Legalization and Licensing Milestones
New York City
New York City Mayor Eric Adams has proposed an investment of $4.8 Million in the 2023 fiscal year budget to help support the growth of the cannabis industry in New York City. The funding will create outreach agencies and programs that focus on those communities impacted by the war on drugs. It also supports new businesses seeking licenses to operate dispensaries and other cannabis businesses in New York City. It is a positive approach and the Mayor has committed to work with state and local leaders to make New York the most equitable cannabis industry and a model for the entire nation.
Read about it in Financial Regulation News.
In our March Newsletter we mentioned that Governor Phil Murphy updated his state budget to reflect the anticipated revenue that legal marijuana will generate for his state. Well, that revenue started to be generated April 21 when New Jersey opened 13 approved dispensaries to sell up to one ounce of marijuana to adults 21 years and older. Indeed there was traffic along the routes where the dispensaries were located, and long lines to get in, and at some of the dispensaries, sales were done by appointment only. Adult sales started and it was an historic day indeed.
Kudos to the recent Pennsylvania Senate who gave a bi-partisan approved vote to allow legal cannabis businesses access to better banking and insurance services. The bill authorizes but does not require banks and insurers to provide services to cannabis businesses. Banks and insurers are protected against penalties for providing such services.
In our March Newsletter we highlighted how the lack of Federal legalization is an obstacle for legitimate businesses to be successful. Federal illegalization constantly and negatively impacts cannabis business owners from getting service from financial institutions in states where cannabis is legal. Representative Ed Perlmutter (D-CO) has urged his colleagues to at least pass the SAFE Banking Act as a first step to help cannabis businesses in the absence of Federal Legalization. Read about Perlmutter’s appeal to his colleagues.
Health and Cannabis
Alternative treatments and medications that the cannabis plant has to offer are vigorously sought after by those suffering from many medical conditions. This month we highlight Parkinson’s Disease. Parkinson’s is a neurodegenerative disorder that affects the dopamine-producing (“dopaminergic”) neurons in a specific area of the brain called substantia nigra. The Parkinson’s Foundation asserts that more research is needed to determine how cannabis should be administered and how the long-term use of cannabis might affect Parkinson’s patients manage their tremors, balance issues, limb rigidity and slow movements that result from Parkinson’s Disease.
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Weedmaps Networking Mixer Lead Sponsor and Exhibitor Keynote: In Conversation With… Chris Beals
Weedmaps has grown its brand under the tutelage of Chris Beals, CEO Weedmaps. He began his journey at Weedmaps as General Counsel. Today, Chris Beals is the leader building and overseeing a variety of partnerships that have helped to build Weedmaps’ mission – to provide technology solutions in the industry for inclusive, safe and convenient access for all consumers. Attend this much anticipated Keynote, “In Conversation With…Chris Beals,” moderated by industry journalist, Mona Zhang, States Cannabis Policy Reporter for POLITICO at CWCBExpo New York!
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The CWCBExpo Yacht Party is Back!
The famous Industry Yacht party will take place at the end of Day 2 of the CWCBExpo, on Friday, June 3, from 6pm to 10pm. Boarding will be from the pier behind the Javits Center. You must be registered at CWCBExpo to attend.