420 with CNW – Marijuana Justice Coalition Releases Statement on Principles for Ending Marijuana Prohibition

The Marijuana Justice Coalition, an entity that brings together different groups that want to see justice in all matters connected to marijuana, have released a statement in which they outline the principles that the federal government and Congress should bear in mind as they consider bringing an end to the prohibition of marijuana nationwide.

The entities which signed this statement include Human Rights Watch, Center for Law and Social Policy, Immigration Legal Resource Center, Students for Sensible Drug Policy, Center for American Progress, Drug Policy Alliance, and NORML, among others.

The group starts by remarking that marijuana prohibition has devastated people’s lives for decades, and that 600,000 people are arrested annually for marijuana-related offenses. However, people of color are disproportionately affected since their chance of being arrested quadruples the chance of a white person being arrested for marijuana possession even if the rates of using the substance don’t vary across the races.

The coalition also points out that minor marijuana possession was the fourth most cited cause for non-citizens being deported from the U.S. The coalition was disturbed that these arrests and deportations continue even when polls show that 68 percent of American voters favor an end to prohibition while 73 percent say that marijuana convictions should be sealed automatically.

The Marijuana Justice Coalition suggests seven principles that Congress should think about and include in any legislation that will bring cannabis prohibition to an end.

For example, they say that marijuana should be descheduled since retaining it in the Controlled Substances Act preserves the criminalization of marijuana and provides a basis for the continued enforcement of prohibitionist laws.

Any law passed should also include provisions that get rid of barriers to public benefits, such as housing, nutritional assistance and other benefits that people are otherwise entitled to or eligible for.

Additionally, the coalition wants to see protections from immigration action against non-citizens who use or participate in the marijuana industry once it is legalized federally. This is aimed at ending the arrests and deportations, as well the denial of entry into the U.S.

Another principle listed by the Marijuana Justice Coalition has language to the effect that a portion of the revenue generated by the federal government from the marijuana industry should be allocated to entities or units of local governments that will reinvest that money in communities or individuals most impacted by the prohibitionist laws, especially for removing the collateral harms (lack of access to education or housing loans, for example) of the war on drugs.

This statement comes at a time when a Congressional sub-committee is receiving testimony from different experts who are expected to shed light on how prohibition can be ended. Analysts opine that the entire cannabis industry, including players like The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) could be very pleased that this influential group has come out so strongly on the issues that will bring justice regarding all things marijuana.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – Bipartisan Senators Table Cannabis and CBD Research Bill

A bipartisan group of senators introduced legislation on Thursday (June 27) intended to facilitate federally-approved research into cannabis and its derivatives, such as cannabidiol (CBD).

The first section of the bill centers on the process through which research institutions can apply to the federal government for authorization to conduct marijuana research. If the bill passes in its current form, the U.S. attorney general would have a maximum of 60 days within which to approve the applications for cannabis research or request the applicant to avail more information.

The first section of the bill also creates a mechanism through which research organizations can get expedited approval if they want a larger quantity of Schedule I drugs, such as marijuana, for their research activities. Currently, the approval process takes a very long time and virtually renders research a near impossibility.

This section of the bill also deals with the process through which entities can apply to become manufacturers of research-grade marijuana products. At the moment, the University of Mississippi has the only federally-approved manufacturing facility across the U.S. The bill seeks to impose a 60-day deadline on the Department of Justice to approve manufacturing applications or ask the applicant to provide supplemental information.

The second section of the draft legislation focuses on the Federal Drug Administration (FDA) and how it approves drugs derived from marijuana. To encourage innovation in this area, the bill seeks to allow any accredited medical or osteopathic institutions, schools, practitioners and manufacturers who have been registered to have access to Schedule I drugs to start growing their own marijuana for research purposes.

The bill also has a provision which gives the Drug Enforcement Administration authority to scrutinize and approve applicants who wish to manufacture any approved drug that is derived from marijuana. These approved manufacturers would also be permitted to import any marijuana products that they deem necessary for doing cannabis research.

Sen. Brian Schatz (D-HI), one of the sponsors of this bill, commented that there is a lot of anecdotal evidence about the therapeutic benefits of marijuana and its derivatives, but the country cannot rely on anecdotal evidence to make policies about the treatment of health conditions. He added that the bill is intended to remove the barriers that make it difficult for the needed research to be conducted to ascertain the truth in the claims regarding marijuana’s medicinal effects.

The 22-page bill has been endorsed by a number of mainstream medical associations, such as the American Medical Association, American Academy of Pediatrics, American Society of Addiction Medicine and American Psychological Association. Several pro-marijuana advocacy groups, such as NORML and Americans for Safe Access have also voiced their support for this draft legislation.

Marijuana industry analysts think that the entire cannabis industry, including players like Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), will be keeping its fingers crossed hoping to see this bill become law.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – How Marijuana Legalization Law in Illinois Differs from All Others

If, as is widely expected, Gov. Pritzker signs a bill that was passed to legalize recreational cannabis in Illinois, the state’s legalization law will be different from all others in several aspects.

First, Illinois will have defied the odds to legalize adult-use marijuana legislatively. All the other ten states have done so through voter initiatives. Lawmakers in New Jersey and New York at one time seemed poised to pass bills legalizing recreational marijuana but intraparty disagreements have torpedoed those plans.

Another way in which Illinois’ law is unique is that it contains provisions which are aimed at promoting social equity in the marijuana industry. The law creates a Cannabis Business Development Fund through which minorities will be supported to join the legal industry. $12million has been earmarked for this fund and a fraction of the fees levied on players in the cannabis industry will go to this fund as well.

Additionally, licensing fees will be lowered for applicants from minority communities who wish to start recreational marijuana businesses. Loans will also be given to these “equity” applicants at low interest rates. This will address the longstanding difficulty that members of these communities have always had when it comes to accessing business loans.

The law also stipulates that at least eight community colleges should offer marijuana business education programs by September 2020. A minimum of five of those colleges should enroll at least half of their students from low-income communities since those are the primary beneficiaries of this provision in the law.

Another unique feature of the Illinois law is that 25 percent of the sales tax levied on recreational marijuana sales as well as 25 percent of all other fees levied in the industry will go towards funding a “Restore, Reinvent and Renew” program through which grants will be given for the purpose of combating violence and revitalizing the communities most affected by the war on drugs.

The lawmakers in Illinois didn’t just talk about social justice and equity; they went all out and formulated a law which spells out exactly how these ideals will be brought to life in the state. This law is certainly going to be a model from which other jurisdictions borrow ideas when formulating their own laws.

One has no choice but to believe that the entire marijuana industry, including Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), are likely to be pleased by this cannabis news coming out of Illinois.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – NBA Commissioner Says the League’s Cannabis Rules Could Be Updated

After the NFL announced that it was studying the possibility of using marijuana as a pain treatment for players, the NBA Commissioner Adam Silver has revealed that they too are considering the matter.

While the Commissioner was non-committal about when the rule changes would be made, he did admit that the matter was up for discussion with NBAPA (NBA Players Association).

Any changes to the marijuana rules of the NBA can only come as an inclusion in the collective bargaining agreement signed with the players association. However, the commissioner says that the players haven’t reached a consensus on the matter, so more discussions are needed to get everyone on board.

Commissioner Silver revealed that some players are concerned that if a teammate gets on the court while high on marijuana, such as player could let down the entire team by not giving the game their all.

Silver also said that in his opinion, there was nothing wrong with a player taking some cannabis as a way of winding down after a major game. To him, this is no different than taking a drink, and he feels that the NBA hasn’t moved with the times in permitting such social use of marijuana.

Silver is also open to looking into the medical uses, such as pain relief, of cannabis for NBA players. This is major attitude shift from the position he held two years ago when he told the press that he saw no need to amend the NBA policies to accommodate medical marijuana.

While the commissioner hasn’t made any firm commitments regarding reforming the cannabis policy of the league, the good news is that he is open to the possibility. However, any changes to be made are likely to take a few more years before coming into force since the current collective bargaining agreement with the association of players is still in force until the 2023/24 season comes to an end.

All the same, the fact that the NBA and other sports associations are looking into the potential benefits of marijuana is good news to advocates since such associations have always been notoriously conservative.

The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) hope that the NFL updates its marijuana rules next year as is widely expected. This will open the way for other associations to follow this lead and update their own policies as well so that players enjoy the benefits of marijuana.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – Spanish Company Develops First THC-Free Cannabis Plant

A Spanish company, Hemp Trading, has developed a new cannabis strain that has no THC. This development became possible after the company partnered with UPV (Universitat Politecnica de Valencia) university in Spain. The new cannabis plant is expected to have numerous therapeutic benefits.

This first-of-a-kind marijuana strain has no legal restrictions imposed upon it since it doesn’t contain any controlled ingredient in it, especially the psychoactive THC which is responsible for the controlled substance status of marijuana around the world.

Ernesto Liosa, the CEO of Hemp Trading, reveals that the company developed this unique cannabis strain by blocking some of the steps through which the biosynthesis of cannabinoids takes place as a cannabis plant grows.

The company’s scientists managed to block the formation of THC while increasing the quantity of cannabigerol (CBG). CBG has several possible medicinal effects. The researchers discovered that CBG is the first cannabinoid of cannabis to form. Consequently, CBG can be regarded as the “mother cell of marijuana” because as the plant grows, CBG is transformed into the two major known cannabinoids (CBD and THC) as well as the other dozens of cannabinoids present in cannabis. This conversion causes CBG to disappear almost completely.

This research has therefore made it possible for the levels of CBG in cannabis to be elevated to concentrations which were unheard of. The other strains of marijuana on the market have concentrations of CBG which range between 0.1 percent and 0.5 percent. The strain developed by Hemp Trading raises the CBG concentration to 15 percent.

The minute quantity of CBG in the current cannabis plants meant that hardly any research was done on this cannabinoid by the scientific community. Most attention went to CBD and THC since these occur in large amounts in most cannabis plants.

Now that CBG has been boosted to 15 percent, the way has been opened for the scientific community to look into the potential therapeutic uses of this cannabinoid.

CBG holds great promise because it is easier to extract when compared to how CBD is extracted from the existing strains of marijuana. The extracts have to be purified to get rid of the THC content. Even hemp which is known for its low THC level must also undergo this purification process in order to eliminate those trace amounts of THC.

The strain developed by UPV and Hemp Trading will be more affordable to process in order to extract the CBG since there is no THC in the plant. The savings made during this extraction process are certain to make the products more competitive on the market.

So far, CBG has been linked to fighting inflammation, reducing intraocular pressure (thereby showing promise in fighting glaucoma), fighting insomnia and depression. More research is likely to unearth additional therapeutic benefits.

Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) and Sugarmade Inc. (OTCQB: SGMD) congratulate Hemp Trading and UPV upon their groundbreaking research which will take the medical cannabis sector to another level.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – New Jersey May Turn to a Referendum to Legalize Recreational Marijuana

As it becomes increasingly clear that the bill to legalize recreational marijuana is unlikely to get enough support in the New Jersey senate, lawmakers are beginning to consider the possibility of letting voters make the decision through a referendum in 2020.

It is now six weeks since a vote on the legalization bill was suddenly called off, but legislative leaders and Gov. Murphy don’t seem to have made any progress is securing the “2-5 votes” needed to guarantee that the legalization bill will pass on the senate floor. The Assembly doesn’t have the same problem and they are just waiting for the senate to be ready before they vote to pass the bill.

That wait doesn’t show any signs of ending soon, and some lawmakers are beginning to float the possibility of letting voters have the final say on marijuana legalization.

New Jersey is unique from other states because voters cannot initiate a referendum or ballot measure as it is known elsewhere in the country. Instead, legislators have to agree and draft the appropriate referendum question so that voters cast their ballots for or against the question presented.

Gov. Murphy laid down a deadline of end of May and threatened to expand the medical marijuana program administratively if the legalization bill isn’t passed by that time. Expanding the medical marijuana program would most likely spell doom for legalization by legislative means since there will be no urgency to debate and pass a standalone recreational marijuana legalization bill.

Sen. Nicholas Scutari (D-Union County), who drafted the legalization bill, is of the opinion that pursuing legislative means to legalize recreational marijuana would bring better and faster results than using a referendum to change the law.

Scutari added that for a referendum to be binding, it needs to be drafted to the effect that the constitution would be amended to allow recreational marijuana in the state. The state should only resort to a referendum if all else fails, he affirmed.

Gov. Phil Murphy is interested in seeing the recreational marijuana bill passed, but the cries of patients who want to see the medical marijuana program expanded may force him to act on having the medical marijuana expansion bill passed on its own. For example, the six existing dispensaries are woefully inadequate to serve the more than 40,000 medical marijuana cardholders.

Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and Sugarmade Inc. (OTCQB: SGMD) call on the lawmakers to put aside their differences so that the people of New Jersey aren’t forced to wait for years before recreational marijuana is legal in the state.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – Moosehead Teams up With Sproutly Canada to Produce Cannabis Beverages

Moosehead Breweries Ltd, one of the largest breweries in Canada, has announced that it plans to form a joint venture with Sproutly Canada, Inc. in order to make cannabis-infused drinks. The drinks will be introduced on the Canadian market by the end of this year.

Andrew Oland, the CEO of Moosehead Breweries Ltd, said that the company wants to enter the cannabis beverages space as soon as the federal government in Canada releases rules to regulate cannabis edibles in the country.

As a leader in the beer industry, Moosehead is convinced that the company is well placed to be a major player in the cannabis drinks sector.

Once the joint venture is finalized, Mathew Oland will be its head. Mathew Oland is a former Vice President of Moosehead Breweries and in that role, he superintended the supply chain infrastructure of the brewery. While at the joint venture, Mathew Oland will oversee Research and Development (R&D), procurement and distribution as well as the operations of the new entity. A name for the joint venture hasn’t yet been agreed upon. The financial aspects of the joint venture are also yet to be finalized.

Keith Dolo, the CEO of Sproutly Canada, revealed that the joint venture will be given exclusive rights to use Sproutly Canada’s technology for five years, which can be extended for two more years.

Dolo added that working with Moosehead will expedite the process of getting the drinks developed to the market in a sector that is expected to be highly competitive.

To get an idea about how tough the competition is likely to get, consider the fact that Canopy Growth and Constellation Brands are finalizing a bottling line for cannabis beverages. Another cannabis company, Hexo Corp. also teamed up with Molson Coors Brewing Company to make marijuana-infused drinks. Other small players have also expressed their interest in entering the cannabis drinks market.

However, the drinks made using Sproutly Canada’s technology may have an edge in the industry since this technology shortens the time within which a person can feel the effect of the drink he or she has consumed.

Just for comparison purposes, the cannabis drinks available in California take more than an hour to kick in and the effects wear off between 4-8 hours later. In contrast, Sproutly’s technology results in a cannabis drink whose effects are felt within five minutes and those effects wear off in less than two hours. No prizes for guessing which product stands a higher chance of being a hit in the market!

Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and Sugarmade Inc. (OTCQB: SGMD) congratulate Sproutly Canada, Inc. and Moosehead Breweries Ltd upon their desire to form a joint venture so that Canadians can have an increased number of options to select from when they want a cannabis beverage.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – Maine Releases Recreational Marijuana Draft Rules

Ever since voters in Maine approved a ballot measure to legalize recreational marijuana in 2016, the state had never formulated rules to regulate the commercialization of adult-use cannabis even if residents were allowed to grow a limited number of cannabis plants soon after the midterm vote that paved the way for recreational marijuana. Two years later, the state has released its draft rules indicating how the recreational market will be regulated.

The draft rules indicate that applicants will first have to obtain a conditional license from the state before getting the approval of the town or city where the applicants wish to operate their recreational marijuana businesses. Once the local authority approves, then the state will give the applicant a license that is valid for 12 months.

According to the draft rules, the state will take approximately 90 days before giving applicants the conditional license (the first step of the licensing process). During that time, the state will look into the criminal background of the applicant as well as any other needed checks before the applicant is given the conditional license.

However, the biggest hurdle that applicants may have to navigate is the different conditions that local authorities (towns and cities) will impose before one obtains their approval. Some local jurisdictions have already formulated their own recreational cannabis rules while others are holding out until the state releases their final rules. The local authorities will then analyze those state rules and decide whether recreational marijuana will be allowed within their jurisdictions or not.

The draft rules released by the state indicate that any local authority that doesn’t pass its own recreational marijuana rules will remain cannabis-free since their non-action will be deemed as a lack of interest in having recreational marijuana businesses within their jurisdiction.

It is also worth noting that the draft rules restrict the ownership of recreational cannabis businesses within Maine to residents of the state. Corporate veils to sidestep this requirement are strictly prohibited.

In fact, the rules state that from June 2021, only residents who have filed their tax returns in Maine for at least 4 years will be eligible for marijuana business licenses. The ballot measure that legalized recreational marijuana had stated that medical cannabis businesses would be given first priority when issuing recreational cannabis licenses.

However, that provision was changed legislatively so that the emphasis could be placed on being a resident of the state. This change was intended to ensure that Mainers benefited from this industry.

The draft rules go deeper into the specific conditions that one must fulfill in order to obtain a cultivation, product manufacturing and retail license. Rules governing product testing will be released later, and they will not need legislative approval.

The current draft rules are now open to public comment and the state hopes to start receiving applications later this year if the legislators can approve the draft rules before the summer break of the legislature commences.

Sugarmade, Inc. (OTCQB: SGMD) and Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) hope that the long-awaited draft rules will be processed quickly so that Maine can enjoy the benefits of commercializing recreational cannabis.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – New Mexico Makes Sweeping Changes to its Medical Cannabis Law

Ever since the Compassionate Use Act was signed into law in 2007, no major changes had been made to it until last week when Gov. Michele Grisham appended her signature to Senate Bill 406. This bill, now a law, makes numerous changes to the medical cannabis law of New Mexico.

One major change that will take effect on June 14 has to do with medical cannabis in schools. Under the updated law, medical cannabis will be administered on school premises under specific circumstances. For this to happen, parents of kids on medical cannabis will present to the school a detailed treatment plan designed by a medical professional.

However, schools will still reserve the right to accept or outlaw medical marijuana if the school district thinks that their federal funding may be at risk.

The new changes to the law will also allow patients who have a license to grow their own medical marijuana to take their produce to a manufacturer for processing into edibles, concentrates or any other form desired by the patient. This will, of course, be at the expense of the patient.

Previously, only Non-Profit producers of medical marijuana could take it to manufacturers for processing.

Medical cannabis users from other states also have a reason to smile after the governor signed this bill. Out-of-state medical cannabis users will now be able to take part in the medical marijuana program of New Mexico. Previously, only residents could benefit from this program.

The validity period of medical cannabis cards issued by New Mexico has also been extended from one year to three years. This will save the time and expenses associated with renewing a card each year.

It has also been hard for patients to find a place outside their homes where they can consume medical cannabis. The new law intends to put an end to this since it contains provisions for the licensing of consumption areas. The only condition here is that those consumption areas have to be approved by the New Mexico Department of Health.

The law has provisions that cement the protections accorded to patients using medical cannabis. For example, a patient will not be fired from a job just because he or she uses medical cannabis. However, this protection doesn’t save you from being fired if you are under the influence while at your job. Similarly, a parent will not be denied visitation or custody rights on account of being a user of medical cannabis.

The entire cannabis industry, including Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), welcomes the updates which have been made to the cannabis law in New Mexico in order to bring the law in line with the evolving needs of the patients using medical marijuana.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – Congressional Committee Approves Marijuana Banking Bill

On Thursday last week (March 28), the House Financial Services Committee voted to pass a bill that will make it easier for cannabis businesses to access banking services. The bill will now be scheduled for consideration by the entire House after it passed at the committee level when 45 legislators voted in favor while 15 voted against the bill.

Marijuana advocates see this committee action as a sign that the Democrats who dominate the House are finally making good on their support for cannabis law reform.

The bill seeks to make it possible for marijuana businesses to get access to banking services without any fear of federal action against them. Some of these businesses are working with some banks, but the majority of the financial services providers are reluctant to accept cannabis businesses as clients for fear of violating federal money laundering or illicit drug laws.

The SAFE Act was passed after being debated for several days in which a number of amendments were considered and either passed or rejected when a vote on them was called.

For example, one amendment sought to compel the federal government to conduct research on inclusion and diversity in the cannabis industry so that the damage caused by the war on drugs on minorities can be corrected.

Another amendment that was included in the bill added insurance companies to the list of entities that would be protected by the SAFE Act. It should be remembered that cannabis businesses have also been finding it hard to access insurance services that are vital for any business. If the bill becomes law, then marijuana companies will be able to access insurance services in the same way that other legitimate businesses can.

Another amendment added will compel the Government Accountability Office to study the reports banks are required to file about the marijuana businesses they have as clients. This examination is intended to find out how effective those reports are in helping the authorities to unearth illegal activity.

Those reporting requirements have previously been mentioned as one of the major reasons why it is very expensive for cannabis businesses to access banking services even when some banks are willing to accept these businesses as clients.

One proposed amendment tabled by a Republican legislator wanted to delay the implementation of the SAFE Act until the federal government rescheduled marijuana. Sensing that the amendment wouldn’t pass, the mover withdrew it before it could be voted on.

Many of the amendments that were rejected were mainly proposed by Republicans who wanted to cleverly water down the impact of the proposed law or even render it unenforceable. But the Democrats used their majority on the committee to sidestep all those traps.

Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and others in the space are glad that Congress is finally acting to enact laws that bring U.S. cannabis businesses into the fold of all other legitimate businesses across the country.

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