Welcome back to The Week in Weed, your Friday look at what's happening in the world of legalized marijuana.
This week, we have lots of federal news. First, something that didn't happen. Then, something that did happen. Finally, something that might happen. But we also have some state news - a rundown of new ballot initiatives. And finally, the cannabis industry is getting into the holiday spirit.
SAFE BANKING ACT
Gosh, it was awfully close this time, but it seems like it's not to be. Yet again, Lucy has pulled the football away, just as Charlie Brown is about to kick it. Many in the industry thought that the National Defense Authorization Act would be the vehicle that would finally carry cannabis banking to legalization, but that's not going to happen. See our take on the current state of play here.
MARIJUANA RESEARCH
But it wasn't all bad news for marijuana! President Biden signed an act allowing researchers to study cannabis, in an effort to learn more about its medicinal properties. Senator Brian Schatz (D-HI), a sponsor of the bill, had this to say:
"The medical community agrees that we need more
research to learn about marijuana's potential health benefits.
Our new law will remove excessive barriers that make it difficult
for researchers to study the effectiveness and safety of marijuana,
and hopefully, give patients more treatment
options."
https://www.schatz.senate.gov/news/press-releases/president-signs-schatz-bill-to-expand-marijuana-research-into-law
PREPARE ACT
SAFE Banking may not be headed to the President's desk today, but Senator John Hickenlooper (D-CO) wants the government to get ready for federal legalization. In what one can only describe as a case of High Hopes, Hickenlooper introduced a bill that would direct the Department of Justice to construct a regulatory framework to use when cannabis is legal at the federal level. What chances does the legislation have? Well, keep in mind that the 117th Congress is drawing to a close, and all bills not passed when it ends will die. Perhaps in the 118th?
STATE BALLOT INITIATIVES
We've talked a lot about the feds so far, but we do have some state news this week. With the 2022 election in the rear view window, it's time to think ahead to the next contest. In Ohio, organizers are looking to a 2023 election. Florida cannabis supporters are gathering signatures to put adult-use on the 2024 ballot. Kind Idaho began collecting signatures for its 2024 measure.
AND FINALLY
Lots of businesses "give back" to the community as the year draws to a close. Cannabis businesses are no different. See some examples of green giving here.
Stay safe and be well everyone - we'll see you next week!
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