A couple of amendments were approved.
Yesterday, the House of Representatives approved a pair of psychedelics research amendments to the National Defense Act (NDAA) and a research study into marijuana related to the military. ”House debate and votes on the remaining marijuana amendments cleared for floor action will be a multi-day process, but the three that have cleared the chamber so far as part of an en bloc group are especially unique.” There is still no work on the SAFE Act being included in the Defense Act, but I’m sure more will be out on this subject in the coming days. It is hard to see any cannabis legislative getting passed in the lame duck session, so the time for incremental federal cannabis reform is now. marijuanamoment.net
U.S. Companies Looking into the Canadian market?.
Many U.S. companies are closely looking at the Canadian market as a future opportunity with the appeal of centralized regulatory dynamics. “Executives at a variety of U.S. cannabis companies – from technology and events firms to beverage and edibles businesses – told MJBizDaily that they find Canada’s centrally regulated market appealing.” The Canadian market is seeing similar dynamics play out to what we are seeing in the U.S., an overproduction of cannabis products that are driving price deterioration. The Canadian market has been getting crushed, but many U.S. companies have a more positive outlook on the Canadian market growth on a YoY basis. “The U.S. is a high-growth market in (the) aggregate. But if you look at it on a state level – excluding recently legalized states, plus California – market growth is beginning to flatline if not slow significantly,” said Mitchell Osak, president of Toronto-based Quanta Consulting. Watch out for U.S. companies to expand into Canada or acquire cheap Canadian assets.
We would view any us company entering CA as a net negative.
The industry needs cannabis banking now.
The Americans Bankers Association (ABA), Credit Union National Association (CUNA), Independent Community Bankers of America (ICBA), and National Association of Federally-Insured Credit Unions sent a letter to House leaders yesterday urging the importance of them approving an amendment to the Defensive Bill to include cannabis banking language. “The SAFE Banking Act puts in place necessary protections to bring revenue from state-sanctioned cannabis businesses into the financial services mainstream,” the financial groups said in the newsletter. “Legal cannabis businesses would no longer be forced to deal exclusively in cash, which makes them vulnerable to violent robbery and puts customers, employees, and the public at risk. The SAFE Banking Act will help keep our communities safe.” The House of Representatives has passed SAFE Banking six times in the past few years on bipartisan lines.
