U.S. Houses Passes the MORE Act Helping Cannabis Stakeholders

The U.S. House has passed the Marijuana Opportunity Reinvestment and Expungement Act otherwise known as the MORE Act. The proposed bill removes marijuana from the list of scheduled substances under the Controlled Substances Act and eliminates criminal penalties for an individual who manufactures, distributes, or possesses marijuana.

Sepcifically the bill:

• requires the Bureau of Labor Statistics to regularly publish demographic data on cannabis business owners and employees, 

• establishes a trust fund to support various programs and services for individuals and businesses in communities impacted by the war on drugs, 

• imposes an excise tax on cannabis products produced in or imported into the United States and an occupational tax on cannabis production facilities and export warehouses, 

• makes Small Business Administration loans and services available to entities that are cannabis-related legitimate businesses or service providers, 

• prohibits the denial of federal public benefits to a person on the basis of certain cannabis-related conduct or convictions, 

• prohibits the denial of benefits and protections under immigration laws on the basis of a cannabis-related event (e.g., conduct or a conviction), 

• establishes a process to expunge convictions and conduct sentencing review hearings related to federal cannabis offenses, 

• directs the Government Accountability Office to study the societal impact of state legalization of recreational cannabis,

• directs the National Highway Traffic Safety Administration to study methods for determining whether a driver is impaired by marijuana, 

• directs the National Institute for Occupational Safety and Health to study the impact of state legalization of recreational cannabis on the workplace, and 

• directs the Department of Education to study the impact of state legalization of recreational cannabis on schools and school-aged children.

The bill H.R. 3617 can be viewed here. The bill faces an unknown future in the U.S. Senate. 

Lanton Law is a national boutique law and lobbying firm that focuses on healthcare/life sciences and technology. Specifically we have expertise in cannabis and CBD related issues.

If you are an industry stakeholder with questions about the current landscape or if you would like to discuss how your organization’s strategic initiatives might be impacted by either Congress, regulatory agencies or legal decisions, contact us today.

SAFE Banking Act introduced Into the U.S. Senate

U.S. Senators Merkley (D-OR) and Daines (R-MT) have introduced the Secure and Fair Enforcement (SAFE) Banking Act, to ensure that legal cannabis operators have access to banking services. The bill can be viewed here.  

According to the press release, the proposed bill prevents federal banking regulators from the following: 

• Prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business (such as an lawyer or landlord providing services to a legal cannabis business);

• Terminating or limiting a bank’s federal deposit insurance solely because the bank is providing services to a state-sanctioned cannabis business or associated business;

• Recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses; or

• Taking any action on a loan to an owner or operator of a cannabis-related business.

Furthermore, the press release states that bill also:

• Creates a safe harbor from criminal prosecution and liability and asset forfeiture for banks and their officers and employees who provide financial services to legitimate, state-sanctioned cannabis businesses, while maintaining banks’ right to choose not to offer those services. The bill also provides protections for hemp and hemp-derived CBD related businesses.

• Requires banks to comply with current Financial Crimes Enforcement Network (FinCEN) guidance, while at the same time allowing FinCEN guidance to be streamlined over time as states and the federal government adapt to legalized medicinal and recreational cannabis policies.

The House version has already been filed for this Congressional session. Additional background on this bill and issue can be found on Congressman Perlmutter’s website.

Lanton Law is a national boutique law and lobbying firm that focuses on healthcare/life sciences and technology. Specifically our cannabis practice helps all supply chain entities from growers, financiers, suppliers, dispensers to ancillary services.

If you are an industry stakeholder with questions about the current landscape or if you would like to discuss how your organization’s strategic initiatives might be impacted by either Congress, regulatory agencies or legal decisions, contact us today. 

Secure and Fair Enforcement Banking Act of 2019 Still Pending in Congress

The Secure and Fair Enforcement Banking Act of 2019 (SAFE Banking Act) is still pending in Congress. Also known as H.R. 1595, the bill proposes to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses.

In May 2020 the SAFE Banking Act language was included in the U.S. House stimulus bill called the The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which aimed to provide $3 trillion in economic relief in response to the COVID-19 economic effects on the U.S.

 The bill is currently in the U.S. Senate whose future during this session is uncertain. 

Lanton Law is a national boutique law and government affairs firm that focuses on healthcare/life sciences and technology. Specifically we have expertise in cannabis and CBD related issues.

If you are an industry stakeholder with questions about the current landscape or if you would like to discuss how your organization’s strategic initiatives might be impacted by either Congress, regulatory agencies or legal decisions, contact us today!

This Week in Washington D.C.

It is widely anticipated this week that negotiation on another stimulus bill will begin on Capitol Hill. The backdrop of these negotiations are that we are starting to see an alarming increase in the number of COVID-19 infections nationwide, along with the fact that enhanced unemployment benefits that were approved in March 2020 will expire this week for many states without Congressional action to extend these benefits. The question is will we see another COVID-19 relief package that is similar to the CARES Act?

The House has been discussing $3 trillion in possible aid while the Senate is positioning for a possible $1 trillion in economic aid. At this point it is unclear where the Administration is on this issue. Major issues within this discussion are whether to include more finding for COVID-19 testing, contact tracing, etc.

The House late this spring passed a $3 trillion Heroes Act but since then the bill has been stalled in the Senate. The Senate is looking to create its own bill where the plan is the Senate version would be the blueprint to negotiate any possible further aid. It looks as though this may be the last possible economic relief bill before the election, however; this situation remains fluid. 

Lanton Law is a national boutique law and government affairs firm that focuses on healthcare/life sciences, technology and finance. If you are an industry stakeholder with questions about the current landscape or if you would like to discuss how your organization’s strategic initiatives might be impacted by either Congress, regulatory agencies or legal decisions, contact us today.