House Small Business Committee Chairwoman Nydia Velázquez along with Representatives Jared Golden and Dwight Evans introduced a package of legislation, (H.R. 3540, H.R. 3543, and H.R. 3544, to remove marijuana from the Controlled Substances Act and to extend several Small Business Administration (SBA) initiatives to small businesses operating in the cannabis sector.
Today, Senator Ron Wyden and Congressman Earl Blumenauer introduced legislation to allow for interstate commerce when it comes to state-legal cannabis programs.
Today, the House Committee on Small Business held a hearing entitled Unlocked Potential? Small Businesses in the Cannabis Industry to discuss the economic and employment opportunities in the emerging legal cannabis industry and the challenges that federal prohibition and criminalization pose in regards to the Small Business Administration.
Next week, the two key committees will hold hearings on various aspects of federal marijuana policy.
In the first in what are anticipated to be multiple Congressional votes to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee will today voted to advance The SAFE Banking Act, HR 1595.
In the first in what are anticipated to be multiple Congressional hearings to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595.
A.1617, the Marijuana Regulation and Taxation Act (MRTA), has been re-introduced this legislative session. The bill would legalize the adult possession, use, and regulated sale of marijuana. Over the past twenty years, many New Yorkers have been negatively affected by the harms of prohibition in New York. With people of color accounting for nearly 85% of those arrested annually, the MRTA directs the benefits of taxing and regulating marijuana to these communities. Because structural racism is ingrained in marijuana prohibition, it’s important that the MRTA both ends marijuana prohibition and promotes racial justice. Significant steps are taken in the amended MRTA to ensure racial justice and a small business-friendly industry, including: Creating a micro-licensing structure, similar to New York’s rapidly…
The state-licensed cannabis industry gained over 64,000 new employees in 2018, and now employs over 200,000 full-time workers, according to data compiled by Whitney Economics and the online content provider Leafly.com.
As the tentacles of the federal policy of cannabis prohibition run deep into nearly every sector of American public policy, a new voice emerged to call for clarity regarding state-legal cannabis marketplaces: Federal Reserve Chair Jerome Powell.
Currently, state-licensed marijuana businesses face a web of conflicting regulations. Specifically, federal prohibitions largely prohibit these businesses from partnering with financial institutions, processing credit cards, and taking standard business deductions.