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Reintroduction of SAFE Banking Act in Congress buoys marijuana industry, stock markets

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Bipartisan legislation to reform federal banking laws and allow legal marijuana businesses easier access to financial services has been reintroduced in Congress, boosting cannabis stocks in Thursday trading and giving the industry hope for more bullish times ahead.

The latest effort to pass the Secure and Fair Enforcement Banking Act, aka the SAFE Banking Act, is led in the Senate by Jeff Merkley, an Oregon Democrat, and Steve Daines, a Montana Republican.

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Reps. Earl Blumenauer, an Oregon Democrat, Dave Joyce, an Ohio Republican, are the leading sponsors of the House of Representatives version.

“We are committed to making 2023 the year a bill is signed into law that ensures all legal cannabis businesses have access to the financial services they need,” Merkley and Daines said in a statement.

I introduced the SAFE Banking Act to help make sure all legal cannabis businesses have access to

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Marijuana Business Daily

From client to co-founder, Storz & Bickel executive on US tour to drum up cannabis business

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Jürgen Bickel is not only the founder and managing director of Storz & Bickel, he’s also a longtime client of the company’s iconic cannabis smoking device.

The medically certified product manufacturer, based in Tuttlingen, Germany, is celebrating the 25th anniversary of its Volcano vaporizer, which has sold hundreds of thousands of units worldwide since its early days on the market when Bickel first tried it as a consumer.

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“It’s really for people who are frequently using cannabis,” he told MJBizDaily during a recent interview and product demo at a private cabana at The Woods in West Hollywood, California.

“There’s a lot of patients who really need to use it several times a day.

“They need reliability and reproducibility.”

The Woods, owned by

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Virginia governor expected to veto recreational marijuana sales legislation

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Virginia appears set to remain the only state in the country with recreational marijuana legalization but without legal sales.

That status quo would continue if, as widely expected, Republican Gov. Glenn Youngkin again vetoes adult-use sales legalization bills that state lawmakers recently sent to him.

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For the second straight year, Virginia’s Democratic-controlled General Assembly passed legislation that would finally set up adult-use sales in the state.

Youngkin’s Democratic predecessor, Ralph Northam, signed legalization into law in 2021, but that bill had a clause that required further action to create a market projected to be worth hundreds of millions.

The most recent legislation would give exclusive adult-use sales rights to the state’s existing medical marijuana businesses, which include major multistate operators such as:

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Trump research cuts threaten cannabis studies, poses rescheduling questions

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The Trump administration’s plan to cut federal research funding threatens 565 ongoing experiments involving cannabis, according to an MJBizDaily review and interviews with scientists and academics.

An accompanying freeze of new National Institutes of Health (NIH) grants is also stymieing future research at a key moment – and raising questions about the fate of marijuana rescheduling as well as suggesting profound consequences for the regulated MJ industry.

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The NIH announced Feb. 7 that it would drastically reduce to no more than 15% the amount of “indirect costs” – money used to cover administrative and facility-related bills – financed by federal research grants.

Without fully funded indirect costs, “I literally cannot do my research,” Angela Bryan, a professor of psychology and neuroscience at the

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