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The Week in Weed: September 4, 2020

The Blunt Truth

And speaking of CBD, Seyfarth has a program coming up on that topic. Nebraska Secretary of State Bob Evnen approved a medical marijuana initiative to appear on the November ballot late last week. It’s been a busy week for the Golden State. Assembly Bill 1525 allows cannabis banking under California state law.

DEA 98
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American Bar Association Urges Congress To Let States Set Their Own Marijuana Policies

SMPL

Though ABA specified that it was not taking a position on marijuana legalization generally, it recognized that conflicting federal and state cannabis policies are untenable and have created complications for cannabis businesses operating in compliance with state law.

Policy 40
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The Lawsuit to End Federal Cannabis Prohibition Wouldn’t Really End Federal Cannabis Prohibition

Canna Law Blog

If you had that impression, it may be because reporting on this topic has been subpar. In short, state-legal marijuana businesses would be treated more like other businesses, outside of the frustrating prohibition on marijuana crossing state lines. Many of the headlines are incomplete or downright misleading.

Topical 115
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CPA Journal Article: “Providing Services to the Marijuana Industry”

Cannabis Law Report

This conflict between federal and state law has raised concerns among CPAs providing services to the marijuana industry. States Legalizing Marijuana. Barr also noted that Congress needs to make a decision as to whether federal law should be changed or followed. State Board Positions. 15, 2019, [link] ).

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New Kid on the Block: States Reform Act

Canna Law Blog

This includes bills on banking (see the SAFE Banking Act , which has passed the House no less than five times) and overall federal legalization (see the MORE Act as well as its sister Senate legislation, the Cannabis Administration Opportunity Act (“CAOA”)). The enforcement role moves from DEA to ATF.

DEA 91
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Schumer Introduces Legislation “Cannabis Administration & Opportunity Act” … Everybody Has An Opinion

Cannabis Law Report

“Closing the door on broadly supported incremental reforms like the SAFE Banking Act while the Senate seeks compromise on farther-reaching bills hurts the possibilities for consensus and ignores the very real needs of small business operators who have repeatedly said that access to banking services and traditional lending is an existential issue.