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.”
Read MoreOn September 21, 2020, the House of Representatives is scheduled to vote on the “Marijuana Opportunity Reinvestment and Expungement Act” or “MORE Act.” We have written about the MORE Act previously here and here. The MORE Act does not legalize marijuana nationwide, but it does remove cannabis from Schedule I of the Controlled Substances Act (thus decriminalizing it under federal law and allowing states to decide whether to legalize). It also requires the expungement of certain marijuana-related criminal records and provides for grants to communities impacted by the War on Drugs.
Read MoreGood 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.
Read MoreAmid talks of a deep recession, social unrest, and the global pandemic, cannabis legalization continues to be a relevant topic in the United States. While COVID-19 hampered many cannabis legalization and decriminalization efforts in the short term, criminal justice reform and social equity remain a driving force that keeps cannabis legalization at the forefront; it has been top of mind in states such as Illinois, Michigan, Massachusetts, and Virginia.
Read MoreOnce 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.
Read MoreIt is hard to underestimate the impact that the coronavirus and its related fallout—economic and otherwise—will have on the cannabis industry. Some of that impact will be decidedly negative. For instance, as we wrote about recently, cash is harder to come by for cannabis companies right now.
Read MoreIf 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.
Read MoreAs we arrive at the middle of June, the Illinois Department of Financial and Professional Regulation (IDFPR) has not issued any conditional adult-use cannabis dispensary licenses and, as we recently wrote about here, it may be a while before the licenses are issued. Nevertheless, those licenses will be issued eventually, and it is important that cannabis entrepreneurs begin evaluating their next steps.
Read MoreMany 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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