DC Sales and Banking Protection
Just yesterday, the US House of Rep. approved a package of spending legislation that contained measures to provide protections for banks who work with cannabis companies and finally start recreational sales in Washington DC. For background, recreational sales are not allowed in the District despite having been legalized in 2014. Many businesses find ways to get around the ban by gifting weed instead of "selling" it. The legislation also contains recommendations for federal agencies to reconsider policies that fire employees for using cannabis. The current ban on DC sales results from an amendment added by a Republican House Rep. when Republicans had control. The House has passed bills on several occasions to remove the ban, but the GOP-controlled senate insists on reinserting it back into the bill before passing. However, that could all change this year when the chamber takes up its version of the spending legislation.
Ohio Rec Sales Decided by Voters?
Voters may be able to vote on recreational use again in Ohio. In 2015, Ohioans voted down a proposal to legalize marijuana, but opinions likely have changed since then. The Campaign to Regulate Marijuana Like Alcohol is taking a creative approach to bringing recreational use to the state. First, they are submitting a proposal to the Attorney General's office to collect signatures to provide the proposal to the Ohio Congress to be passed by the House and the Senate. Although a bipartisan group of lawmakers in Ohio supports legalizing cannabis, Gov. Mike DeWine has been adamantly against it. If the bill can’t get through the General Assembly, the group can collect more signatures and send the issue to voters. After that, lawmakers have the chance to act, but if they don't, it will be up to Ohio voters to legalize. Another advocacy group called Smart Approach to Marijuana is taking a similar technique but is only advocating for decriminalization and not a sale. They believe that decriminalization will help communities affected by the war on drugs in a more meaningful manner than offering sales because it will allow the state government to focus on expungements rather than tax revenues.
Ohio Tracker
Medical-only sales have been strong in Ohio for the past 20 weeks. This past week, sales were down 19% but up 101% YoY. The annual run rate for Ohio remains steady at $350 Million, which was last week. The state has a strong medical program with annual revenue of $4 Million per dispensary on average.
