MedMen Sues Miami Beach, SAFE Banking Act, and Metrc

TEMECULA, Calif. - May 18, 2019 - PRLog -- In domestic news, the House Financial Services Committee brings the SAFE Banking Act back into the spotlight: a measure that would prevent federal punishment of banks for working with cannabis-related businesses that are complying with state laws. Why it's chances of passing are favorable and what it would do for the industry. Confusion in California: Cannabis businesses struggle with logistics of the state's new track-and-trace system, Metrc. The most problematic have been the compatibility issues between companies with permanent licenses that are required to use the system, and those with temporary ones that are not. It seems only time will tell if Metrc will be a success.

In financial news, Massachusetts-based Curaleaf is set to buy Nevada cultivation and retail company Acres Cannabis for 70 million dollars, further expanding its footprint as the largest operator of single-branded dispensaries in the U.S. In Rhode Island, recreational cannabis legalization talks are in the works. Despite the first proposal hearing raising concerns including excessive penalties, drug abuse prevention allocations, and product potency allowances, rec sales could potentially start as early as next year.

In Florida, multistate operator MedMen is suing Miami Beach over zoning regulations, claiming a local restriction on the distance between MMJ dispensaries violates state law. The company took action after investing 1.2 million dollars in a property that was denied a permit. On the international front: Vancouver-based Nextleaf Solutions, which produces cannabinoid distillates, begins trading on the Canadian Securities Exchange, just in time for the country's legalization of edibles and other cannabis-derivative products no later than October of this year. Overseas, Australia's medical cannabis market could surpass 15,000 patient approvals and 36 million Australian dollars. Despite significant barriers to access compared to other countries, like Canada, analysts are optimistic, but will the estimates come to fruition?
Directed by: Micah Tatum @arbitrageent News Anchor: Jacqui Verdura Distributed by: Cannabis Broadcast Station/ Infinity Broadcast Network Sponsored by: Infinity Inc.
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