Cannabis News – ACT Resources August Updates

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?

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

What is vertical integration?
July 9 Florida 1^st 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

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/)

Cannabis News Update August Overview