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More financial institutions working with marijuana industry

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More financial institutions working with marijuana industry

The total number of financial institutions willing to work directly with state-licensed cannabis business continues to grow, according to quarterly data provided by the U.S. Treasury Department and first reported by MarijuanaMoment.net.

Since the close of last year, the number of banks actively servicing marijuana businesses increased over 10 percent. The total number of credit unions servicing the industry rose by nearly 20 percent.
Federal law discourages banks and other financial institutions from maintaining relationships with marijuana businesses because the plant remains classified as a Schedule I controlled substance. In February, NORML submitted testimony to Congress in support of legislation to amend federal law in a manner that facilitates relations between the cannabis businesses and the banking industry.

Adults substitute cannabis for prescription meds: study

NEW YORK — Adults who purchase retail cannabis typically report using it to mitigate pain and to improve sleep, and often use it in place of conventional medications, according to data published in the Journal of Psychoactive Drugs.

A team of investigators from the Albert Einstein College of Medicine in New York and the University of Miami assessed marijuana use trends among 1,000 adult use customers in Colorado. Seventy-four percent of those surveyed said that they consumed cannabis to promote sleep, while 65 percent reported using cannabis to alleviate pain. Among those respondents with a history of taking prescription sleep aids, 83 percent reported either reducing or ceasing their use of those medicines. Among those respondents with a history of consuming prescription opioids, 88 percent reported mitigating or stopping their use

“Our findings suggest that de facto medical use may be highly prevalent among adult use customers, and that access to an adult use cannabis market may influence individuals’ use of other medications,” authors concluded. “Our findings … suggest that adult use customers may be similar to medical cannabis patients in their use of cannabis as a substitute for prescription analgesics and sleep aids. … While adult use laws are frequently called ‘recreational,’ … our findings suggest that many customers use cannabis for symptom relief.”

Longitudinal studies assessing the use of prescription drugs following patients’ enrollment in state-sanctioned medical cannabis access programs frequently report a decline in the use of conventional medicines, specifically opioids, anti-anxiety drugs, and sleep aids.

Metered dosing of herbal cannabis effective in patients

HAIFA, Israel — Hospitalized patients administered cannabis via a metered dose inhaler report symptom relief and no severe adverse effects, according to clinical data published in the journal Palliative & Supportive Care.

Israeli investigators assessed the safety, feasibility, and efficacy of metered dose cannabis inhalation in a group of hospitalized patients. The device allowed for patients to self-administer precise quantities of cannabis in a vaporized (non-combustion) form.

All patients reported reduced pain symptoms following cannabis inhalation. Several subjects also reported relief from nausea and spasticity. No severe adverse effects were reported by any of the study’s participants. Three-quarters of the participants reported the inhaler to be “easy to use.”

Authors concluded, “[T]he current study results have demonstrated the feasibility of administrating cannabis using the Syqe Inhaler, allowing for the first time, to administer small, safe, accurate, precise, and reliable dosages of cannabinoids” in a hospital setting.

Del. lawmakers seek to reduce penalties for juveniles

DOVER, Del. — Lawmakers have advanced legislation amending criminal penalties for juveniles who violate the state’s marijuana possession laws. The bill now awaits action from Democratic Gov. John Carney.

Senate Bill 45 eliminates criminal penalties for low-level marijuana possession offenses (up to one ounce) for those under the age of 21. Instead, juvenile offenders will face a fine-only civil penalty. Those with past criminal convictions for juvenile offenses will be eligible for the mandatory expungement of their records.

Under current law, marijuana possession offenses are decriminalized for those ages 21 and older, but remains criminalized for those under the age of 18. Those between the ages of 18 and 21 may be eligible for civil sanctions, depending on their past criminal history.

If signed into law, the new measure will take immediate effect.

Cannabis Culture news in the Blade is provided in partnership with NORML. For more information, visit norml.org.

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Cannabis Culture

New Mexico guv signs marijuana legalization

Retail sales would begin by April 2022

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decriminalizing possession, gay news, Washington Blade

Democratic Gov. Michelle Lujan Grisham earlier this month signed two separate measures into law amending the state’s marijuana policies. The first measure (House Bill 2) legalizes and regulates marijuana possession, production, and sales for adults. The second measure (Senate Bill 2) facilitates the automatic review and expungement of the records of those convicted of low-level marijuana offenses.

Lawmakers approved both bills during a special legislative session demanded by Gov. Lujan Grisham, who had been a vocal proponent of the reforms.

NORML State Policies Manager Carly Wolf said: “This is a day to celebrate! New Mexico will greatly benefit from this new revenue stream and the creation of thousands of jobs. Most notably though, legalization will spare thousands of otherwise law-abiding residents from arrest and a criminal record, and the state’s new expungement law will help provide relief to many who are suffering from the stigma and other collateral consequences associated with a prior marijuana conviction.”

The adult-use measure (House Bill 2) permits those ages 21 and older to legally purchase up to two ounces of marijuana and/or up to 16 grams of cannabis extract from licensed retailers. It also permits adults to home-cultivate up to six mature plants for their own personal use. Retail sales would begin by April 2022.

The expungement measure (Senate Bill 2) stipulates that those with past convictions for offenses made legal under this act are eligible for automatic expungement of their records. Those currently incarcerated for such offenses are eligible for a dismissal of their sentence. It’s estimated that over 150,000 New Mexico residents are eligible for automatic expungement under this measure, according to the Department of Public Safety.

 

Cannabis Culture news in the Blade is provided in partnership with NORML. Visit norml.org for more information.

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Cannabis Culture

Delaware cannabis activists take on corporate marijuana

Criticism from medical marijuana operators claimed that HB150 offers too many cultivation and retail licenses

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cannabis regulation, gay news, Washington Blade

As the country moves forward with sweeping changes in cannabis policy reform, locals in Delaware are tangling with corporate, multi-state medical marijuana permit holders to pass a bill for full legalization.

Adult-use activists and registered medical patients were stunned to hear opposing testimony from Delaware’s medical marijuana operators. Patients already deal with limited access and costly products. Now, many see the established industry voicing opposition as simply obstructing the progress of adult-use legislation. In response, some patients are now staging a boycott of the regulated dispensaries.

During the first committee hearing for HB150, Delaware’s adult-use bill, four of the state’s six currently licensed, multi-million dollar medical cannabis facilities offered negative testimony.

Zoë Patchell, executive director of Delaware CAN responded: “This market belongs to the long-time consumers, patients, and activists. We create the demand, we’ve been the ones driving the reform efforts, and we pay the prices at dispensaries. Cannabis is more than a market – cannabis is a community. These companies cannot reasonably fathom that we are going to purchase cannabis from any entity that has proven to put profits over patients. And now they seem willing to put consumers’ lives and freedom at risk just to hold out for an unfair advantage in the industry.”

These included publicly traded Columbia Care, “Fresh Delaware” aka CCRI, CannTech Research Inc., and the owner of EZY Venture aka “The Farm.”

They all went on record condemning HB150, and pushing a false narrative about oversupply. The core demand from the permit cartel was some protection for their private business interests with guaranteed adult-use licenses.
Criticism from the medical marijuana operators claimed that HB150 offers too many new cultivation and retail licenses, underlined by deep yet unfounded fears that the new competition would put their companies out of business.

Patchell noted, “We are not going to sit back while multi-state corporate entities, that already monopolize East Coast medical markets, work to undermine our social equity and micro-license provisions.”

 

Cannabis Culture news in the Blade is provided in partnership with NORML. Visit norml.org for more information.

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Cannabis Culture

Virginia marijuana legalization takes effect July 1

Adult possession of cannabis up to one ounce without penalty

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Adam Ebbin, gay news, Washington Blade

Following legislative approval of Democratic Gov. Ralph Northam’s amendments to Senate Bill 1406 and House Bill 2312, Virginia became the first southern state to legalize the possession and use of marijuana by adults.

Senate Bill 1406, introduced by Sen. Adam Ebbin (D-30) and Senate President Pro Tempore Senator Louise Lucas (D-18), and House Bill 2312, patroned by House Majority Leader Delegate Charniele Herring (D-46), establish a statutory timeline for the legalization of the commercial marijuana market in Virginia. The measure also permits for the personal possession and cultivation of cannabis by those ages 21 or older.

Last week, Gov. Northam recommended changes to the legislation to permit the personal use provisions of the law to take effect on July 1, 2021 rather than on January 1, 2024, the enactment date initially approved by lawmakers. A majority of the legislature concurred with that change.

Therefore, beginning July 1, 2021, adults will be permitted to possess up to one ounce of marijuana and to cultivate up to four cannabis plants per household without penalty.
The timeline by which state regulators have to enact provisions licensing commercial cannabis production and sales remains July 1, 2024.

Commenting on final passage, NORML Development Director Jenn Michelle Pedini, who also serves as executive director of Virginia NORML, said: “This is an incredible victory for Virginia. Legalization will bring an end to the thousands of low-level marijuana infractions occurring annually in the Commonwealth — ending a discriminatory practice that far too often targets Virginians who are young, poor, and people of color.”

Majority Leader Charniele Herring added: “It is a huge day for equity in the Commonwealth. Virginia is now the first state in the South to legalize recreational marijuana use, and I am so proud to have been able to carry this monumental legislation.”

Sen. Ebbin said, “The passage of SB1406 caps off years of struggle to reform our broken and outdated marijuana laws and begins the deliberate steps to repeal the harms of the failed prohibition. I am thankful to NORML, the governor, and my colleagues for moving this 283 bill from inception to passage over the last four months, and look forward to continuing to partner with them to establish a regulated, equity focused, adult-use marketplace in the coming years.”

Newly released statewide polling data finds that 68 percent of registered voters in Virginia, including majorities of Democrats and Republicans, support legalizing marijuana for adults.

Additional amendments added by Gov. Northam will allow the sealing of records related to crimes involving the misdemeanor possession of marijuana with the intent to distribute. Those records will begin to be sealed starting on July 1, 2021. Separate legislation enacted in 2020 previously sealed records related to misdemeanor marijuana possession.

Records specific to the simple possession of marijuana and/or misdemeanor possession with intent to distribute records will be automatically expunged no later than 2025. Those with records specific to crimes involving the felony possession of marijuana with the intent to distribute may begin to petition the courts for an expounging of their records in 2025.

The bill also allows for the re-sentencing of individuals currently incarcerated for marijuana-related offenses. The measure permits those individuals to have a hearing before the court that originally sentenced them, with legal counsel provided for indigent individuals. However, this portion of the bill must be reenacted in 2022.

The legislation also establishes an independent agency, the Virginia Cannabis Control Authority, to oversee the establishment of regulations that will govern the adult-use market. This agency is set to convene this summer. The remainder of the 300-page bill, which details the regulatory and market structure and social equity provisions, is subject to a second review and vote by the Assembly next year.

 

Cannabis Culture news in the Blade is provided in partnership with NORML. Visit norml.org for more information.

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