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Fewer banks working with cannabis biz, feds say

Tom Angell | June 29, 2020 | 0 0

New data from the Treasury Department’s Financial Crimes Enforcement Network shows that the number of banks maintaining accounts for marijuana business clients declined in the last fiscal quarter. That’s despite the House of Representatives approving cannabis financial services legislation on two occasions.

Kentucky Rep. Charles Booker (D), currently in the lead to face Senate Majority Leader Mitch McConnell (R-KY) in November as Democratic primary votes are counted, has sponsored marijuana legalization legislation and supports decriminalizing all drugs.

  • “We deserve a commonwealth where we don’t criminalize a plant,” he said in his election night speech.

Bipartisan Reps. Lou Correa (D-CA), Earl Blumenauer (D-OR) and Kelly Armstrong (R-ND) took to the House floor to urge that legalizing marijuana not be forgotten in the debate about police reform. (NOTE: None of these lawmakers, nor any others, filed cannabis amendments to the law enforcement overhaul bill that the body passed on Thursday.)

Actress and activist Blossom C. Brown explains how cannabis is crucial for trans health and self-care in an op-ed sponsored by Weedmaps.

  • “As transitioning brought my full and true self to the world, cannabis helped my true self achieve its full potential.”

/ FEDERAL

federal judge ruled that a proposed safe consumption site for illegal drugs in Philadelphia, Pennsylvania should be barred from opening while the government appeals a ruling determining that it would not violate federal law.

Federal prosecutors indicted lobbyist Jack Abramoff for advocating on behalf of a marijuana business, including by meeting with a member of Congress, without properly registering.

The U.S. Sentencing Commission tweeted, “Marijuana offenses accounted for 9% of the federal drug caseload in 2019. Federal marijuana offenses have decreased by more than half since 2015.”

Rep. Jamie Raskin (D-MD) cited congressional interference in Washington, D.C.’s marijuana laws in a floor speech in favor of a bill to give statehood to the District.

An unnamed Republican congressman showed a reporter pictures of his hemp crop.

/ STATES

Idaho Gov. Brad Little (R) and the secretary of state refused to choose between two options given by a federal judge in a case about a non-marijuana ballot initiative that could have implications for a proposed medical cannabis measure, and are instead appealing his ruling.

California Gov. Gavin Newsom (D) granted pardons to several people with marijuana convictions.

Pennsylvania’s lieutenant governor did a radio interview about efforts to pardon people for marijuana convictions.

Virginia delegate who is running for governor said she will be introducing a marijuana legalization bill in the special session.

The U.S. Virgin Islands Rules & Judiciary Committee approved legislation to change the makeup of the Cannabis Advisory Board and advanced the nomination of the agriculture commissioner to join it.

Montana regulators said that medical cannabis cardholders can continue to submit renewal applications without physician statements though July 30.

Florida regulators published an FAQ on weights and measures considerations for cannabis and hemp products.

The Arkansas Medical Marijuana Commission will meet on Tuesday.

Michigan regulators are hosting a marijuana social equity program educational session on Wednesday.

/ LOCAL

The Sonoma County, California district attorney is moving to dismiss 2,735 marijuana convictions.

Pueblo County, Colorado commissioner says a marijuana dispensary violated campaign finance laws by sending out a text urging customers to vote in favor of his opponent while also offering a discount.

/ INTERNATIONAL

South Africa’s government is developing legislation to allow use of marijuana in accordance with a court ruling.

Bermuda’s premier encouraged people to submit feedback on their concerns with a proposed marijuana legalization bill.

Fiji’s economy minister said the government has no plans to legalize marijuana.

A former Canadian health minister joined the advisory board of psilocybin company Red Light Holland.

/ SCIENCE & HEALTH

A study found that most parents of children with epilepsy “encountered resistance from their child’s neurologist to discuss and/or authorize medical cannabis, and many parents experienced difficulty in obtaining authorization from a member of the child’s existing care team, leading them to seek authorization from a cannabis clinic.”

/ ADVOCACY, OPINION & ANALYSIS

A poll found that 56% of New Zealand residents plan to vote for a marijuana legalization referendum.

The American Civil Liberties Union cited congressional interference in Washington, D.C.’s marijuana laws in a letter urging statehood for the District.

Ten antitrust experts took issue with a Department of Justice Office of Professional Responsibility memo’s conclusion that investigations of marijuana company mergers directed by Attorney General William Barr were not improper.

/ BUSINESS

Liberty Health Sciences Inc. reported annual net income of $22.3 million.

 

Sources

Angell, Tom. “Fewer Banks Working with Cannabis Biz, Feds Say (Newsletter: June 29, 2020).” Marijuana Moment, 29 June 2020, www.marijuanamoment.net/fewer-banks-working-with-cannabis-biz-feds-say-newsletter-june-29-2020/.

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