Nancy Pelosi Pushes MJ Banking

RIVERSIDE, Calif. - April 20, 2020 - PRLog -- Ed Perlmutter from Colorado, along with House Speaker Nancy Pelosi, is pushing for cannabis industry banking access to be incorporated into the next federal coronavirus stimulus package. The drafted legislation revises provisions from the SAFE Banking Act, which is currently under negotiation in the Senate after passing the full house last September. While supporters emphasize the importance of the measure, especially in light of the designation of adult-use and medical marijuana as an essential in many states.

Democratic Governor Ralph Northam approves a bill to decriminalize marijuana, making possession of up to an ounce punishable by a 25 dollar fine with no jail time or criminal record. Northam submitted an array of technical amendments to the bill. Pending the acceptance of his recommendations by the state's legislature, the law will go into effect July 1st.

Denver City Council votes in favor of establishing a new type of marijuana business license, to permit cannabis research and development, while looking into related social equity allowances. As part of the city's update on marijuana policy, they also capped the number of retail and cultivation locations, allowing for the approval of just 8 new storefronts and 52 more grow sites.

In New Hampshire, regulators extend the renewal deadline for MMJ cards that expire in the next three months to July 31st in response to the COVID19 pandemic. Although March cannabis sales were up 20 percent across the state, suggesting a stockpiling strategy by patients. Administrators hope the extension will ease any worries over restricted medical marijuana access.

Ohio reports record-breaking cannabis sales of 13 million dollars for the month of March. Since the state's recreational marijuana sales launch at the start of the year, average numbers had been around 2.5 million a week. The announcement of lockdown measures due to the coronavirus was likely the catalyst, as 3.8 million dollars were sold the week they went into effect.

In Canada, Ontario receives over 900 Retail Operator License applications since opening up the process to the private sector in early January. The license will allow companies to apply for up to 10 retail store authorizations, of which 59 have been issued to date before being held up by the coronavirus outbreak. ROL's will continue to roll out during the crisis, however, with 423 granted so far, giving businesses a chance to prepare for eligibility assessments once restrictions are lifted.

In Denmark, as the country's four-year pilot MMJ program, which began in 2018, faces supply issues due to halted Danish Medicines Agency inspections. After Denmark's main supplier, Canadian company CannTrust was criticized for regulatory misconduct, leading to a nearly 50 percent decline in patient counts. Inspections are expected to resume in the next two months, dependent on the country's COVID19 status.

Written by Jacqui Verdura and Micah Tatum
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