ALEXANDRIA, Va.—Each week, NACS brings you a roundup of news and information on cannabis and CBD to help update you on the fast-moving products and their legality. Here are the topics in the news for the week of August 12–16:
U.S. Federal Activity
State and Local Activity
- Schumer Announces Hemp Seed Bank Funding. On August 2, Senate Minority Leader Charles Schumer (D-NY) announced $500,000 in federal funding for the U.S. Department of Agriculture's Agriculture Research Service to create the nation’s only industrial hemp seed bank at Cornell AgriTech in Geneva, New York. This funding was included in the Fiscal Year 2019 Omnibus Spending Package. (Source: Cornell Chronical)
- National Credit Union Administration Says Credit Unions Won’t Be Punished for Marijuana Banking. National Credit Union Administration (NCUA) Chairman Rodney Hood said that credit unions in states where marijuana is legal will not be punished for providing services to cannabis-related businesses as long as they comply with other laws. (Source: Credit Union Times)
- Hemp-based CBD Drinks Popular in Central Florida. Sunshine State Distributing is distributing the Los Angeles-based Vybes and Central Florida-based Elev8, both of which contain hemp-derived Cannabidiol (CBD). (Source: Orlando Sentinel)
- Three Michigan Communities Voted Against Allowing Marijuana Businesses. On August 6, three communities in Michigan rejected proposals to allow businesses to sell marijuana in their towns. (Source: Detroit Free Press)
- New York Bill Could Create Hemp and CBD Boom for State. A bill approved in June by the New York state legislature would let people commercially grow hemp for CBD, subject to regulation by the state’s Department of Agriculture and Markets. It would also allow for the sale of CBD-infused beverages that are made in New York, opening a potentially huge market for the state’s growers as authorities crack down on CBD products. (Source: the Wall Street Journal)
- New Mexico Cannabis Legislation Working Group Schedules Hearing. The New Mexico Governor’s Working Group on Cannabis Legislation has scheduled its first hearing for August 14. The group is exploring options for legalizing marijuana in the state in 2020. (Source: Marijuana Moment)
- Arizona Iced Tea Maker Enters Cannabis Market. Arizona Beverage Co. has reached a licensing deal with Dixie Brands Inc., a Denver-based cannabis company that makes and sells weed vaporizers, candies, drinks, tinctures and topical creams in five U.S. states. (Source: the Wall Street Journal)
- Retailers See Promise in CBD And Hemp Products. Thanks to the passing of the 2018 Farm Bill which contained a provision legalizing hemp, hemp-derived cannabidiol (CBD) is on major retailers’ radar. (Source: Forbes)
NACS has prepared a fact sheet (for members only) to help you navigate what’s legal and what’s not for CBD retailing. Don’t miss the Federal Cannabis Legislation Tracker covering bills that have been introduced in Congress in 2019 pertaining to marijuana legalization that may affect retailers.
NACS has designed two specialized education sessions for this year’s NACS Show in Atlanta to help convenience retailers better understand CBD product offerings: “Cannabis, Marijuana, CBD: The Practical and Legal Outlook” and “CBD, Hemp, Edibles: What Retailers Need to Know About this New Category.” In addition, the Expo will include a new pavilion in Hall C featuring CBD products.