Replies to post #2811 on Green Thumb Industries Inc (GTBIF)

[FUNMAN]

Republicans are finally ready to legalize cannabis

Rezwan Khan and Randal John Meyer
Nov. 15, 2021 10:43 a.m.

https://www.sfchronicle.com/opinion/openforum/article/Republicans-are-finally-ready-to-legalize-cannabis-16620251.php

Ramin Rahimian/Special to The Chronicle

Efforts to legalize cannabis have largely been the work of Democrats, with Republicans usually leading the efforts to prevent it. That dynamic appears to finally be changing today with the introduction of the States Reform Act, or SRA.

Introduced by Rep. Nancy Mace, R-S.C., and co-sponsored by five other Republican representatives from across the country, SRA proposes an end to the federal prohibition of cannabis while allowing states to maintain their right to decide its legal status within their own borders. (Full disclosure: We provided policy support for lawmakers as they crafted the bill.)


Prior to SRA, most of the efforts nationwide to push cannabis reform were led by Democrats — most recently the introduction of the Cannabis Administration and Opportunity Act in July. It proposes descheduling cannabis from the list of banned substances and regulating the legal use of cannabis products across the nation, and is co-sponsored by Senate Majority Leader Chuck Schumer, D-N.Y., and Sens. Cory Booker, D-N.J., and Ron Wyden, D-Ore. California passed legislation allowing medical use of cannabis in 1996 and legalized adult recreational use in 2016. But despite bold leadership from a host of Democratic lawmakers and a supermajority of Americans — roughly 70% — who support cannabis legalization, efforts in Congress have encountered numerous obstacles from Republicans.

Traditionally, Republicans have pushed back on cannabis reform with concerns over youth use and a failure to respect states’ rights to regulate use of intoxicants within their borders. The SRA provides answers to both issues. It ensures a nationwide minimum adult-use age of 21, prevents advertising to young Americans and provides set-aside funds for the Substance Abuse and Mental Health Services Administration to help prevent youth dependency. States will choose how cannabis is legal within their borders, full stop.

For decades, Americans have disagreed on what the best approach is to regulating a plant that is both a cash crop and a medical compound. Some believe that it should only be treated as a pharmaceutical regulated by the Federal Drug Administration under the strictest standards, while others see potential in industrial and adult uses of cannabis products in addition to its medical value. The comprehensive reform structure of SRA appeals to a wide variety of stakeholders, including industry, advocates, evangelists and skeptics.

For example, public safety advocates will appreciate that the FDA will regulate medical products and that there will be a national age limit unless proscribed by a doctor. Medical cannabis companies will be allowed to have their existing products grandfathered, which avoids punishing first-movers in the industry while leaving room for researchers to develop more sophisticated medical products. California cultivators will continue to work with the U.S. Department of Agriculture and Environmental Protection Agency to maintain environmental standards and to create best practices for cultivating — just as they always have.

Many critics of the cannabis industry and progressive lawmakers have raised questions about the industry’s economic growth, and the fairness of large cannabis companies and their investors enjoying profits while Americans remain in prison for growing and consuming cannabis. SRA addresses these concerns as well — something missing from most Republican legalization efforts.

The bill offers nonviolent cannabis offenders second chances in society. In keeping with its respect for states to determine their own legalization posture, the bill grandfathers existing state-based social equity programs to ensure that those harmed by past cannabis criminal convictions still have an opportunity to participate in this emerging industry.

Veterans will welcome similar consideration. Currently, the Veterans Affairs Department is not allowed to recommend cannabis to patients suffering from chronic pain, post-traumatic stress disorder and insomnia, among other conditions. The passage of SRA would change that while ensuring veterans do not face discrimination in federal hiring for cannabis use.

Like Florida oranges or Vermont maple syrup, California cannabis promises to become a luxury, exported around the world. Small operators and entrepreneurial individuals also deserve the opportunity to take part in this brand-new industry. Envisioning a day soon when America exports this highly desirable product, Rep. Mace’s proposal leaves very few barriers to entry for entrepreneurs.

The prospect of cannabis legalization in our lifetime is no longer a pipe dream. Mace and her co-sponsors have offered their vision of how to accomplish such a reform. This sets the stage for a robust, bicameral and bipartisan discussion on how to best move toward true comprehensive cannabis reform.

Certainly, there will be spirited debate about numerous provisions in the bill, including tax rates, the proper role for the FDA in this emerging industry and how to work to end the illicit market. The States Reform Act floats a 3% federal excise tax — welcome news for an industry that already shoulders high state taxes — a rate that is below the target of other Democratic-led bills.

That our national conversation on cannabis legalization has reached this stage demonstrates just how much progress we have made as a country in finding the bipartisan and comprehensive solution needed to bring about cannabis reform.

Rezwan Khan is the president of the Global Alliance for Cannabis Commerce. Randal John Meyer is the executive director of the alliance and steering committee member of the Cannabis Freedom Alliance.

[FUNMAN]

Bipartisan Senators Urge Passage Of Marijuana Banking Through Defense Bill

Published 16 hours ago on November 23, 2021
By Kyle Jaeger

https://www.marijuanamoment.net/bipartisan-senators-urge-passage-of-marijuana-banking-through-defense-bill/

Bipartisan members of a key Senate committee sent a letter on Tuesday urging the chamber to adopt language from a House-passed national defense bill that would protect banks that service state-legal marijuana businesses.

The House approved its version of the must-pass National Defense Authorization Act (NDAA) in September, with an amendment that would prevent financial institutions from being penalized by federal regulators solely for working with cannabis companies operating in compliance with state law.

Now a group of five members on the Senate Armed Services Committee have asked leadership to ensure that the final package that comes out of bicameral conference committee retains that language before the measure is sent to President Joe Biden for his signature.

Led by Sen. Jacky Rosen (D-NV), the letter states that “financial institutions are often reluctant to transact with cannabis-related businesses, even in states that have some form of legalized cannabis, due to legal and regulatory risks arising from inconsistent federal and state laws.”

“Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes,” it continues.

Passing the Secure and Fair Enforcement (SAFE) Banking Act through NDAA “would support a rapidly growing industry that creates jobs, supports small businesses, and raises revenue in states that have chosen to legalize cannabis, while reducing safety risks,” the letter—which was also signed by Sens. Gary Peters (D-MI), Angus King (I-ME), Kevin Cramer (R-ND) and Mark Kelly (D-AZ)—says.

NEW: @SenJackyRosen + four other senators sent a letter to leaders of the Senate and House Armed Services Committees asking that the #SAFEBankingAct language be included in the NDAA — which the Senate will take up after the Thanksgiving break. pic.twitter.com/u9PY7z9R4c

— Natalie Fertig (@natsfert) November 23, 2021

The SAFE Banking Act has been approved in some form in the House five times now, but it’s so far languished in the Senate. Stakeholders have held out hope that the chamber would advance the legislation with a Democratic majority, but some key players like Senate Majority Leader Chuck Schumer (D-NY) have insisted on passing comprehensive legalization—like a reform bill he’s finalizing—first.

That said, Schumer has signaled that he’s open to enacting banking reform through NDAA if it contained social equity provisions.

“The bill’s list of co-sponsors is also bipartisan in both the House and the Senate. Given the demonstrated broad support for this measure, we ask you to ensure that the text of the SAFE Banking Act remain in the forthcoming final conference version of the FY22 NDAA by the Senate receding to the House of Representatives on Title LIV of H.R.4350 (Sections 5401 through 5415),” the new letter concludes. “This will help cannabis-related businesses, create jobs, and strengthen public safety in our communities.”

The Senate has not yet passed its version of NDAA yet, but after it does, a bicameral panel of negotiators will be appointed to reconcile the differences between the measure and the one the House has already approved. It will be up to that conference committee to decide whether the cannabis banking language makes it to the president’s desk.

Earlier this month, a bipartisan coalition of two dozen governors implored congressional leaders to finally enact marijuana banking reform through the large-scale defense legislation.

A group of small marijuana business owners also recently made the case that the incremental banking policy change could actually help support social equity efforts.

Rodney Hood, a board member of the National Credit Union Administration, wrote in a Marijuana Moment op-ed last month that legalization is an inevitability—and it makes the most sense for government agencies to get ahead of the policy change to resolve banking complications now.

Meanwhile, an official with the Internal Revenue Service said last month that the agency would like to “get paid,” and it’d help if the marijuana industry had access to banks like companies in other legal markets so they could more easily comply with tax laws.

Federal data shows that many financial institutions remain hesitant to take on cannabis companies as clients, however, which is likely due to the fact that the plant is a strictly controlled substance under federal law.

Read the congressional letter on passing marijuana banking reform through the NDAA below (scroll to the bottom of this link):

https://www.marijuanamoment.net/bipartisan-senators-urge-passage-of-marijuana-banking-through-defense-bill/