Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana.
This week, we have an update on the latest incarnation of the SAFE Banking Act. We look at the legalization signature drive in Ohio. We note that New Jersey has eliminated its version of 280E. And finally, Jack in the Box is partnering with WeedMaps.
The Senate Banking Committee held a hearing late this week on the difficulties the cannabis industry faces due to a lack of access to the federal banking system. Could this be the first step on the journey to enact the SAFE Banking Act? Possibly, but we’ve packed these bags before…
Proponents of adult-use legalization in Ohio are now collecting signatures for a ballot question, after the Legislature failed to act on their citizens’ initiative. The state’s medical program is popular, and polling shows support for adult-use running about 60% in favor.
“We’re building on an existing medical marijuana program that is popular, shown that it can be effective and provide safe, tested products to Ohio medical patients. This is a framework that works and will provide a quick alternative to an illicit market.”Tom Haren, Ohio Coalition to Regulate Marijuana Like Alcohol
Not everyone thinks this is a good idea, however.
“I think we’re just heading down a really dangerous road in terms of this laissez-faire attitude towards what’s what’s called Schedule I substance.”Lou Tobin, Ohio Prosecuting Attorneys Association
Ohio, we’ll see you in November!
Cannabis companies are unable to deduct business expenses on their federal taxes, due to Internal Revenue Code Section 280E. In New Jersey, however, cannabis businesses can take deductions from their state income tax. Governor Phil Murphy (D) signed a bill allowing the deduction, which was met with enthusiasm by the industry.
Jack in the Box continues its cannabis-centric marketing campaign, this time by launching an official partnership with WeedMaps. If you’re looking for both pot and fast food, this is just for you.
Be well, stay safe and we’ll see you next week.