Proposed THC Regulation Sparks Concern, Nevada AG Urges Approval Of Marijuana Banking & More

Here's What The California Cannabis Law Will Look Like If Gov. Newsom Signs Pending Bills

Governor Gavin Newsom has until mid-October to sign or veto several measures that seek to amend the cannabis law in the state, writes Marijuana Business Daily.

Senate Bill 51 from Los Angeles Democrat state Sen. Steven Brandford would, under certain conditions, prolong the provisional-license program of the Department of Cannabis Control, enabling retail equity applicants or licensees to acquire or renew provisional licenses for a maximum of five years.

Assembly Bill 374 from Assembly Member Matt Haney of San Francisco would allow cannabis stores to operate traditional kitchens statewide and host events on their premises. Additionally, it would eliminate several of the state's most notable limitations on consumption lounges, including permitting operators to offer prepared meals and drinks, along with hosting musical events.

Assembly Bill 1207, from Democratic Assembly Member Jacqui Irwin seeks to implement fresh labeling and packaging restrictions with guidelines that would prohibit images portraying cartoons, toys or robots, real or fictional humans, animals or creatures and fruits or vegetables.

Proposed THC Regulation Sparks Concern: Critics Fear CBD Market Devastation

Meanwhile, critics argue that the proposed amendment by California's Department of Public Health, which seeks to impose stringent restrictions on THC levels in hemp products would effectively eradicate the market for broad-spectrum and full-spectrum CBD products, reported Hemp Today.

The proposed amendment aims to establish a strict THC limit of 0.001 milligrams per gram and impose a maximum of five servings per package for CBD products derived from hemp, as it "would severely cripple if not completely collapse, the state's hemp-derived cannabinoid market," according to trade group the U.S. Hemp Roundtable.

Nevada AG Urges Congress To Pass Marijuana Banking Bill

Attorney General Aaron Ford is urging Congress members to green-light the measure to give cannabis businesses more access to banking services, reported 2news.

"It is long past time that Congress specifically lifts the restrictions that make it so difficult for regulated cannabis businesses to access banking," Ford said. "Without access to financial services, these businesses are subjected to increased safety concerns and unable to run their businesses with the same methods as other, similarly regulated industries. Nevada's cannabis businesses deserve the same security and safety as every other local business that drives our economy."

The Senate Banking Committee approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act on Wednesday. The bill is crafted to enable legal cannabis businesses access to banks and financial institutions, which up to now has been off limits. 

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