Week In Review: Cannabis News You Can't Afford To Miss

Week In Review: Cannabis News You Can't Afford To Miss

We've rounded up our top 10 articles to keep you up-to-date on the latest industry happenings.

January 5, 2018
Scott Guthrie

In the past week, Jeff Sessions rescinded the Cole Memo, recreational marijuana became legal in California, Florida’s First Green Bank is parting ways with its customers, Vermont lawmakers are considering an adult-use cannabis bill, The University of Colorado opened a new mobile cannabis research lab, and Maine lawmakers are optimistic about finding a resolution with Gov. Paul LePage regarding the states marijuana bill, and more.

  • In a move that shook the cannabis industry, U.S. Attorney General Jeff Sessions rescinded the Cole Memo, which protected state legal cannabis businesses and banks that do business with them. Now, due to Sessions’ decision, U.S. Attorneys will be responsible for deciding whether to prosecute those groups. Read more.

  • Legal marijuana in California is no longer just of the medicinal variety. Recreational cannabis became legal in the state on Monday, kicking off what many believe will become the world’s largest market for recreational cannabis. Read more.

  • The University of Colorado Boulder unveiled a new mobile research laboratory that is housed in a van. Inside the “CannaVan,” as it has been dubbed, researchers will explore the potential risks of high-potency concentrate use and the benefits of cannabis use among patients with chronic pain and anxiety. Read more.

  • Maine lawmakers are optimistic about resolving disagreements with Gov. Paul LePage regarding the state’s marijuana bill. Voters approved adult-use marijuana in 2016, but LePage vetoed the measure in November 2017. The bill would set up a regulatory framework for the sale, production and taxation of marijuana for adult use. Read more.

  • Florida’s First Green Bank is ditching its cannabis clients. The bank, which started serving Florida’s medical marijuana industry in 2017, was serving six out of seven of Florida’s medical marijuana producers. It is closing its cannabis accounts ahead of being acquired by a larger financial firm. Read more.

  • According to new federal data, more banks are serving the cannabis industry than ever before. Since the start of 2017, depository institutions active in cannabis banking had grown by 18 percent by the end of September. The report, conducted by the Financial Crimes Enforcement Network (FinCEN), stated there are 400 financial service providers banking cannabis businesses. Read more. 

  • Vermont lawmakers are considering a recreational marijuana bill as the new legislative year begins. If passed, Vermont would become the first state to legalize cannabis through legislature rather than a voter referendum. Read more.

  •  Legalizing medical marijuana in Indiana this year seems unlikely, despite republican opposition softening its stance on the issue. Iowa House Speaker Brian Bosma, who has previously stated his opposition to medical marijuana, said that he would be open to studying the issue, and Rep. Jim Lucas (R-Seymour) has stated he plans to introduce legislation that would legalize medical marijuana. Read more.

  • It’s been only two weeks since Michigan began accepting applications for medical marijuana licenses, but the state has already received 82 applications.  Of the 82 applications, 68 were submitted for prequalification purposes and 14 were submitted for grower, processor and provision center operator licenses. Two hundred and eight applications are still in progress. Read more.

  • A new medical marijuana bill has been introduced in Indiana. The bill, which was submitted Jan. 3, was composed by a group of veterans and would legalize medical marijuana in the Hoosier state. After the bill was filed, advocates rallied at the statehouse. Read more.


Top image: Jdubsvideo | Adobe Stock