Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana.
Let’s start this week with the federal government. A bipartisan group of Senators has introduced a bill that would promote marijuana and CBD research. In the House, Rep. Nydia Velázquez recently introduced a bill that would allow cannabusinesses to get SBA loans.
But the action is not all in the legislative branch. The Supreme Court declined to hear a case challenging the tax provisions of section 280E. You may recall that this section prevents tax credits or deductions going to those dealing in illegal drugs; the marijuana industry would very much like that section to not apply to them.
Meanwhile, several states recently legalized hemp and low THC oil. Florida will start producing commercial hemp, and it’s now legal to possess low THC cannabis oil in Kansas. In Louisiana, residents may now use industrial hemp, with some restrictions.
But what’s happening in North Dakota, you ask? Supporters of adult-use cannabis, undaunted by their defeat just last year, are preparing another ballot initiative for the 2020 election.
And in Minnesota, Alzheimer’s disease is now a qualifying condition for medical marijuana. But sales of medical cannabis in West Virginia probably won’t happen until 2021 or 2022. What’s the reason for the delay? Lack of banking services.
Speaking of banking, the American Bankers Association sent a letter to regulators, asking for clarity on rules governing financial services for hemp businesses.
Election season is in full swing in the U.S. Are there people with cannabis connections running for office? Why, yes there are! Barry Grissom is running for the U.S. Senate from Kansas, and Bill Levin is running for Governor of Indiana.
And finally, Gene Simmons has opened a marijuana dispensary in Los Angeles. It’s call, of course, the KISSpensary.
See you next week!