ACT Resources Cannabis News – August 2019
SAFE Banking Act gets hearing on Capitol Hill
- Recap the SAFE Banking Act and how it would impact the industry
- Discuss the 7/23 Senate hearing (https://www.banking.senate.gov/hearings/challenges-for-cannabis-and-banking-outside-perspectives)
- Is the bill likely to pass?
CVS pulls Curaleaf products after FDA warning letter
- FDA called Curaleaf products “unapproved new drugs”
- FDA regulatory uncertainty and continued decision-making process
- CVS decision to remove the products
- Implications for other CBD companies
- Add info about FDA wanting to “speed up” its rule-setting process – AKA tease No. 5 below
Florida rules vertical integration is unconstitutional
- What is vertical integration?
- July 9 Florida 1st District Court of Appeals rejected the law that created a vertically integrated business model
- Governor opposes vertical integration as well, calling it “against free market principles.”
- Could this follow in other states? (Adam I thin Nevada had a similar debate before they allowed VI)
- Adult-use cannabis legalization is on Florida’s 2020 ballot
Memo tells Texas to stop cannabis-related arrests
- Texas’s state police issued a memo to all Texas DPS officers to not arrest people for possession of less than 4 ounces of cannabis. (https://www.marijuanamoment.net/texas-state-police-memo-directs-officers-to-stop-marijuana-possession-arrests/)
- However, officers could still issue citations requiring court appearances to face criminal charges.
- Possession of cannabis continues to carry a potential penalty of one year in jail and a fine of $4,000.
- Recap of Texas’s difficulty navigating legalization of hemp vs. prohibition of cannabis (https://www.texastribune.org/2019/07/18/greg-abbott-texas-leaders-hemp-marijuana-law/)
Lawmakers urge FDA to release CBD rules by September 30
- Congress continues to urge the FDA to adopt CBD rules
- Recap of the ongoing regulatory decision-making process
- Implications of unclear regulations (e.g. Curaleaf and CVS)
- Expectations as of today