politics

The cannabis land grab is getting more competitive.

The Secure and Fair Enforcement (SAFE) Banking Act (a marijuana banking act) has been reintroduced to the House by Rep. Ed Perlmutter (D-CO); this bill protects financial institutions that service state-legal marijuana businesses from being penalized by federal regulators. Previously, the bill had cleared the House but did not advance in the Republican-controlled Senate. There are currently 206 cosponsors of the marijuana banking bill, as well as expressed support from 13 Republicans. The bill does not federally legalize cannabis. It also does not contain long-sought relief from a corporate income tax penalty which allows only the cost of goods sold to be deducted as an operating expense, or provisions to allow stock market listings, although SAFE would allow banks to perform custodial services for U.S. firms’ stock trading.

Cannabis reform is the hot topic in the Texas legislature this week, with lawmakers holding hearings on multiple marijuana decriminalization bills, a proposal to expand the state’s medical cannabis program and another piece of legislation concerning hemp regulations.

The NYPD has told cops how to enforce the state’s new marijuana law — which includes letting adults light up in public, ignoring the exchange of weed unless money is involved and banning vehicle searches based on smell alone.

Will the SAFE Act Become Law In 2021? The SAFE Act has been reintroduced and passed the House and now has made its way to the Senate. 

A new bill to legalize marijuana in New York was released on Saturday after lawmakers and the governor finalized a deal that has been negotiated for weeks. Votes in the legislature are now expected to take place in the coming week.

The sponsor pointed out that there aren’t limits on how much cannabis dispensaries can sell, making their owners millions in profits. But consumers have limits on how much they can buy and possess at one time.