Topic: COVID-19

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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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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Arizona Group Files 420,000 Signatures Supporting Recreational Marijuana on November Ballot

Last week, Smart and Safe Arizona reportedly filed 420,000 signatures with the Arizona Secretary of State in an effort to legalize adult-use marijuana. The proposed measure would permit those 21 or older to possess up to an ounce of cannabis and cultivate up to six plants for non-commercial purposes at home, as well as allow for the expungement of certain marijuana convictions.

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Where’s the Money At? Industry Cash Crunch Exacerbated by the Pandemic

If you’ve been following the cannabis industry in 2020, you’ve likely heard the term “cash is king” more than once. This has become the industry consensus as stocks (mostly traded in Canada) began to slide after some disappointing earning numbers in the middle of 2019. That, in turn, resulted in decreased valuations and a reduction in investment capital.

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Not So Blind Item – The IDFPR is in a Pickle Over Its Tiebreaker Rule

Many in Illinois have been waiting with bated breath for the Illinois Department of Financial and Professional Regulation (IDFPR) to issue new (conditional) adult use cannabis dispensary licenses and it appears that wait may not end anytime soon. By way of background, under the Cannabis Regulation and Tax Act, an ambitious and precedent-setting social equity centered piece of legislation, these license were to be issued before May 1, 2020.

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You Won an Illinois Dispensary License, Now What?

In early January, Illinois received thousands of applications for adult-use cannabis dispensary licenses. Only 75 of those applications will be granted a license…eventually. Although the Illinois Cannabis Tax and Regulation Act (the Act) required the Illinois Department of Financial and Professional Regulation (IDFPR) to issue the licenses before May 1, 2020, Governor J.B. Pritzker and the IDFPR have delayed their issuance indefinitely due to the ongoing COVID-19 crisis.

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The Joint Status Report, A Cannabis Industry Podcast Presented by Locke Lord – Season 3, Episode 1

In the first episode since the coronavirus pandemic began, Doug and David discuss how cannabis has evolved from criminal to essential (1:50), how the lack of access to federal stimulus funds has impacted cannabis companies (6:35), and a recent Forbes article from Kris Krane detailing how legalized cannabis could serve as a jolt to the economy (12:33).

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