According to POLITICO, Senate Banking Chairman Mike Crapo (R-Id) plans to hold a vote by the end of this year on legislation that would enable banks to serve cannabis-related businesses. Such a vote would be another critical milestone in the fight for banking reform.
A petition filed last week may give Mississippi voters the opportunity to vote on whether to legalize medical marijuana next year. Mississippians for Compassionate Care (“MCC”) submitted 105,686 signatures to the state that it claims have been verified by county clerks.
According to its press release yesterday, the Federal Trade Commission (FTC) recently issued warning letters to three companies in the cannabidiol (CBD) industry touting unsubstantiated claims that their products can prevent, treat, or cure serious diseases and health conditions.
On this episode of the Joint Status Report, Chicago Partners Doug Sargent and David Standa briefly discuss Naperville’s recent decision to opt out of recreational marijuana sales and what some of the newspaper articles missed about the vote (:30), the federal indictment of Fall River, Massachusetts Mayor Jasiel Correia (2:35), and interview Bethany Gomez, the Managing Director of Brightfield Group (@brightfieldgrp on Twitter and @brightfieldgroup on Instagram) (5:50).
Illinois’ plan was always ambitious—sign a recreational marijuana law into law in June 2019 and have a retail market up and running by January 1, 2020. The hope was that the 55 existing medical marijuana dispensaries could transition quickly into recreational dispensaries and each open a secondary site, giving the state 110 recreational dispensaries at the start of the year.
At a meeting on Tuesday night that spanned over three hours and was attended by hundreds of individuals wearing “opt out” t-shirts, the Naperville City Council officially voted (6-3) to opt out of recreational marijuana sales in Illinois’s fourth largest city. This is not the final resolution of the issue, however, despite some reporting to the contrary.
Israeli blockchain company Security Matters (ASX:SMX) announced that it has applied for a U.S. patent to protect its technology used to track the cultivation, classification, and identification of cannabis seeds and plants.
Like its neighbors to the north, cannabis advocates in Mexico have been lobbying for years for marijuana to be fully legalized (or at least decriminalized). Recent events suggest that those efforts have paid off and that legal marijuana—at least medicinal, and potentially recreational—is coming to Mexico and soon.
Earlier this week, Los Angeles opened a two-week window for “Social Equity” applicants to apply for retail cannabis licenses. The city will accept applications until September 17, and ultimately plans on awarding 100 new licenses. Criteria to qualify as a Social Equity applicant are based on income, residence in a “Disproportionately Impacted Area,” and prior cannabis arrests or convictions. If the city verifies an individual as a Social Equity applicant, then s/he will be eligible for priority license processing and various business support services.