Tennessee, Virginia Lawmakers Push For Cannabis Reform, Congressional Researchers Highlight Perils Of Cash-Only Transactions & More

New Congressional Report Highlights Perils Of Cash-Only Transactions For Cannabis Industry

Licensed state-legal cannabis businesses are facing significant challenges, due the the lack of banking access, suggested a report published by the Congressional Research Service (CRS) on Tuesday.

"If cannabis businesses are unable to access traditional financial services, they may face higher borrowing costs and may be heavily reliant on cash transactions, making them a target for theft," the researchers said, reported by Marijuana Moment.

The congressional researchers shed light on the distinctive financial challenges faced by the cannabis industry, proposing the Secure and Fair Enforcement Regulation (SAFER) Banking Act, as a potential solution. The legislation was approved by the Senate Banking Committee in September and now is pending a floor vote.

"Among other things, the bill would prevent regulators from penalizing banks solely for offering banking services to cannabis businesses operating in compliance with state law," the report on Federal Reserve policy said. "It would also provide legal protection to the Fed and its employees in providing services, such as payment services, to banks serving cannabis businesses operating in compliance with state law and allow the Fed to accept loans to cannabis firms as collateral at the discount window."

Palm Springs Puts Brakes On New Cannabis Stores: Moratorium Extended

Palm Springs City Council placed a temporary moratorium on new cannabis dispensary permits last year due to concerns about industry oversaturation. On Thursday, the council unanimously voted to extend it for four years. The local policymakers also agreed to cut retail taxes for marijuana sales in half.

The California city is home to 26 operational dispensaries, along with eight that have been authorized but are not currently functioning and one more awaiting approval, reported The Desert Sun.

Colorado Tourism Site Welcomes Cannabis

Colorado Tourism Office is finally promoting cannabis. According to Sarah Woodson, a pot-friendly party bus, the CTO contacted her to discuss the possibility of listing her mobile pot lounge once it received its license, reported Denver Westword.

Woodson’s business, the Cannabis Experience ended up on the list of things to do in Colorado after it was greenlighted to operate her business last year.

Up until 2022, the colorado.com tourism website didn't promote cannabis events, Woodson said.

Tennessee Democrats Push for Cannabis Reform

A duo of Tennessee Democratic lawmakers is pushing for cannabis reform in the state. Rep. Jesse Chism and Sen. Raumesh Akbari are collaborating on advancing a bill under which Tennessee's 95 county election commissions would need to hold non-binding referendums on cannabis legalization issues this fall, reported State Affairs.

It obliges election commissions to place three non-binding, yes/no questions on the state's 2024 ballot, including:

• Should the State of Tennessee legalize medical marijuana?
• Should the State of Tennessee decriminalize possession of marijuana of less than one ounce?
• Should the State of Tennessee legalize and regulate commercial sales of recreational use marijuana?

"You know, there's been a lot of conversation going on about cannabis and whether it should be legalized and whether or not it should be decriminalized," Chism said. "I think we need to have something on the ballot so we can ask the people."

Virginia Legislature Makes Progress Toward Legalizing Marijuana Sales

A push to legalize marijuana sales in Virginia is advancing through the state legislature. Two measures – SB 448 from Sen. Aaron R. Rouse (D) and HB 698, from Rep. Paul Krizek (D) – are slated to be considered on the floors of the both House of Delegates and Senate, reported Marijuana Moment.

Sen. Rouse's bill passed out of the body's Finance and Appropriations Committee on a 9–5 vote, while members of the state House are scheduled to vote on Rep. Krizek's measure on Friday. House measure would allow medical cannabis businesses to launch sales on Jan.1, 2025, while the Senate bill does not favor any business category in terms of the early start on sales.

Puffin Store Employees In New Jersey Choose Unionizing For A Stronger Future

Workers at New Brunswick cannabis dispensary, Puffin Store in New Jersey have voted in favor of unionizing.

Employees at Puffin reached out to United Food and Commercial Workers (UFCW) Local 360, based on its expertise in the cannabis industry, and its effort to include a Labor Peace Agreement mandate as a requirement for any business applying for a cannabis industry license.

"We're all invested in the future success of this great, young company, and of this industry," said Kirsten Bennett, who led the organizing effort at Puffin," Kirsten Bennett, who led the organizing effort at Puffin, said. "Unionizing with Local 360 means that we have a greater say in what that future looks like, not just for us but for our customers and community as well."

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