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Not major news, but nice to see the AG restate the obvious
https://www.marijuanamoment.net/biden-ag-stresses-that-marijuana-use-in-legal-states-is-not-a-justice-department-priority/
Sleek
Chuck continues to talk the talk, let’s see if he can walk the walk
https://www.marijuanamoment.net/schumer-slams-bigoted-marijuana-laws-at-rally-saying-his-federal-bill-will-legalize-the-right-way/
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Minnesota MJ Legalization Bill clears 10th House Committee
https://www.marijuanamoment.net/minnesota-marijuana-legalization-bill-clears-another-house-committee-for-a-total-of-ten-so-far/
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Sounding more and more like Chuck plans on passing something akin to the STATES Act rather than the MORE Act
STATES Act has a pretty good shot of passing this Senate, certainly much greater chance than the MORE Act, but if the support isn’t there, then they can pass The SAFE Banking Act without it, opening up the MJ, Hemp & CBD industries to banking and investment
CBD Legalization is currently filed in the House and gathering cosponsors — still need to see it filed in the Senate per Jonathan Miller, before it can potentially be attached to Chuck’s bill:
Key Senate Chair Shifts Stance On Tying Marijuana Banking Bill To Sentencing Reform
Glad to see Sherrod drop the idea of tying sentencing reform to SAFE Banking Act — that will make maximize the number of Republican votes it can garner
https://www.marijuanamoment.net/key-senate-chair-shifts-stance-on-tying-marijuana-banking-bill-to-sentencing-reform/
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Urge Your U.S. Senators to Support the SAFE Banking Act
Miller works as hard as anybody on behalf of moving the Hemp & CBD industry forward, and he’s made it easy to send your Senator a pre-written letter that pushes for the passage of SAFE Banking specifically because it will open up banking and investment in the Hemp & CBD space
This angle could take on more importance if the Senate also tries to pass CBD Legalization inside of The 2021 SAFE Banking Act, which is something Miller has spoken about before
Here’s the pre-populated form:
https://hempsupporter.com/state-action/nationwide/urge-your-members-of-congress-to-support-the-safe-banking-act
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Montana Senate Follows Thru on Rec MJ After Ballot Initiative
https://www.marijuanamoment.net/montana-senate-approves-bill-to-implement-marijuana-legalization/
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Chuck Says MJ Legalization Legislation in “A Few Weeks”
Now Dems are looking at the option of using reconciliation, which would require 51 votes instead of 60
Watch the 45 second video in the article:
https://www.marijuanamoment.net/advocates-float-new-strategy-to-pass-marijuana-legalization-in-senate-with-democratic-support-in-question/
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Hey Cappy
Outside of Federal Hemp Legalization inside The 2018 Farm Bill, Congress hasn’t gotten its act together enough to pass any additional cannabis legislation to this point
Having a Republican-controlled Senate in 2016-2020 meant all MJ legislation was dead in the water, and Covid ruined chances of CBD Legalization in 2020 as the ValidCare study was delayed
Now we have a Democrat-controlled Senate with strong momentum in the MJ sector in terms of multiple states recently legalizing MJ for recreational/adult use purposes, including big population northeast metropolis states like NY and NJ via legislature and conservative red states like Montana and South Dakota thru ballot initiatives
Cannabis Banking has passed the House multiple times and is the lowest hanging fruit, but we still need to see the Senate Banking Committee move on it
ValidCare has recently provided definitive proof that CBD in OTC products is safe for the liver, but the results of their study probably need to be published in a medical journal before FDA will move on its CBD Enforcement Discretion Policy for CBD Products and Congress will move on CBD Legalization:
https://hempindustrydaily.com/ceos-leverage-validcares-cbd-clinical-study-results-to-spur-partnerships-profit-and-promising-regulatory-activity/?cn-reloaded=1
Chuck seems determined to attempt to pass MJ Legalization one way or another, even if that means trying to get around the 60-vote filibuster by using reconciliation, which would only require 51 votes
If any Senate can pass some form of meaningful cannabis legislation, it’s this one
Chuck and Sherrod (Dem Chair of Senate Banking Committee) will have a heavy hand in moving forward the legislation for MJ Legalization and Cannabis Banking Legalization (MJ and Hemp/CBD), respectively
Mitch has the heavy hand in terms of pushing for the attachment of CBD Legalization to either of these cannabis legalization bills, though Chuck is similarly a big fan of hemp so they are 1A & 1B in terms of CBD
But as they say, the proof is in the pudding
Sleek
Hemp Production Now Legal in all 50 States
And that’s why it’s pretty silly that CBD Products themselves are still federally illegal, particularly now that we have the long-awaited liver safety green light from the ValidCare study
https://hempsupporter.com/news/hemp-production-now-legal-in-all-50-states-plus-updates-in-ar-co-and-nv
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All the recent polls look really good
Let’s go Chuck, show us your cards...
Only One In Ten Americans Want To Keep Marijuana Totally Illegal, Poll Finds
https://www.marijuanamoment.net/only-one-in-ten-americans-want-to-keep-marijuana-totally-illegal-poll-finds/
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Minnesota is really getting ridiculous now with the number of Committees its House MJ Legalization Bill is passing before moving to the floor and then on to the Senate
Minnesota Marijuana Legalization Bill Clears Eighth Committee On Route To The House Floor
https://www.marijuanamoment.net/minnesota-marijuana-legalization-bill-clears-eighth-committee-on-route-to-the-house-floor/
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Looks like Dems may try to pass MJ Legalization first, with SAFE Banking as the backup plan
Would prefer the other way around, but I’m ok with that approach if that’s the way Chuck decides to play it — he knows what’s most likely to work in the Senate
Another possibility is that Sherrod (head of Senate Banking Committee) is just posturing for negotiating leverage around adding sentencing reform to SAFE Banking, and that he does intend to move SAFE Banking pretty soon
It’s likely that some Dems don’t want to attach sentencing reform to The SAFE Banking Act, that they want to tackle that issue separately, so this is Sherrod’s way of trying to move the needle on that issue because he knows how desperately Dems (and a fair amount of Repubs) want to pass the SAFE Banking Act ASAP
I don’t know if sentencing reform will make it into the Senate’s final version of The SAFE Banking Act, but I think that Sherrod wants to give it his best effort to make that happen, and if the votes aren’t there for sentencing reform, the Dems will roll with the House’s version of The SAFE Banking Act
Throwing out the baby with the bathwater would be pretty silly at this point
SAFE Banking has great bipartisan support in the House and Senate
Sentencing reform may not have the same amount of Republican support in the Senate, though it’s tough to say right now without seeing how the Repubs would line up around that issue
Don’t Expect Senate Marijuana Banking Vote Any Time Soon, Key Chairman Says
https://www.marijuanamoment.net/dont-expect-senate-marijuana-banking-vote-any-time-soon-key-chairman-says/
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MJ Legalization
Sector commentary on 2021 thus far and outlook as of 4/19/21:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=163294479
Schumer Says Federal Marijuana Legalization Bill Will Hit Senate Floor ‘Soon’
https://www.marijuanamoment.net/schumer-says-federal-marijuana-legalization-bill-will-hit-senate-floor-soon/
Democratic Senate Leaders Announce Steps To Federally Legalize Marijuana In 2021
https://www.marijuanamoment.net/democratic-senate-leaders-announce-steps-to-federally-legalize-marijuana-in-2021/
Top Senate Democrats: We’ll Legalize Marijuana
https://www.forbes.com/sites/chrisroberts/2021/02/01/top-senate-democrats-well-legalize-marijuana/?sh=444db8ba215e
Schumer Provides Some Specifics About His Upcoming Marijuana Bill
The videos are worth watching as well:
https://www.marijuanamoment.net/schumer-marijuana-bill-will-stop-big-alcohol-and-tobacco-from-dominating-market-he-says/
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CBD Legalization
In late March 2021, ValidCare issued a press release stating that their CBD Liver Safety Study demonstrated no liver safety issues with CBD taken at typical daily doses — according to many experts in the CBD industry, this appears to be the final step required in order for the FDA to issue their Enforcement Discretion Policy For CBD Products
VALIDCARE’S CLINICAL STUDY REPORTS PRELIMINARY RESULTS OF CBD LIVER SAFETY
Investigators report to FDA no evidence of liver toxicity in the 839 adults consuming oral CBD
https://validcare.com/press/validcares-clinical-study-reports-preliminary-results-of-cbd-liver-safety/
“Hopeful to pass CBD Legalization in early 2021”
HR 8179 is 2020’s version of The CBD Dietary Supplement Legalization Bill
The 2021 version, HR 841, was filed on 2/4/21 and is virtually the same bill as HR 8179, so when Miller is saying that he is “hopeful to pass HR 8179 sometime in early 2021,” this means that he is hopeful to pass the Legalization of CBD Dietary Supplements (HR 841) sometime in “early 2021”
Miller also says he expects legislation to “Legalize CBD as a Food and Beverage Additive” in 2021
Watch him go on record here about CBD Legalization in Supplements, Food and Beverages — timestamped so just hit play:
Banking Legalization For MJ, Hemp & CBD
On 4/19/21, the House passed The 2021 SAFE Banking Act, so now all eyes are on the Senate:
U.S. House Approves Marijuana Banking Bill For Fourth Time, Setting Up Senate Consideration
The vote marks the fourth time the House has approved the Secure and Fair Enforcement (SAFE) Banking Act. Lawmakers passed it as a standalone bill in 2019 and then twice more as part of coronavirus relief legislation. At no point did the measure move forward in the Senate under Republican control last session, however.
But this time around, advocates and industry stakeholders are feeling confident that the bill’s path will not end in the House. With Democrats now in control of both chambers and the White House, there are high expectations that the proposal will make its way through the Senate and onto the president’s desk.
https://www.marijuanamoment.net/u-s-house-debates-marijuana-banking-bill-with-final-vote-set-for-this-evening/
In early February 2021, Democrats announced their intention to pass it into law in the new Congress:
Cannabis industry may finally move past cash as Democrats look to loosen banking restrictions
https://www.denverpost.com/2021/02/04/marijuana-banking-colorado-congress-cannabis-restrictions/
In late March 2021, The SAFE Banking Act of 2021 was introduced in the Senate with 6 Republican Co-Sponsors:
Banking Bill Reintroduced In Senate, With Nearly A Third Of The Chamber Signed On
https://www.marijuanamoment.net/marijuana-banking-bill-reintroduced-in-senate-with-nearly-a-third-of-the-chamber-signed-on/
The Senate version is being sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), and it currently has 27 other cosponsors.
Beside the chief sponsors, here’s who’s signed on to this latest version so far: Sens. Kyrsten Sinema (D-AZ), Ed Markey (D-MA), Alex Padilla (D-CA), Patrick Leahy (D-VT), Dick Durbin (D-IL), Ron Wyden (D-OR), Mazie Hirono (D-HI), Tina Smith (D-MN), Angus King (I-ME), Catherine Cortez Masto (D-NV), Michael Bennet (D-CO), Bob Menendez (D-NJ), Jon Tester (D-MT), Jacky Rosen (D-NV), Kevin Cramer (R-ND), Dan Sullivan (R-AK), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), Chris Murphy (D-CT), Gary Peters (D-MI), Bernie Sanders (I-VT), Brian Schatz (D-HI), Patty Murray (D-WA), Amy Klobuchar (D-MN), Rand Paul (R-KY), Bill Cassidy (R-LA) and Cynthia Lummis (R-WY).
— — —
The Outsized Importance of The SAFE Banking Act Of 2021
One of the big keys to the cannabis sector in 2021 is The SAFE Banking Act, which would open up banking for both MJ and Hemp/CBD
It’s also most likely the best legislative vehicle to which CBD Legalization (Hemp-derived CBD Products) can be attached:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=161621173
The SAFE Banking Act is an actual and tangible piece of legislation that is ready to move through the Senate in 2021
The reason why The SAFE Banking Act should be passed in 2021 is that it doesn’t make sense for Dems to try to legalize in 2022 without having passed the SAFE Banking Act first
There are a number of reasons why this approach — SAFE Banking in 2021 and MJ Legalization in 2022 — is the most rational
Here are the 2 most important ones from my perspective:
1) Passing the SAFE Banking Act in 2021 makes it more likely that MJ Legalization can attract enough votes in the Senate in 2022 to actually hit the floor — 60 votes are required with the filibuster in place
So if the goal is to pass MJ Legalization before the elections, then what can Dems do legislatively beforehand to increase the odds of being successful?
Passing the SAFE Banking Act in 2021 is the single biggest thing they can do, because once the financial side of things is opened up, investors will flood the sector with money and the momentum to legalize MJ in 2022 will reach an entirely different level — money will drive the MJ Legalization movement through the finish line — that’s what will motivate the handful of Republican Senators needed to pass the MJ Legalization Bill who are currently sitting on the fence — all the talk right now is about social justice being a key driving force, but that’s largely a Democratic ideal — money is the bigger factor for Republicans
2) If the Dems don’t pass The SAFE Banking Act in 2021 and they attempt to pass MJ Legalization in 2022 and are not successful, then they might wind up with nothing
No Banking, No Legalization
It would be great to get legalization, as that would probably resolve the banking issue
But if legalization fails in 2022, then Dems could wind up with NOTHING to show for their efforts and may very well lose the Senate and/or the House in 2022 — if that occurs, the MJ industry could be stuck in neutral for the foreseeable future
That’s the last thing the Democratic Party wants to see happen
The SAFE Banking Act is likely to wind up being the biggest direct catalyst for MJ & Hemp/CBD stocks in 2021 — the prospects of MJ Legalization right now are the biggest indirect catalyst for the cannabis sector, at least until they become more of a direct catalyst after the bill is filed and starts attracting cosigners
The SAFE Banking Act alone would become the biggest federal catalyst to ever hit the cannabis sector thus far
If CBD Legalization is attached to it, the catalyst would be that much stronger for CBD stocks
With the passage of Banking Legalization for MJ and Hemp/CBD in 2021, the anticipation of the potential for MJ Legalization in 2022 would then be tied into the sentiment-driven narrative offered up by Democrats and broadcast by the media — The MJ Legalization story has great potential to take the American cannabis sector to its greatest heights in history in 2021
But it really all starts with The SAFE Banking Act, so its reintroduction into the House and Senate is the first step in this process
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U.S. House of Representatives approves cannabis banking bill
https://finance.yahoo.com/news/u-house-representatives-approves-cannabis-234329462.html
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House Passes Marijuana Banking Bill With Bipartisan Support
https://www.bloomberg.com/news/articles/2021-04-19/house-passes-marijuana-banking-bill-with-bipartisan-support
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U.S. House Approves Marijuana Banking Bill For Fourth Time, Setting Up Senate Consideration
I agree with the final 2 paragraphs in this article:
The vote marks the fourth time the House has approved the Secure and Fair Enforcement (SAFE) Banking Act. Lawmakers passed it as a standalone bill in 2019 and then twice more as part of coronavirus relief legislation. At no point did the measure move forward in the Senate under Republican control last session, however.
But this time around, advocates and industry stakeholders are feeling confident that the bill’s path will not end in the House. With Democrats now in control of both chambers and the White House, there are high expectations that the proposal will make its way through the Senate and onto the president’s desk.
https://www.marijuanamoment.net/u-s-house-debates-marijuana-banking-bill-with-final-vote-set-for-this-evening/
This entire article is a must read, great job Kyle!
Sleek
In terms of the sector thus far in 2021, I felt the rally earlier this year was a bit premature and something that was completely unprecedented — a sector rally with a few days of mania on mere talk of something happening
All prior cannabis manias have been based on actual events
In 2016, we saw a very similar situation with a strong rally early in the year, and then the sector fell apart, and then the manic event catalyst got closer and we had a full fledged multi-month cannabis mania before the actual event — California, Massachusetts, Nevada and Maine voting to legalize Rec MJ, 4 additional states voting to legalize Med MJ, and Clinton presumedly winning the election with her stated intention to Legalize MJ by moving it to Schedule II
In 2014, the mania was also based on an actual event — Colorado launching sales of Rec MJ
Canada’s mania in Nov/Dec 2017 was also based on an actual event — Constellation Brands taking a 10% stake in Canopy Growth)
The 1-2 week mania infamously ended by Sessions’ rescission of the Cole Memo in late Dec 2017/early Jan 2018 in America was also based on an actual event — California launching sales of Rec MJ
We all know what the manic catalysts are in 2021:
Legalization of Cannabis Banking
Legalization of CBD Products (Hemp-derived)
Legalization of MJ
It’s going to be Chuck’s show from here
Will he get it done for us in 2021?
As I’ve stated repeatedly, I think Cannabis (MJ & Hemp/CBD) Banking — The 2021 SAFE Banking Act — is the most likely catalyst of them all
I also believe that CBD Legalization could wind up being attached to The 2021 SAFE Banking Act, but we will need to see that bill filed in the Senate before that can happen
Will Mitch file that bill?
Will Rand Paul?
MJ remains illegal in Kentucky, so Hemp & CBD is the entire game there
That’s also the capital of the American Hemp industry
So those are the 2 guys most likely to push hard for that to happen, but there are other hemp-loving Senators in both parties, so it’s a real bipartisan issue
ValidCare hasn’t published their results in a medical journal yet, but they have already publicly stated that there are zero issues with CBD and the liver — literally none
So the liver safety question is finally resolved and politicians no longer have that question hanging over their heads
If The SAFE Banking Act is a 70/30 proposition, I think CBD Legalization is a 60/40 proposition
In terms of MJ Legalization, it may still be too early, but that will depend on the exact content of Chuck’s Bill
If it doesn’t mandate that states legalize and it’s just a descheduling and state-legalization permissions bill like The STATES Act, then it has a better chance of passing in 2021 than something like The MORE Act
I don’t think The MORE Act will pass this Senate in 2021 unless they can get rid of the filibuster
Something like The MORE Act seems more like a 2022 event to me
But The STATES Act would be a 50/50 proposition in 2021 if there is strong bipartisan support in the Senate for The 2021 SAFE Banking Act
The next few months are going to tell the story here
Sleek
The info available right now is from 4/9/21 and float remains unchanged
https://www.otcmarkets.com/stock/BLEG/security
When the next update hits, we will have another data point
All cannabis stocks move with the sector, and the fact of the matter is that the entire cannabis sector has been moving down since the peak in mid-February
So I think that’s the best explanation for the selling we’ve seen in every cannabis stock during this timeframe
The identity of anybody selling shares in any particular stock, whether it’s retail and non-dilutive or dilutive financing, is a matter of speculation
The actual data is the only valid way to know for sure one way or the other
So the next update on share structure should provide a definitive answer
Sleek
California CBD Legalization in Foods/Beverages/Supplements Bill moving now thru its legislature
Same with Massachusetts CBD Legalization Bill
Nice to see Washington getting on board the CBD Product Legalization train, too
Though hemp cultivation is legal in all 50 states, CBD Foods/Beverages/Supplements remain illegal in far too many states
California is obviously the biggest fish, but MA and WA are important states as well
The bottom line is that the more individual states have legalized CBD in Foods/Beverages/Supplements, the easier it will be to pass HR 841, the CBD Legalization Bill which would federally legalize CBD products and open up a national CBD Product industry for the very first time, so all these products can be carried in all the big chain stores and advertising CBD Products would finally be legal — you really can’t develop a federally illegal industry that does not allow products to be sold on Amazon, Walmart, Whole Foods or allow any advertising
And what’s the point of legalizing Banking for the Hemp & CBD industry (which The 2021 SAFE Banking Act would do) if the products themselves remain federally illegal?
The 2021 SAFE Banking Act remains the most sensible legislative vehicle for CBD Legalization
Obviously Chuck’s MJ Legalization Bill would be a sensible one to attach CBD Legalization, too
Thanks for keeping us updated, Jonathan:
Major Progress in CA & MA and New Bills in IL, ND, OR & WA
https://hempsupporter.com/news/major-progress-in-ca-ma-and-new-bills-in-il-nd-or-wa
Have a nice weekend all,
Sleek
Senate SAFE Banking now has 32 cosponsors
https://www.congress.gov/bill/117th-congress/senate-bill/910/cosponsors?q={%22search%22:[%22Banking%22]}&r=22&s=2&searchResultViewType=expanded
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2 New Cosponsors in April for CBD Legalization
Nice bipartisan support, too
https://www.congress.gov/bill/117th-congress/house-bill/841/cosponsors?searchResultViewType=expanded
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Biden’s Already On Board With Federal Marijuana Legalization Even If He Doesn’t Use That Word, Booker Says
This sound good to me
But it’s really going to come down to how many Republicans in the Senate will vote for it and if 60 votes aren’t there, whether or not Dems will be able to go around the filibuster
https://www.marijuanamoment.net/bidens-already-on-board-with-federal-marijuana-legalization-even-if-he-doesnt-use-that-word-booker-says/
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Marijuana Banking Bill Expected To Get A House Floor Vote Next Week, Sponsor’s Office Says
SAFE Banking Act of 2021 is being voted on the week of 4/20
Looks like it will skip committees and move directly to the House floor this time
This timing is not a coincidence
Now it’s more likely Chuck will announce his MJ Legalization Bill next week as well to coincide with the media attention surrounding 4/20 and the passage of SAFE Banking thru the House
If so, it may be cheesy but it’s a smart move politically
Let’s see if this Congress can finally get the job done
All eyes will move to the Senate after this passes
https://www.marijuanamoment.net/marijuana-banking-bill-expected-to-get-a-house-floor-vote-next-week-sponsors-office-says/
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We are now ahead of this schedule I laid out 1 week ago
Looks like SAFE Banking Act will now be voted on in House next week, so “1-2 weeks” would have been more accurate than “1-2 months”
See next few posts for details, along with new info on Chuck’s new MJ Legalization bill, which is sounding more and more like The STATES Act, which Biden actually supports
The STATES Act has a significantly better chance of passing than other legalization/decriminalization bills that have been discussed — it would remove MJ entirely from The Schedule of Controlled Substances and allow states to legalize MJ without mandating them to do so — actually not very different from what we’ve seen with Hemp Legalization, where states don’t have to legalize hemp if they don’t want to do so (all 50 states have now legalized hemp)
Schumer Says Federal Marijuana Legalization Bill Will Hit Senate Floor ‘Soon’
https://www.marijuanamoment.net/schumer-says-federal-marijuana-legalization-bill-will-hit-senate-floor-soon/
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Cannabis Chuck is at it again
Show us your cards, Chuck...
Unveiling his MJ Legalization Bill on 4/20 would be pretty cheesy, so now the question of the moment has become — is Cannabis Chuck a cheesy guy?
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6 Committees for a single bill sounds like overkill, but apparently that’s how they roll in Minnesota
Not sure how to handicap the prospects of passage this year, but I did have CT listed as more probable than MN on a list I made earlier this year, and I still think CT is more likely to pass due to the political makeup of its legislature coupled with the fact that NY and NJ just legalized adult use MJ in 2021, though it’s possible CT may run out of time in their legislative season before enacting Rec MJ legalization this year
In the end, it’s the federal bills that really count, and The SAFE Banking Act is still the strongest contender in the cannabis sector
While we wait for the House to pass The 2021 SAFE Banking Act, for Chuck to announce his MJ Legalization Bill, for the Senate to move SAFE Banking thru the Senate Banking Committee for the first time, for FDA to get off its rear end and announce its Enforcement Discretion Policy for CBD Products, and for Miller’s celebrated CBD Legalization Bill to see action in the House and/or be introduced in the Senate, this MJ Legalization Bill in Minnesota is still worth keeping an eye on:
Sixth Minnesota House Committee Approves Marijuana Legalization Bill On Its Path To The Floor
https://www.marijuanamoment.net/sixth-minnesota-house-committee-approves-marijuana-legalization-bill-on-its-path-to-the-floor/
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Biden’s Pick To Lead DEA Voiced Openness To State Medical Marijuana Program
https://www.marijuanamoment.net/bidens-pick-to-lead-dea-voiced-openness-to-state-medical-marijuana-program/
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Minnesota Marijuana Legalization Bill Sails Through Fifth Committee, With Floor Vote Expected Next Month
https://www.marijuanamoment.net/minnesota-marijuana-legalization-bill-sails-through-fifth-committee-with-floor-vote-expected-next-month/
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Schumer continues to talk about his upcoming MJ Legalization Bill
We might see something closer to the STATES Act than the MORE Act
Getting 60 votes for legislation resembling The STATES Act in the Senate seems more plausible at this juncture, so that could be a wise move
https://nypost.com/2021/04/03/schumer-vows-senate-vote-to-legalize-weed-nationwide-despite-white-house-doubts/
https://www.usatoday.com/story/news/politics/2021/04/05/marijuana-legalization-schumer-move-bill-even-if-biden-isnt/7088824002/
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Idaho lawmakers agree to allow hemp cultivation, marking 50th state
It’s about time, Idaho
All 50 states is quite a milestone for the American hemp industry in America
It represents the true bipartisan nature of Hemp & Hemp-CBD
Now that we have definitive data on liver safety for OTC CBD Products from the ValidCare trial, which appears to be the last widely commented upon stumbling block for federal legislation/regulation/enforcement discretion of hemp-derived CBD Products, the onus is really on Congress to open up this federally legal industry
Hemp/CBD Banking and CBD Isolate Products are the lowest hanging fruit and the 1st two areas where we are most likely to see legislation, regulation and enforcement discretion happen in 2021
https://hempindustrydaily.com/idaho-lawmakers-agree-to-allow-hemp-cultivation-marking-50th-state/
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April Recap of SAFE Banking and CBD Legalization
The order of events I’m looking for in terms of The 2021 SAFE Banking Act moving thru Congress:
1) House Passage — many believe this will occur within next 1-2 months
2) Introduction and consideration in the Senate Banking Committee — probably needs to pass House first
3) Senate Floor vote as standalone legislation or part of larger bill like infrastructure
So far this year, the probable MJ events like NY passing MJ, which I pegged as having a 70% probability, have occurred
Federal cannabis legislation is obviously a trickier proposition, but with Chuck in charge and his own state now positioned to greatly benefit from legalizing cannabis banking, along with the bipartisan support for The SAFE Banking Act of 2021 in the Senate at both the committee level (Toomey) and in the greater Senate, I would put the odds of SAFE Banking passage in 2021 at 65%
With introduction, consideration and passage thru the Senate Banking Committee, which has never happened before, that number moves to 70%-75%
Current number of Republican cosponsors is 7:
https://www.congress.gov/bill/117th-congress/senate-bill/910/cosponsors?q={%22search%22:[%22Cannabis+banking%22]}&s=2&r=2&overview=closed&searchResultViewType=expanded
If Republican cosponsors move to 9 or higher, any floor vote for passage becomes an 80%+ event
In terms of the prospects for CBD Legalization and FDA publishing its policy of Enforcement Discretion for CBD Products, the Validcare data for liver safety looks great, so the next step there is sharing the results with FDA and publishing the study in a medical journal, which is anticipated to happen sometime this Spring
From March 22nd ValidCare PR on Liver Safety Study:
https://validcare.com/press/validcares-clinical-study-reports-preliminary-results-of-cbd-liver-safety/
Congressional leadership asked ValidCare almost 18 months ago to engage industry help collect safety data for FDA. We understand the significance, importance and immediate need for CBD safety research for the FDA, industry and the US consumer. This first of its kind, industry led, multi-branded study required trust, collaboration, operational excellence, innovation, and resilience. It demonstrates the incredible potential for decentralized clinical research to increase participant access and accelerate results – even during the most challenging times” said Patrick McCarthy, CEO of Validcare. “We are excited for our principal investigators to continue, expand and report out on this foundational work in the next few months. Once completed, safety results of this study will be shared with participating brands and FDA. The investigators also plan to publish in a peer reviewed journal.”
Sleek
Cannabis Banking: The SAFE Banking Act 2.0's Status, Key Modifications, and Prospects
Really nice topographical overview of SAFE Banking Act of 2021, including a description of one of the two key changes to 2021 SAFE Banking being the explicit inclusion of Hemp/CBD Banking:
Key Modifications
Both the House and Senate bills contain important modifications from the original legislation in the prior Congress, including changes to the protections related to hemp businesses and the definition of “financial services”:
Hemp-related Business Protections: The 2019 version directed the federal banking regulators to issue guidance “confirming the legality of hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, and the legality of engaging in financial services with businesses selling hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products.” It also applied the various protections to “hemp (including hemp-derived cannabidiol and other hemp-derived cannabinoid products) in the same manner as such provisions apply to cannabis. The 2021 version directs the federal banking regulators to update their existing hemp banking guidance (rather than comment on the legality of hemp-derived CBD or other hemp-derived cannabinoid products) to advise depository institutions on their Bank Secrecy Act and other federal obligations. It also applies the various protections to covered financial services providers who provide covered financial services to “hemp-related legitimate businesses” and service providers of such businesses.
https://www.jdsupra.com/legalnews/cannabis-banking-the-safe-banking-act-2-1245297/
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Why The Cannabis Industry Needs Congress To Pass the SAFE Banking Act
https://www.benzinga.com/markets/cannabis/21/04/20448253/why-the-cannabis-industry-needs-congress-to-pass-the-safe-banking-act
Sleek
Why New York banks and credit unions may be reluctant to work with marijuana companies
Though Schumer’s home state has now legalized Rec MJ, the New York MJ industry is still handcuffed by the fact that banking cannabis businesses remains illegal
SAFE Banking Act is the obvious solution:
https://www.bizjournals.com/albany/news/2021/04/08/ny-marijuana-legal-banks-and-credits.html
Sleek
Texas Lawmakers Tackle Marijuana Decriminalization, Medical Cannabis And Hemp In Committee Hearings
https://www.marijuanamoment.net/texas-lawmakers-tackle-marijuana-decriminalization-medical-cannabis-and-hemp-in-committee-hearings/
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