Vote On Marijuana Banking Expected Soon, Colorado Regulators Running Out Of Money & More Pot Reg Updates

Vote on Marijuana Banking Expected Within Two to Three Weeks

The Senate Banking Committee led by Ohio Senator Sherrod Brown, Committee Chair, heard testimony on the SAFE Banking Act on May 11 for nearly two hours before adjourning without a vote.

Brown said recently a long-awaited vote on cannabis banking reform could take place "in the next two or three weeks," as the panel would consider other measures as well, reported Marijuana Moment.

"The Committee is managing several priorities, including the Fend Off Fentanyl Act and bank executive accountability legislation," the lawmaker's office told Marijuana Moment on Thursday. "The Committee will markup SAFE Banking soon."

The exact date will be known following negotiations with the panel's Republican ranking member.

Sen. Markey Details How Big Business is Taking Advantage of Marijuana Regulations

Meanwhile, the lack of federal regulation of cannabis is not only affecting the banking aspect of the industry. Moreover, a state-by-state regulatory framework is resulting in large corporations dominating the space, Sen. Ed Markey (D-MA) said recently.

A pre-recorded video featuring Markey shows what to expect from the Federal Cannabis Policy Crash Course, which the Parabola Center for Law and Policy organizes.

Those participating, including cannabis advocates, policymakers and small business owners, will have a chance to learn more about federal cannabis policy at the Boston Public Library this Saturday.

Shaleen Title, founder and director of the Parabola Center, told Marijuana Moment that "monopolies are a product of concrete policy choices."

"As we move from this patchwork of state laws to one consistent set of standards, we can choose to promote fairness and competition and avoid a model that only works for a few massive companies, like Big Tobacco and Big Pharma," Title added.

New Ad Campaign In New Mexico Pushes For Safe Cannabis Use

The state's Cannabis Control Division kicked off a new ad campaign to remind New Mexicans about the regulatory framework around the plant, reported KOB 4. Besides TV commercials, the campaign will feature radio spots and billboards with the theme "Yes & Knows."

"The Cannabis Control Division is committed to being a helpful ally in the New Mexico cannabis market. We recognize the need for education in this new cannabis industry," Linda Trujillo, Regulation and Licensing Department Superintendent, said. "This campaign opens the conversation for responsible storage and safe cannabis consumption."

Colorado Cannabis Regulator Is Running Out Of Money

Cannabis businesses in Colorado might witness higher licensing costs shortly, for state regulators are grappling with a lack of marijuana money for the first time, reported Denver Westword.

Colorado Marijuana Enforcement Division (MED), a cannabis regulatory body in the Centennial State, is primarily funded by licensing fees and fines on dispensaries, cultivation and other cannabis operations, even though the state legislature grants it a chunk of operational money.

Mark Ferrandino, executive director of the Colorado Department of Revenue, said it's high time for marijuana businesses to shell out more for their licensing, considering inflation and rising government salaries over the last few years.

"We had a large fund balance, but now we're in a negative position, which is not sustainable for the division," Ferrandino said recently.

Photo: Benzinga edit of photo by Shutterstock