Biden touts cannabis moves in State of the Union (Newsletter: March 8, 2024)

Schumer on “productive” marijuana banking talks; Vets push Congress for cannabis & psychedelics action; CO cannabis/guns initiative; FL delta-8 ban

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/ TOP THINGS TO KNOW

President Joe Biden touted his marijuana pardons and cannabis rescheduling review in his State of the Union speech, though he exaggerated and mischaracterized the impact of the clemency move.

Senate Majority Leader Chuck Schumer (D-NY) told Marijuana Moment that a cannabis banking bill is a “very high priority” and that senators are “having very productive conversations” with House members to work out a deal for passage this year.

Lead SAFER Banking Act Sen. Jeff Merkley (D-OR) told Marijuana Moment the cannabis bill is “gaining momentum” and he’s working with leaders to “get this done this year.”

The House and Senate Veterans’ Affairs Committees heard testimony from veterans groups about the need to consider the potential benefits of psychedelic-assisted therapy and medical cannabis.

Rep. Dave Joyce (R-OH) cheered the passage of a spending bill that includes report language calling on federal agencies to study state marijuana regulatory frameworks in anticipation of federal legalization.

Colorado’s Initiative Title Setting Review Board approved revised language of a proposed ballot measure to let marijuana consumers obtain concealed carry handgun permits.

The Virginia House sponsor of a marijuana sales legalization bill said its chances of being signed by Gov. Glenn Youngkin (R) are “up in smoke” after negotiations over a stadium deal the governor favors fell apart.

Youngkin is also set to decide on several other cannabis bills sent to his desk by lawmakers—including proposals to provide sentencing relief for past convictions, protect consumers from employment discrimination and prevent marijuana from being used as evidence of child abuse.

The Maryland House Judiciary Committee held a hearing on a bill to protect medical cannabis patients’ gun rights under state law. A companion measure recently passed the Senate.

The Food and Drug Administration awarded “breakthrough therapy” status to an LSD-like substance for the treatment of generalized anxiety disorder.

The U.S.-based organization Fluence is providing free psychedelics therapy training materials to Ukrainian health professionals who want to offer services to treat trauma amid the country’s war with Russia.

Florida lawmakers sent Gov. Ron DeSantis (R) a bill to restrict hemp products and ban delta-8 THC, a move one business owner said will result in “ending Florida’s hemp industry as we know it.”

Arizona lawmakers are considering several cannabis bills, including measures to fix issues with marijuana social equity licenses and regulate hemp products.

A Montana judge ruled that lawmakers deserve an opportunity to vote on overriding Gov. Greg Gianforte’s (R) veto of a bill to reallocate marijuana tax revenue “without further delay.”

/ FEDERAL

Securities and Exchange Commission member Hester Peirce argued that a climate-related measure approved by the commission could “trigger a hodgepodge of requirements tailored to meet the demands of a vast and ever-expanding panoply of special interests,” saying that, “a pro-life investor, an anti-cannabis investor, or an anti-war investor might want idiosyncratic information to assess a company’s performance on those respective issues.”

Sen. Kirsten Gillibrand (D-NY) tweeted a video explaining the need to fully deschedule marijuana.

/ STATES

A Pennsylvania Republican representative said he thinks Democrats’ marijuana legalization plan will probably move forward even though he opposes it.

A Hawaii representative said it’s hard to predict if the House will approve a Senate-passed marijuana legalization bill.

The Minnesota representative who authored the state’s marijuana legalization law spoke about the decision to include provisions allowing municipalities to own and operate their own cannabis stores.

Ohio’s top marijuana regulator said the process of launching the recreational market is on schedule.

Colorado regulators will host a stakeholder meeting about evaluation processes and systems for cannabinoids on Friday.

Utah’s Medical Cannabis Policy Advisory Board met.

The Illinois Medical Cannabis Advisory Board will meet on Monday.

Maryland regulators will hold a marijuana social equity license lottery on Thursday.

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Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.

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/ LOCAL

The Boston, Massachusetts Cannabis Board will meet on Wednesday.

/ INTERNATIONAL

The Brazilian Federal Supreme Court is considering the decriminalization of drug possession.

An Indonesian court held a hearing in a case on medical cannabis access.

/ SCIENCE & HEALTH

A study found that “CBD is a promising candidate for [cannabis use disorder] treatment due to its potential efficacy for this indication and excellent safety profile.”

A study of mice suggested that “CBD could be a candidate for treating sleep deprivation induced hyperalgesia.”

/ BUSINESS

Curaleaf Holdings Inc. is talking to lawyers about the potential implications of refusing to pay increased tax rates due to the federal 280E penalty on cannabis businesses.

MariMed Inc. reported quarterly revenue of $38.9 million and a net loss of $10.1 million.

Planet 13 Holdings Inc. closed its underwritten public offering for total gross proceeds of approximately$11.3 million.

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