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 May 20–24:
U.S. Federal Activity
State and Local Activity
- State Bankers Associations Ask Senate Banking Committee to Hold Hearings on Marijuana Banking Issue. On May 20, 51 state bankers associations asked the Senate Banking Committee to convene hearings on “the merits of providing cannabis-related businesses access to banking services.” Despite passing the House Financial Services Committee in March, the Senate Banking Committee has not considered the Secure and Fair Enforcement (SAFE) Banking Act, a banking bill that would enable financial institutions to service cannabis businesses. (Sources: ABA, Letter, Politico Pro)
- State Treasurers Pass Resolution Supporting SAFE Banking Act. The National Association of State Treasurers (NAST) passed a resolution on May 17 in support of Congress advancing legislation that would enable financial institutions to service cannabis businesses, known as the Secure and Fair Enforcement (SAFE) Banking Act. (Source: NAST)
- Senator Asks Small Business Administration Official About Marijuana Business Barriers. During a Senate Small Business and Entrepreneurship Committee hearing on May 22, Senator Jacky Rosen (D-NV) asked Major Clark, acting chief counsel of the office of advocacy at the Small Business Administration (SBA), about the laws and regulations that prohibit small business growth in states that have legalized marijuana (Source: Marijuana Moment).
- California Senate Votes to Create Banks Specific to the Marijuana Industry. The California Senate voted on May 21 to allow for the creation of banks and credit unions in the state that can accept cash deposits from marijuana retailers. (Sources: Fox Business, CNBC)
- Maine Conducts Hearing on Draft Marijuana Rules. The Maine Office of Marijuana Policy held the public hearing on May 23 on the state’s draft marijuana regulations that will facilitate legalization. Witnesses at the hearing urged state officials to consider small businesses as they draft the rules. (Source: AP)
- Sheetz Announces Launch of CBD Products in Pennsylvania Stores. According to an announcement on May 23, the company will begin to sell a selection of CBD products in their stores across Pennsylvania. The products, which are only available to customers over the age of 18, will be kept behind the counter. (Source: WJAC, WTAE)
- Cannabis Investment Firm Enlists Former Democratic Lawmakers. Former New York Representative Joe Crowley and former South Dakota Senator Tom Daschle have joined the Northern Swan Holdings advisory board, a firm focused on marijuana and hemp production. They are the latest politicians to enter the legal cannabis industry. (Source: Bloomberg).
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 just-added Federal Cannabis Legislation Tracker covering bills that have been introduced in Congress in 2019 pertaining to marijuana legalization that may affect retailers.