NY Cannabis Discontent Spreads, NV Sen. Wants Banking Bill To Include SBA Services & More Marijuana Regs

Senator Pushes To Amend Marijuana Banking Bill To Offer Access To SBA Services

As cannabis banking reform awaits further legislative action in Congress, a Democratic U.S. Senate member seeks to allow cannabis businesses to utilize the federal Small Business Administration (SBA) services, reported Marijuana Moment.

The lawmakers "must fully support legally-operating cannabis small businesses, & that means giving them access to [SBA] loans & resources," Sen. Jacky Rosen (D-NV) wrote in a Tuesday tweet. "We must include my bill to level the playing field for these small businesses in the bipartisan SAFE Banking Act."

The cannabis banking reform bill got a hearing in the U.S. Senate Committee on Banking last week.

New Jersey Cannabis Home Grow For Medicine Bill Gets More Sponsors

The number of New Jersey Senate and Assembly members supporting the cannabis home grow for medicine bill is growing, reported Heady NJ.

State Senator Edward Durr (R-Gloucester) and N.J. Deputy Republican State Senate Leader Robert Singer (R-Ocean) endorsed S 342 on the Senate side.

In Assembly, Assemblyman Tom Giblin (D-Essex) co-sponsored the bill A997, the chamber's version of the cannabis grow for the medicine bill.

19 And Ready To Work In Marijuana Dispensary? This Michigan Bill Says Yes

A new legislative push in Michigan is seeking to allow 19 to 21-year-olds to work in dispensaries and other marijuana facilities. The House Regulatory Reform Committee unanimously green-lighted the bill on Tuesday, sending it to the House floor, reported Bridge Michigan.

House Bill 4322, from Westland Democrat Kevin Coleman, would allow those above 19 to participate in the state's burgeoning marijuana industry. The policy change would not make it legal for them to use recreational cannabis though.

"This bill isn't about young folks consuming cannabis or changing their behavior around cannabis," Coleman said during the committee hearing. It would allow "young folks to get in and learn the industry firsthand and to have an opportunity to become entrepreneurs themselves in a growing industry," he explained.

Canada Reaps CA$1.5 Billion in Tax, Profits From Legal Marijuana In Past Two Fiscal Years

The Canadian government has garnered over $CA1.5 billion ($1.12 billion) in cannabis profit and tax revenue over the 2021 and 2022 fiscal years, reported Marijuana Business Daily, citing data from Statistics Canada.

Moreover, in fiscal 2022, which ended in March, province-owned cannabis businesses collected CA$1.55 billion in total net income plus total taxes and other revenue.

The total duty evaluated by the Canada Revenue Agency grew to CA$ 752.5 million over the last two fiscal years, representing a 46% increase from the 2020-2021 fiscal year, when the federal government pulled in CA$ 514 million.

Growing List Of Allegations Against DASNY For Involvement In NY Cannabis Industry

A group of New York CAURD licensees sent a letter to the heads of the state's cannabis regulatory bodies voicing concerns around DASNY's "alarming and unacceptable" absence of communication and transparency, reported Syracuse.

The competition between DASNY and CAURD licensees for retail locations has kicked off after Gov. Kathy Hochul directed DASNY last year to find a fund manager to raise $150 million from private investors to fund the state's Social Equity Cannabis Investment Fund. The state was supposed to contribute an additional $50 million to create a $200 million fund.

With the fund still pending its first investment, the licensees also pointed out its "poor structuring, inexperienced management, and a failure to appropriately align incentives for all stakeholders."

The Cannabis Association of New York also backed the new push, sending the letter to state senators and assembly members alleging that DASNY president Reuben McDaniel may hold a potential conflict of interest arising from his role as a Cannabis Control Board member.

NY CAURD Coalition's members followed suit by sending a letter supporting the CAURD cohort's recent efforts to push the state to raise the remaining money in the cannabis social equity fund.

PA Hemp Initiative To Expand Supply Chain Reach

Pennsylvania's hemp stakeholders have kicked off an initiative to promote the formation of regional supply chains for various hemp-based products, reported Hemp Today.

Pennsylvanian Industrial Hemp Engine (PIHE) plans to utilize the $1 million granted by the National Science Foundation recently, to develop products for construction, packaging, textiles, renewable energy and land remediation.

The organization plans to "build a plant and place-based economic ecosystem grounded in innovation, education, inclusion, and translation of technology to industrial applications," according to its website.​

Photo: Courtesy of Kindel Media by Pixabay and Roberto Vivancos by Pexels