Cannabis industry debanking issues spotlighted in congressional report (Newsletter: January 31, 2025)

KY gov awards medical marijuana cards; VA legal sales vote; HI legalization briefing; Bill Gates’s cannabis & LSD use; WA psychedelics

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/ TOP THINGS TO KNOW

The Congressional Research Service says in a new report that the marijuana industry’s financial services access problems are “at the nexus” of how federal and state law conflicts lead to debanking issues.

Kentucky Gov. Andy Beshear (D) personally presented medical cannabis cards to the state’s first two legal patients—and he’s also stepping up pressure to change a federal law that criminalizes gun ownership by medical marijuana patients.

The Virginia Senate gave initial approval to a bill to legalize recreational marijuana sales despite a looming veto threat from Gov. Glenn Youngkin (R). Similar legislation is also advancing in the House of Delegates.

The Hawaii House Judiciary & Hawaiian Affairs Committee held an informational briefing on marijuana legalization ahead of a formal hearing on a bill to end cannabis prohibition in the state next week.

The Tacoma, Washington City Council approved a psychedelics decriminalization resolution that says “planting, cultivating, gathering, transporting, distributing, possession or using entheogens by adults should be among the city’s lowest law enforcement priorities.”

Microsoft founder Bill Gates wrote about how he used LSD and smoked marijuana in an unsuccessful bid to impress girls in his new memoir.

• “It didn’t work out—but I tried.”

The Pennsylvania House Health Committee approved a bill to increase oversight of medical cannabis testing labs through audits, quality assurance testing, data transparency and inspections.

A Maryland senator introduced a bill to legalize safe consumption sites for illegal drugs, allowing municipalities to work with community partners to open them.

/ FEDERAL

A former Drug Enforcement Administration task force officer was sentenced to more than 17 years in federal prison for multiple offenses including conspiring to distribute narcotics, conspiring to defraud the U.S. and tax evasion.

Senate Banking Committee Chairman Sen. Tim Scott (R-SC) clarified that only people associated with “federally legal businesses” will be heard at a hearing on debanking next week.

Rep. Morgan Luttrell (R-TX) tweeted, “Innovative treatments, like psychedelic therapy, are life-saving. We owe it to those who have sacrificed so much for our country to explore these new and effective treatment options.”

/ STATES

Maine Gov. Janet Mills (D) called during her State of the State speech for changes to marijuana taxes as well as for new requirements to test and track medical cannabis products.

Texas’s lieutenant governor included legislation to ban THC hemp products in his list of priority bills.

The Nebraska legislature’s Judiciary Committee held a hearing on legislation to restrict intoxicating hemp products.

A Florida marijuana legalization campaign is mailing out petitions to place the measure on the 2026 ballot.

California regulators announced a recall of marijuana products due to the presence of microbial contamination.

Maryland regulators filed proposed changes to marijuana rules.

Washington State regulators are accepting public comments on proposed rules concerning cannabis samples.

Massachusetts regulators published guidance on community impact fees and host community agreements for marijuana businesses.

Colorado criteria to qualify as a cannabis social equity applicant will change on Saturday.

Missouri regulators released the latest episode of their marijuana podcast.

—
Marijuana Moment is tracking hundreds of cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.

Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
—

/ LOCAL

The Bastrop, Texas City Council voted not to implement a voter-approved local marijuana decriminalization law.

The Chicago, Illinois City Council is considering legislation to regulate hemp products.

/ SCIENCE & HEALTH

A study suggested that “CBD, CBG, and a mixture of [non-psychotropic cannabinoids] given at subtherapeutic doses may be beneficial in managing visceral hypersensitivity associated with” inflammatory bowel diseases.

A review concluded that “when combined with psychotherapy, MDMA offers significant therapeutic benefits, especially for patients resistant to conventional treatments.”

/ ADVOCACY, OPINION & ANALYSIS

The ACLU of Ohio is criticizing lawmakers’ efforts to undermine provisions of the state’s voter-approved marijuana legalization law.

Prohibitionist organization Smart Approaches to Marijuana launched mobile billboards in Albany, New York to push back against state officials’ support for the growth of the legal cannabis industry.

/ BUSINESS

High Tide Inc. reported quarterly revenue of C$138.3 million and a net loss of C$4.8 million.

The Scotts Miracle-Gro Co. plans to spin off its cannabis-focused Hawthorne unit.

Innovative Industrial Properties, Inc. announced it reached an agreement with PharmaCann Inc. and its affiliates to resolve that company’s defaults under leases for eleven properties.

Numinus Wellness Inc. received a cease trade order.

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