis legalization bill into law, but he has indicated he plans to.

The law, which legislators narrowly passed in April, also allows adults 21 and older to grow their own cannabis.

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