Connect with us

Cannabis News

True or False – The SAFE Banking Act Has the 10 Republican Votes Needed to Pass the Cannabis Banking Bill?

Published

on


safe banking republican votes

The issue of marijuana banking has been a longstanding concern within the cannabis industry. Despite previous bipartisan support in the House of Representatives, the SAFE Banking Act has faced challenges reaching the president’s desk. However, there is optimism that the current situation may differ.

 

Are you going to fall for the “banana in the tailpipe“, again as far as SAFE Banking is about to pass?

 

Cannabis.net has always stood by the statement that, “Weed will be federally legally, when Mitch McConnell say so.”

 

Now, proponents of the SAFE Act say they have the Repubican votes to pass the act in the Senate, where anti-pot legend Mitch McConnell rules with an iron fist.  Why is there optimism that is the time that the SAFE Act can pass? Has Mitch changed his mind? Is Big Pharma now positioned well and they have given the go ahead to let it pass?

 

On Benzinga.com, insights from Rob Sechrist, the Co-Founding President of Pelorus Capital Group and a notable member of the Senate Banking Committee, suggest that the Committee is currently examining the SAFE Banking legislation. Having conducted a hearing in May, the necessary ten votes to pass the bill successfully in a potential Senate floor vote. This indicates a possible shift in the outcome compared to previous attempts.

 

During a recent meeting, Mr. Sechrist engaged with Senator Steve Daines (R-MT), a fellow member of the Senate Banking Committee and co-sponsor of the SAFE Banking Act. While the meeting covered various topics, the discussion touched upon the SAFE Banking Act.

 

In no uncertain terms, Rob Sechrist shares that “Senator Daines confirmed to me that he does have the ten votes necessary (for SAFE Banking Act passage).” Sechrist further notes that Senator Daines expressed considerable confidence, suggesting he has more votes than required for the bill’s successful passage.

 

Suppose the Committee markup vote garners majority support within the next few weeks. In that case, the prospects of a floor vote on the SAFE Banking Act will significantly improve. During the markup session, committee members can propose changes to the bill’s language, include or exclude provisions, or make other adjustments based on their policy preferences or concerns.

Senate Banking Committee Chairman Sherrod Brown (D-OH) has indicated that the Committee will soon proceed with the markup of the SAFE Banking Act.

 

Once the SAFE Banking Act reaches the Senate floor, senators will have the opportunity to engage in meaningful debate, thoroughly discussing the bill’s provisions, merits, and potential consequences. During this stage, senators can propose amendments, potentially creating a bottleneck if numerous social justice or unfavorable amendments are added. This scenario could discourage Republican senators who currently support the bill.

 

However, according to industry insiders, the SAFE Banking legislation, in its current form within the Committee, enjoys sufficient support to overcome such challenges. It is important to note that this assumes unanimous support from all Democratic senators and senators caucusing with the Democrats when voting on the legislation on the floor.

10 Vital Republican Votes Needed to Pass SAFE Banking Legislation

In the Senate, obtaining 60 votes to pass a bill is related to a procedural rule called the filibuster. This rule permits senators to prolong or obstruct legislation by speaking for an extended period, effectively blocking a vote unless a supermajority of 60 senators agrees to end the debate and proceed to a final vote.

The requirement for a supermajority in the Senate may be confusing for some, as the House only requires a simple majority to pass legislation. This discrepancy stems from how the nation’s Founders designed the system, aiming to foster collaboration between political parties.

 

The intention behind the 60-vote threshold in the Senate was to foster a sense of bipartisanship and ensure that the majority party seeks some level of support from the minority to pass legislation. This requirement encourages collaboration within the legislative branch.

 

Once a bill reaches the Senate floor for a vote, it requires a simple majority of 51 votes to pass after the conclusion of the debate. However, 60 votes are needed before the vote to end the debate, making a 60-vote supermajority the practical minimum for successful legislation passage in the Senate.

Possible Revision to the Measure

It remains to be seen whether any revisions will be proposed for the measure during the committee markup, whenever it takes place. However, at least one Democratic senator on the panel wants to change the primary banking provisions.

 

Senator Jack Reed (D-RI) and certain consumer groups have voiced concerns regarding Section 10 of the bill, highlighting potential unintended consequences that could restrict regulators’ ability to address individuals who exploit banking services. Earlier, Chairman Brown expressed concerns about banking representatives leveraging the legislation to weaken bank regulations and undermine existing regulatory frameworks.

 

Additionally, there have been suggestions from various quarters to introduce additional amendments to the cannabis bill. These proposals include expanding protections to facilitate broader access for the marijuana industry to all types of financial services and even exploring the possibility of allowing representation on major U.S. stock exchanges.

 

The request to expand the cannabis bill’s provisions to aid businesses has received criticism from certain advocates who argue that such a move would be inappropriate, while broader efforts to legalize marijuana face hurdles in Congress.

 

In a recent incident, a prominent cannabis lobbying firm apologized for sending a letter to Senate Banking Committee leadership. The letter contained “inappropriate” references to Chinese investments. It was deemed a misguided attempt to advocate for amendments that would broaden the scope of the legislation.

 

In a recent statement, Senator Jacky Rosen (D-NV) expressed her support for the passage of the SAFE Banking Act. She specifically advocated for an amendment enabling cannabis businesses to access federal Small Business Administration (SBA) services. Senator Rosen’s proposal seeks to expand opportunities for cannabis entrepreneurs to benefit from essential resources and support provided by the SBA.

Conclusion

The issue of marijuana banking has been a longstanding concern for the cannabis industry. While previous attempts to pass the SAFE Banking Act have faced challenges, there is renewed optimism for its success. Insights from industry insider Rob Sechrist indicate that the Senate Banking Committee has the necessary votes to pass the bill.

 

A markup session will allow committee members to propose changes and adjustments based on their policy preferences. Senate Banking Committee Chairman Sherrod Brown has confirmed that the Committee will proceed with the markup. Once the bill reaches the Senate floor, senators can debate and propose amendments.

 

However, 60 votes to end the debate pose a potential hurdle. Nonetheless, the current level of support for the bill suggests that it may overcome any challenges. Additionally, there have been discussions regarding possible revisions, including expanding protections and enabling cannabis businesses to access federal Small Business Administration services.

 

WHAT SENATORS ARE BLOCKING CANNABIS LEGALIZATION, READ ON…

SENATORS BLOCKING CANNABIS LEGALIZATION

6 SENATORS BLOCKING CANNABIS LEGALIZATION IN AMERICA!

 



Source link

Cannabis News

Latest Trump Weed Rumor – Trump Will Federally Deschedule and Decriminalize Cannabis, but Not Legalize It

Published

on

By


trump on marijuana reform

In a recent interview, former New Jersey Governor Chris Christie made headlines by asserting that President-elect Donald Trump will pursue significant reforms in federal policies regarding marijuana and cryptocurrency. As the nation grapples with evolving attitudes toward cannabis and the burgeoning digital currency market, Christie’s predictions have ignited discussions about the potential implications of such changes on both industries. This article delves into Christie’s insights, the current state of marijuana and cryptocurrency regulations, and the broader implications of these anticipated reforms.

 

The Current Landscape of Marijuana Legislation

 

Federal vs. State Laws

Marijuana remains classified as a Schedule I substance under the Controlled Substances Act (CSA), which places it in the same category as heroin and LSD. This classification has created a complex legal landscape where states have moved to legalize cannabis for medical and recreational use, while federal law continues to impose strict prohibitions. As of now, over 30 states have legalized marijuana in some form, leading to a burgeoning industry that generates billions in revenue.

 

Challenges Faced by the Cannabis Industry

 

Despite its legality in many states, the cannabis industry faces significant hurdles due to federal restrictions. These challenges include:

  • Banking Access: Many banks are hesitant to work with cannabis businesses due to fear of federal repercussions, forcing these businesses to operate largely in cash.

  • Taxation Issues: The IRS enforces Section 280E of the tax code, which prohibits businesses engaged in illegal activities from deducting normal business expenses, leading to disproportionately high tax burdens for cannabis companies.

  • Interstate Commerce: The lack of federal legalization prevents cannabis businesses from operating across state lines, limiting their growth potential.

 

Chris Christie’s Perspective on Marijuana Reform

 

Christie, a former presidential candidate known for his tough stance on drugs during his tenure as governor, has evolved his views on marijuana over the years. In his recent statements, he emphasized that Trump is likely to pursue descheduling cannabis, which would remove it from the Schedule I classification. This move would not only provide clarity for businesses operating in legal markets but also open avenues for banking and investment.

 

Christie highlighted that descheduling would allow for a more regulated market where safety standards could be established, thus protecting consumers. He believes that this approach aligns with a growing consensus among Americans who support legalization and recognize the potential benefits of cannabis use for both medical and recreational purposes.

 

The Future of Cryptocurrency Regulation = The Rise of Cryptocurrencies

 

Cryptocurrencies have surged in popularity over the past decade, with Bitcoin leading the charge as the first decentralized digital currency. The market has expanded to include thousands of alternative coins (altcoins), each with unique features and use cases. As cryptocurrencies gain traction among investors and consumers alike, regulatory scrutiny has intensified.

 

Current Regulatory Challenges

 

The cryptocurrency market faces several regulatory challenges that hinder its growth and adoption:

 

  • Lack of Clarity: Regulatory frameworks vary significantly across states and countries, creating confusion for investors and businesses.

  • Fraud and Scams: The rapid growth of cryptocurrencies has led to an increase in fraudulent schemes targeting unsuspecting investors.

  • Consumer Protection: Without clear regulations, consumers are often left vulnerable to risks associated with volatile markets.

 

Christie’s Vision for Crypto Regulation

 

Christie believes that under Trump’s leadership, there will be an effort to find a “sweet spot” for cryptocurrency regulation balancing innovation with consumer protection. He argues that overly stringent regulations could stifle growth in this emerging sector while too little oversight could expose consumers to significant risks.

 

In his view, a balanced regulatory framework would include:

 

1. Clear Definitions: Establishing clear definitions for different types of cryptocurrencies and tokens to differentiate between securities and utility tokens.

2. Consumer Protections: Implementing measures to protect investors from fraud while promoting transparency within the market.

3. Encouraging Innovation: Creating an environment conducive to innovation by allowing startups to thrive without excessive regulatory burdens.

 

Christie’s insights reflect a growing recognition among policymakers that cryptocurrencies are here to stay and that appropriate regulations are necessary to foster growth while safeguarding consumers.

 

Implications of Proposed Reforms

 

Economic Impact

 

The potential reforms proposed by Christie could have far-reaching economic implications:

 

  • Job Creation: Legalizing marijuana at the federal level could lead to significant job creation within the cannabis industry—from cultivation and production to retail sales.

  • Investment Opportunities: Descheduling cannabis would open up investment opportunities for institutional investors who have been hesitant due to federal restrictions.

  • Boosting Local Economies: Legal cannabis markets have proven beneficial for local economies through increased tax revenues and job creation.

 

Similarly, clear regulations around cryptocurrencies could stimulate investment in blockchain technology and related industries, fostering innovation and economic growth.

 

Social Justice Considerations

 

Both marijuana legalization and sensible cryptocurrency regulations have social justice implications:

 

  • Addressing Past Injustices: Legalizing marijuana could help rectify past injustices related to drug enforcement policies that disproportionately affected marginalized communities.

  • Financial Inclusion: Cryptocurrencies offer opportunities for financial inclusion for those underserved by traditional banking systems, particularly in low-income communities.

 

Political Landscape

 

The political landscape surrounding these issues is complex. While there is bipartisan support for marijuana reform among certain lawmakers, challenges remain in overcoming entrenched opposition. Similarly, cryptocurrency regulation has garnered attention from both sides of the aisle but requires collaboration to establish effective frameworks.

 

Conclusion

 

Chris Christie’s predictions about President-elect Donald Trump’s approach to federal marijuana descheduling and cryptocurrency regulation suggest a potential shift in U.S. policy that could significantly reshape both industries. As public opinion evolves on these issues, lawmakers have an opportunity to enact meaningful reforms that promote economic growth while ensuring consumer protection. The anticipated changes could foster a more robust cannabis industry that contributes positively to the economy and addresses social justice concerns, while clear regulatory frameworks for cryptocurrencies could encourage innovation and protect consumers in the digital economy. Stakeholders in both sectors are closely watching these developments, eager to see how potential reforms might impact their futures. While the realization of Christie’s predictions remains uncertain, it’s clear that the conversation around marijuana and cryptocurrency regulation is ongoing and far from settled.

 

TRUMP 2.0 ON CANNABIS REFORM, READ ON…

TRUMP ON MARIJUANA REFORM

TRUMP 2.0 ON FEDERAL CANNABIS REFORM – WHAT DO WE KNOW?

 



Source link

Continue Reading

Cannabis News

Webinar Replay: Post-Election Cannabis Wrap – Smoke ’em if You’ve Got ’em

Published

on

By


On Thursday, November 7th, Vince Sliwoski, Aaron Pelley and Fred Rocafort held a post election discussion “Post-Election Cannabis Wrap – Smoke ’em if You’ve Got ’em”. Watch the replay!

Key Takeaways from the “Smoke ’em if You’ve Got ’em – 2024 Post Election Cannabis Wrap” Webinar:

  1. Panelists:
    • Vince Sliwoski: Oregon Business lawyer specializing in cannabis and commercial real estate.
    • Aaron Pelley: Experienced in cannabis law since Washington’s legalization in 2012.
    • Fred Rocafort: Trademark attorney working closely with the cannabis team.
  2. Election Results Overview:
    • Most 2024 cannabis ballot measures did not pass.
    • Florida, South Dakota, and North Dakota saw failures.
    • Nebraska became the 39th state to legalize cannabis for medical use when it passed two cannabis initiatives, Initiatives 437 and 438.
  3. Federal and State-Level Developments:
    • Medical use is currently legal in 38 states, and 24 states allow recreational use.
    • Republican support for marijuana legalization is growing.
  4. Federal Policy Implications:
    • Schedule III Rescheduling: The process to move cannabis to Schedule III is ongoing, which could significantly impact the industry.
    • Importance of Federal Appointments: The future of cannabis policy depends heavily on who is appointed to key positions in the administration.
  5. International and Domestic Trade:
    • Schedule III status could ease import/export restrictions on cannabis.
    • Unified control of House, Senate, and presidency might expedite legislative progress.
  6. Economic and Industry Impact:
    • Cannabis stocks experienced volatility post-election, reflecting investor uncertainty.
    • Federal legalization and banking reforms are crucial for industry stability and growth.
  7. Future Outlook:
    • The potential for federal rescheduling remains strong, with hearings scheduled for early 2025.
    • State-level initiatives and regulatory developments will continue to shape the industry.

Watch the replay!



Source link

Continue Reading

Cannabis News

I Had Just One Puff

Published

on

By


one puff of a joint a drug test

“How Long Does One Puff of Weed Stay in Your System?”… This topic can be difficult to answer since it is dependent on elements such as the size of the hit and what constitutes a “one hit.” If you take a large bong pull then cough, it might linger in your system for 5-7 days. A moderate dose from a joint can last 3-5 days, whereas a few hits from a vaporizer may last 1-3 days.

 

The length of time that marijuana stays in the body varies based on a number of factors, including metabolism, THC levels, frequency of use, and hydration.

 

Delta-9-tetrahydrocannabinol, or THC, is the primary psychoactive component of cannabis. THC and its metabolites, which remain in your body long after the effects have subsided, are detected by drug tests.

 

Since these metabolites are fat-soluble, they cling to bodily fat molecules. They could thus take a while to fully pass through your system, particularly if your body fat percentage is higher.

 

THC is absorbed by tissues and organs (including the brain, heart, and fat) and converted by the liver into chemicals such as 11-hydroxy-THC and carboxy-THC. Cannabis is eliminated in feces at a rate of around 65%, while urine accounts for 20%. The leftover amount might be kept within the body.

 

THC deposited in bodily tissues ultimately re-enters the circulation and is processed by the liver. For frequent users, THC accumulates in fatty tissues quicker than it can be removed, thus it may be detectable in drug tests for days or weeks following consumption.

 

The detection time varies according to the amount and frequency of cannabis usage. Higher dosages and regular usage result in longer detection times.

 

The type of drug test also affects detection windows. Blood and saliva tests typically detect cannabis metabolites for shorter periods, while urine and hair samples can reveal use for weeks or even months. In some cases, hair tests have detected cannabis use over 90 days after consumption.

 

Detection Windows for Various Cannabis Drug Tests

 

Urine Tests

Among all drug tests, urine testing is the most commonly used method for screening for drug use in an individual.

 

Detection times vary, but a 2017 review suggests the following windows for cannabis in urine after last use:

 

– Single-use (e.g., one joint): up to 3 days

– Moderate use (around 4 times a week): 5–7 days

– Chronic use (daily): 10–15 days

– Chronic heavy use (multiple times daily): over 30 days

 

Blood Tests

Blood tests generally detect recent cannabis use, typically within 2–12 hours after consumption. However, in cases of heavy use, cannabis has been detected up to 30 days later. Chronic heavy use can extend the detection period in the bloodstream.

 

Saliva Tests

THC can enter saliva through secondhand cannabis smoke, but THC metabolites are only present if you’ve personally smoked or ingested cannabis.

 

Saliva testing has a short detection window and can sometimes identify cannabis use on the same day. A 2020 review found that THC was detectable in the saliva of frequent users for up to 72 hours after use, and it may remain in saliva longer than in blood following recent use.

 

In areas where cannabis is illegal, saliva testing is often used for roadside screenings.

 

Hair Tests

Hair follicle tests can detect cannabis use for up to 90 days. After use, cannabinoids reach the hair follicles through small blood vessels and from sebum and sweat surrounding the hair.

 

Hair grows at approximately 0.5 inches per month, so a 1.5-inch segment of hair close to the scalp can reveal cannabis use over the past three months.

 

Factors Affecting THC and Metabolite Retention

 

The length of time THC and its metabolites stay in your system depends on various factors. Some, like body mass index (BMI) and metabolic rate, relate to individual body processing, not the drug itself.

 

Other factors are specific to cannabis use, including:

 

– Dosage: How much you consume

– Frequency: How often you use cannabis

– Method of consumption: Smoking, dabbing, edibles, or sublingual

– THC potency: Higher potency can extend detection time

 

Higher doses and more frequent use generally extend THC retention. Cannabis consumed orally may remain in the system slightly longer than smoked cannabis, and stronger cannabis strains, higher in THC, may also stay detectable for a longer period.

 

How Quickly Do the Effects of Cannabis Set In?

 

When smoking cannabis, effects appear almost immediately, while ingested cannabis may take 1–3 hours to peak.

 

The psychoactive component THC produces a “high” with common effects such as:

 

– Altered senses, including perception of time

– Mood changes

– Difficulty with thinking and problem-solving

– Impaired memory

 

Other short-term effects can include:

– Anxiety and confusion

– Decreased coordination

– Dry mouth and eyes

– Nausea or lightheadedness

– Trouble focusing

– Increased appetite

– Rapid heart rate

– Restlessness and sleepiness

 

In rare cases, high doses may lead to hallucinations, delusions, or acute psychosis.

 

Regular cannabis use may have additional mental and physical effects. While research is ongoing, cannabis use may increase the risk of:

 

– Cognitive issues like memory loss

– Cardiovascular problems including heart disease and stroke

– Respiratory illnesses such as bronchitis or lung infections

– Mood disorders like depression and anxiety

 

Cannabis use during pregnancy can negatively impact fetal growth and development.

 

Duration of Effects

Short-term effects generally taper off within 1–3 hours, but for chronic users, some long-term effects may last days, weeks, or even months. Certain effects may even be permanent.

 

Bottom Line

The amount of time that cannabis remains in your system following a single use varies greatly depending on individual characteristics such as body fat, metabolism, frequency of use, and mode of intake. Frequent users may maintain traces of THC for weeks, whereas infrequent users may test positive for as little as a few days. Hair tests can disclose usage for up to 90 days, while blood and saliva tests identify more recent use. Urine tests are the most popular and have varying detection durations. The duration that THC and its metabolites are detectable will ultimately depend on a number of factors, including dose, strength, and individual body chemistry.

 

PEE IN A CUP COMING UP, READ ON..

how long does weed stay in your urine

HOW LONG DOES WEED STAY IN YOUR URINE FOR A DRUG TEST?



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media