Marijuana Banking Legislation, Expungements Bill Gain Momentum In Congress As Lame Duck Session Nears
Last week, U.S. Senate Majority Leader Chuck Schumer met with Senate Banking Chairman Sherrod Brown (D-Ohio), Sens. Steve Daines (R-Montana) and Jeff Merkley (D-Oregon), among other legislators, to talk about the SAFE Banking Act.
Lawmakers said they were making an effort to find common ground between Republicans and Democrats.
“We’re serious. We want to do this,” Brown said. “I’m actually fairly optimistic and hopeful that we will come to an agreement.”
Lawmakers must not only get progressive Democrats and conservative Republicans to accept cannabis banking legislation and criminal justice reform, but they must also receive “signoff” from the leaders of the Senate Banking Committee, House Financial Services Committee and party leadership in both chambers, reported Politico.
The HOPE Act, SAFE Banking Act And Social Equity
Republicans are open to the Harnessing Opportunities by Pursuing Expungement (HOPE) Act, a bipartisan bill introduced by Reps. Dave Joyce (R-Ohio) …Full story available on Benzinga.com
Small Pharma (OTC:DMTTF) shares closed up 54.13% at $0.13
ATAI Life Sciences (NASDAQ:ATAI) shares closed up 8.56% at $3.17
Seelos Therapeutics (NASDAQ:SEEL) shares closed up 5.66% at $0.81
Compass Pathways …Full story available on Benzinga.com
Icanic Brands (OTC:ICNAF) shares closed up 18.24% at $0.07
Cresco Labs (OTC:CRLBF) shares closed up 11.11% at $3.40
Charlottes Web Holdings (OTC:CWBHF) shares closed up 7.74% at $0.61
Trulieve Cannabis (OTC:TCNNF) shares closed up 6.73% …Full story available on Benzinga.com
Ever wonder how financial institutions work with cannabis businesses?
A new comprehensive report, released by the Financial Crimes Enforcement Network (FinCEN), provides up-to-date details and a state-level breakdown.
FinCEN, a division of the U.S. Department of the Treasury, is offering new and expanded data on the state of banking in the marijuana industry under the prohibitionist status quo.
See Also: Biden Praises Oregon Gov For Cannabis Pardons
Meanwhile, congressional leaders are working to finalize a cannabis banking and an expungement bill, hoping to pass during the lame-duck session.
What Does The Data Say?
According to the federal report, the number of banks and credit unions actively working with cannabis businesses in the third quarter of the fiscal year 2022 was relatively stable: 784 financial institutions in the U.S. filed requisite Suspicious Activity Reports (SARs) for marijuana-related business (MRB) clients, reported Marijuana Moment.
Image by Marijuana Moment
Additionally, starting this quarter, FinCEN is providing information on the types of SARs it …Full story available on Benzinga.com
Israeli psychedelics biotech Clearmind Medicine Inc. (NASDAQ: CMND) is commencing the production of its proprietary drug candidate based on the MEAI molecule.
It will be used in the upcoming Phase 1 clinical trial assessing the treatment of Alcohol Use Disorder (AUD).
“Like other addictions, AUD is a chronic relapsing brain disorder characterized by an impaired ability to stop or control alcohol use,” Clearmind’s CEO Dr. Adi Zuloff-Shani said. “Alcohol abuse is the third-most-common preventable cause of death in the US, where almost 6% …Full story available on Benzinga.com
A New Financing Tool Is No Available For Cannabis Businesses: Introducing Commercial Property Assessed Clean Energy (C-PACE)
The state-by-state nature of legalization in the cannabis industry combined with the continued growth in new emerging legalized states across the US, has created a sticky situation when it comes to investing in and lending to the cannabis industry.
Commercial Property Assessed Clean Energy (C-PACE or PACE) —a financing medium widely used for traditional manufacturers, energy-efficient facilities, and renewable energy build-outs— is now available to authorized properties in the cannabis industry.
Quite underutilized in this industry, C-PACE financing recently became available for properties is in a state that has passed the legislation that empowers local municipalities to provide C-PACE as a funding tool.
PACE financing is repaid as an assessment on the property’s regular tax bill and is processed the same way as other local public benefit assessments (sidewalks, sewers, etc.) have been for decades.
Until federal legalization occurs and SAFE banking passes, FDIC-insured banks and traditional investors are prohibited from financing cannabis projects and companies.
“Many financing options that do exist tend to come with double-digit interest rates,” warned Upwise Capital Managing Partner Joe Lustberg. “Even the largest multistate operators are taking on capital with interest rates of …Full story available on Benzinga.com
A psychedelics R&D biotech company, known for providing novel treatments for addictions, is opening a new ketamine clinic.
Awakn Life Sciences Corp. (OTCQB: AWKNF) just signed a five-year lease in Oslo as part of the company’s Nordic expansion plans.
Awakn’s new Norwegian premises will be larger than the existing one, which it will replace.
See Also: Exclusive – New Latin American JV To Provide More Psychedelic Medical Treatments For Mental Health Conditions
The new six-treatment room clinic, located close to Oslo's center, will have an increased capacity for treating clients and potentially act as a research and clinical trials …Full story available on Benzinga.com
This article was originally published on The Fresh Toast and appears here with permission.
However you do it, have a great time with your friends and remember it is all about being together with those you chose this Thanksgiving.
Friendsgiving season is officially upon us. The trend first surfaced in the mid-2000s when people began reimagining a traditional meal without family but with friends. What’s a Friendsgiving feast these days without some marijuana?
Unlike the family events that require you to “forget something in your car” with your favorite cousin, at Friendsgiving (in states where cannabis is recreationally legal), you can celebrate freely with your friends. Here are some tips.
Infuse Your Feast
Introducing weed to your meal is easy, since so much of the flavor (and THC) is fat-soluble, the butter-heavy meal is a great way to infuse cannabis if you want a group experience.
While infused butter is an easy go-to for guests to make any dish 420 friendly, you might want to consider exempting main courses due to people overindulging. You can do a smaller version so people can do a taste test. And new innovations like the Stündenglass Gravity Infuser truly puts on a show with a futuristic 360 degree gravity system and tray cloche that adds a cooled, flavorful smoke to anything from gravy to some drumsticks.
The easiest option is the dessert course. If you really want to think outside of the …Full story available on Benzinga.com
DEA Legalizes Cocaine Derivative As Diagnostic Aid For Parkinson's, Ignoring Cannabis Experts Seeking Same
The Drug Enforcement Administration (DEA) is making progress on the legalization of a cocaine derivative, which researchers have found useful in the differential diagnosis of Parkinson’s disease (PD) and tremor syndromes.
In a Federal Register filing published Monday, the administration wrote that the cocaine derivative [18F]FP-CIT is a “diagnostic substance that is used in assisting the evaluation of adult patients with suspected Parkinsonian syndromes” and does not meet the requirements “for inclusion in any schedule” and is therefore being removed “from control under the CSA.”
About a year ago, the DEA announced plans to deschedule this controlled substance which is derived from cocaine. The move came nearly three years after the agency obtained a petition for the policy change.
The DEA published a notice in the Federal Register revealing that [18 F]FP-CIT is “a diagnostic substance that is used in assisting the evaluation of adult patients with suspected Parkinsonian syndromes” and is used in …Full story available on Benzinga.com
Jushi Holdings Inc. (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator released preliminary financial results for the third quarter of 2022, with revenue of $72.8 million, up by 34.9% year-over-year, and flat sequentially.
Gross profit was $27.7 million, an increase of 18.9% year-over-year and 4.0% as compared to Q2 2022. Net loss was in the range of $52.9 to $62.8 million, compared to a net loss of $39.7 million in the same period year ago. Adjusted EBITDA amounted to $700,000 which was flat as compared to $700,000 in Q2 2022, and a decrease of $5.5 million compared to $6.2 million in Q3 2021.
Cantor Fitzgerald’s Pablo Zuanic kept a ‘Neutral’ rating on Jushi stock, raising the price target to $2.35 from …Full story available on Benzinga.com