Banking Access for Cannabis Companies Will Remain Stymied with Federal Reclassification

Following the reported move by the federal government to reclassify cannabis as a Schedule III drug under the Controlled Substances Act, the American Bankers Association (ABA) said Congress still needs to pass the SAFER Banking Act, which would allow state-legal cannabis companies access to traditional financial services. 

In a statement, the ABA said that while it “takes no position on the legalization of cannabis, it’s important for policymakers to know that any potential decision to reclassify cannabis has no bearing on the legal issues around banking it.”  

“Cannabis would still be largely illegal under federal law, and that is a line many banks in this country will not cross. The solution is the bipartisan SAFER Banking Act, which would allow banks to provide services to the cannabis industry in those states where it’s now legal. Passing that legislation in Congress would address the ongoing legal limbo around cannabis banking, while enhancing public safety, tax collection and transparency.” — ABA in an April 30 statement 

In an interview with the Associated Press, Blair Bernstein said the decision by the feds to reclassify cannabis “has no bearing on the legal issues around banking cannabis.”  

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Georgia Gov. Signs Hemp Industry Reform Bill

Georgia Gov. Brian Kemp (R) on Tuesday signed a bill that limits the possession and sale of hemp products to adults 21-and-older. The legislation also creates a licensing program for hemp cultivation, hemp product manufacturing, and retail hemp sales.  

The law sets cultivation licensing fees between $500 and $2,000 annually, and requires surety bonds between $20,000 and $1 million, according to the bill text. Retail license fees are set at $250 annually under the law, while wholesale license fees run between $500 and $10,000 annually, set by the commissioner of the Georgia Department of Agriculture (GDA). 

In a press release, Kemp said the bill “makes changes to the framework for hemp regulation” to allow the GDA “to have greater oversight and enforcement power and adds labeling, packaging, and marketing requirements to protect children from misleading and dangerous marketing.” 

All hemp products manufactured and sold in the state will have to include a “full panel certificate of analysis.”   

Earlier this month, Georgia Agriculture Commissioner Tyler Harper described the bill as providing “guard rails” for the state’s hemp industry.  

Some portions of the law, including the retail licensing provisions, will

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New cannabis shop may be on its way to Kewanee – KWQC

KEWANEE, Ill. (KWQC) – While the federal government is poised to ease restrictions on marijuana nationwide, the list of dispensaries is growing in Illinois after the state legalized recreational cannabis in 2020.

That includes Kewanee, as their city council is set to vote on a special-use permit for a proposed dispensary later this month.

Cannabis consumers in Kewanee currently have to travel at least 45 minutes or more to reach the nearest dispensary, whether it’s in the Quad Cities, Galesburg, Peoria or Peru.

But that could be changing soon, after the group HVN Capital applied for a permit to open a dispensary in a shuttered restaurant that was previously called Broken Chimneys at 618 Tenney St.

Kewanee’s City Manager Gary Bradley says this could prove beneficial for their community.

“If we were able to get those people to stay here, and maybe even bring in customers from surrounding areas, that would help to keep those tax dollars local,” Bradley said.

After Illinois legalized cannabis recreationally in 2020, Kewanee officials began setting ordinances to prepare for permit applications, initially prohibiting shops within 1,000 feet of a school.

However, after HVN Capital’s application last summer, council lowered the ordinance to 250 feet.

“If you’re going to

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Minnesota Lawmakers Consider Early Cannabis Cultivation Licenses to Prevent Industry Delays

Minnesota lawmakers are considering a proposal to begin issuing some cannabis cultivation licenses before the adult-use program rulemaking is complete, the Star Tribune reports. The proposal would give the Office of Cannabis Management (OCM) the option of using the state’s current medical cannabis rules to allow some companies to begin growing cannabis before 2025. 

The proposal aims to prevent possible delays in the adult-use rollout as OCM is not expected to issue industry regulations until 2025. Currently, only social equity applicants who have been preapproved for a cannabis business license and obtained local zoning approval would be allowed to start cultivating cannabis early. 

Ali Britton, a prospective cannabis cultivator, on Tuesday told lawmakers that if the state does not “create a pathway for well-prepared cultivators” to start building their facilities now, “Minnesota will not have a cannabis supply chain until mid-to-late 2026 at the earliest.”

“This would mean that the anticipated windfall of tax revenue from the cannabis market will not be available until at least 2027.” — Britton via the Star Tribune 

Leili Fatehi, a lobbyist who worked with lawmakers on the cannabis legalization bill, added that not allowing cultivators to begin

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Winter Park’s new dispensary pays homage to county’s agricultural past while selling a new kind of ‘lettuce’ – Sky-Hi News

The Great Divide Lettuce Colony in Winter Park is a new cannabis dispensary which started operating earlier this year.
Emily Gutierrez/Sky-Hi News

The Grand County area used to be a hotbed for lettuce farming. The green, leafy vegetable thrived during the cool nights and sunny days. While the lettuce farms have largely left, a new kind of lettuce has come into town.

Great Divide Lettuce Colony is one of Grand County’s newest cannabis dispensaries. Neale Gibbons is the general manager for the Winter Park dispensary, and he’s incredibly grateful for the opportunity.

“Cannabis has always been in ski towns,” Gibbons said.

The dispensary was granted its special use permit last summer and opened its doors for business earlier this year. The location might seem familiar to some, since it’s located in the same building where Winter Park Trading Company used to be.

Gibbons played a major role in transforming the space from a cozy second-hand sports apparel store into a storefront that is stylish, modern and down-to-earth.

Great Divide Lettuce Colony in Winter Park also features art from local artists that can be purchased by customers.Emily Gutierrez/Sky-Hi News

The dispensary

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Former ‘Hemp Boys’ operator found guilty of illegal dispensary operation – Yahoo! Voices

BAKERSFIELD, Calif. (KGET) — The former operator of “Hemp Boys” dispensary in south Bakersfield has been convicted of running an illegal marijuana dispensary and illegal possession of firearms and marijuana for sale, the Kern County District Attorney said.

The DA’s office said a jury returned a guilty verdict against Jose Francisco Perez on April 30.

Dollar Tree employee ordered to trial in shoplifter’s stabbing death

Prosecutors said Perez was arrested after investigators served a search warrant at the dispensary located at 2507 S. Chester Ave in August 2022. Perez was found at the dispensary in possession of keys to the business, along with his wallet and a firearm found in a safe.

Prosecutors presented evidence Perez threatened and tried to tamper with potential witnesses, according to a release.

Perez faces a sentence of up to 4 years and 4 months in prison. Sentencing is scheduled for June 10.

For the latest news, weather, sports, and streaming video, head to KGET 17.

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Man found guilty of running illegal marijuana dispensary – The Bakersfield Californian

A man was found guilty Tuesday of running an illegal marijuana dispensary on Chester Avenue, according to the Kern County District Attorney’s Office.

Jose Francisco Perez was found guilty of operating an illegal marijuana dispensary, possession of marijuana for sale, possession of a firearm and possession of ammunition. According to the DA’s office, Perez is suspected of owning Hemp Boys on South Chester Avenue after investigators found utility bills in Perez’s name.

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What marijuana rescheduling from Schedule 1 to Schedule 3 would mean for Illinois, from tax changes to pharmaceutical studies – WLS-TV

CHICAGO (WLS) — As the federal government considers reclassifying marijuana to a lower level controlled substance, the billion dollar industry and cannabis community in Illinois say it’s a cause for celebration.

The proposed change is to move cannabis from a Schedule I drug, on par with heroin and fentanyl, to a Schedule III controlled substance.

“I think it’s fantastic,” said Dominique White, people and operations director for Ivy Hall. “A great day in cannabis and a huge win for us. Especially to help destigmatize the plant.”

Ivy Hall was the first social equity licensed dispensary in the state of Illinois, and White said the potential for cannabis to become a Schedule III controlled substance on par with Tylenol with codeine is much needed reform.

“It’s a step closer to getting federally legalized,” she said.

READ MORE: DEA will move to reclassify marijuana as a Schedule 3 drug

But dispensary operators say that the biggest win if this goes through would be the tax implications that would allow them and other canna-businesses to finally deduct business expenses.

“It will likely be the difference between being profitable and not,” said Matthew Brewer, co-founder of Grasshopper Lounge in Logan Square.

ILLINOIS CANNA-BUSINESS: Illinois touts marijuana equity improvements, critics say more

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What marijuana rescheduling would mean for Illinois, from tax changes to heath studies – WLS-TV

CHICAGO (WLS) — As the federal government considers reclassifying marijuana to a lower level controlled substance, the billion dollar industry and cannabis community in Illinois say it’s a cause for celebration.

The proposed change is to move cannabis from a Schedule I drug, on par with heroin and fentanyl, to a Schedule III controlled substance.

“I think it’s fantastic,” said Dominique White, people and operations director for Ivy Hall. “A great day in cannabis and a huge win for us. Especially to help destigmatize the plant.”

Ivy Hall was the first social equity licensed dispensary in the state of Illinois, and White said the potential for cannabis to become a Schedule III controlled substance on par with Tylenol with codeine is much needed reform.

“It’s a step closer to getting federally legalized,” she said.

READ MORE: DEA will move to reclassify marijuana as a Schedule 3 drug

But dispensary operators say that the biggest win if this goes through would be the tax implications that would allow them and other canna-businesses to finally deduct business expenses.

“It will likely be the difference between being profitable and not,” said Matthew Brewer, co-founder of Grasshopper Lounge in Logan Square.

ILLINOIS CANNA-BUSINESS: Illinois touts marijuana equity improvements, critics say more

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Kern County man faces over four years for operating illegal marijuana dispensary – Bakersfield Now

BAKERSFIELD, Calif. (KBAK/KBFX) — A man faces up to more than four years after being found guilty of several charges, including operating an illegal marijuana dispensary.

A Kern County jury found Jose Francisco Perez guilty of operating an illegal marijuana dispensary, possession of a firearm, possession of ammunition, and possession of marijuana for sale.

The Kern County District Attorney’s Office said on August 3, 2022, the Department of Cannabis Control, with the assistance of the Kern County High Intensity Drug Trafficking Area Task Force, served a search warrant at “Hemp Boys,” an illegal marijuana dispensary located at 2507 South Chester Avenue in Bakersfield.

The DA’s office said Perez was found at the business with keys to the dispensary on him.

According to the DA’s office, the search into the illegal dispensary found the PG&E utility bill was under Perez’s name. Additionally, Perez’s wallet, along with a firearm and ammunition, were found in a safe located in one of the backrooms of the dispensary.

Evidence at the trial revealed that Perez threatened a former employee and other witnesses into leaving town and tried to dissuade a witness from testifying at trial, according to the DA’s office.

District Attorney Cynthia Zimmer commented by saying, “Cracking down on illegal

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