Ensuring Entrepreneurs and Businesses Stay Informed of Developments in the Burgeoning Cannabis Industry

Proposed House Bill Would Legalize CBD in Dietary Supplements and Reduce Uncertainty Surrounding CBD

Last Friday, a bipartisan bill was introduced in the House of Representatives that would legalize cannabidiol (CBD) and other hemp-derived products for use in dietary supplements. The bill—H.R. 8179—was co-sponsored by Rep. Kurt Schrader (D-OR) and Rep. Morgan Griffith (R-VA) and is referred to as the “Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2020.”

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Shaky Dominos: Pennsylvania Eyes Recreational Legislation and Voters in Montana, Mississippi and South Dakota Will See Marijuana Ballot Initiatives in November

In a recent post we explored where things stood at the federal level with respect to marijuana decriminalization and legalization. The takeaway was that the focus on criminal justice reform and economic variables continue to propel cannabis to the forefront of a national discussion.

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Revamped High Times Cannabis Cup Sparks Great Interest and Long Lines in Illinois

Tuesday marked not only the start of Illinois’s inaugural High Times Cannabis Cup, but also a completely new iteration of the venerable event. For the first time ever, the general public will be judging the entries and deciding the winners, prompting eager marijuana enthusiasts to line up literally around the block to buy “judge kits.”

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IDFPR Tiebreaking Rules Are Finalized, Paving the Way to Issue Dispensary Licenses in Illinois

Good news for those awaiting the issuance of cannabis dispensary licenses by the Illinois Department of Financial and Professional Regulation (IDFPR): the department’s tiebreaking rules are now finalized, which clears what seems to be the last remaining hurdle before issuance. As we discussed previously, the IDFPR’s emergency rules for breaking ties on applicant scoring expired before the department was able to issue licenses. Without a tiebreaking mechanism in place, the IDFPR has not issued any of the 75 new dispensary licenses.

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It’s a Litigious World, After All: Great-Grandmother Arrested for CBD Oil Possession Last Year Sues Disney

As we blogged about in May 2019, a then-69-year-old great-grandmother was arrested at Disney World when an Orange County deputy found CBD oil in her purse. The incident received national attention and highlighted the confusion over federal and state laws surrounding cannabis and cannabis products.

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Latest Senate Coronavirus Relief Bill Omits Cannabis Banking Protection

Once again, the Senate appears to be punting on much-needed banking and insurance reform for the cannabis industry.  The SAFE Banking Act would allow banks and insurance companies to offer their services to marijuana-related businesses without violating federal law. As we discussed here, it’s had solid support in the House—a standalone bill passed the House with bipartisan support last year and the text of the bill was included in the House’s proposed stimulus package in May 2020.

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Significant Financing Deal A Good Sign for Cannabis Companies Large and Small

According to a recent Bloomberg article, New York-based LeafLink recently closed a significant credit facility of $250 million. Leaflink is a wholesale marketplace that connects retailers with a variety of brands and distributors in the legal cannabis marketplace. LeafLink also assists in providing liquidity to the broader market by factoring accounts receivable.

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