New York Launches Cannabis Banking Directory

The New York Office of Cannabis Management (OCM) last week launched the Cannabis Banking Directory, intended to link state-licensed cannabis businesses with banks and credit unions that serve the industry. The program launched was launched by the agency’s Social and Economic Equity (SEE) Team and is designed to increase access to financial services by reducing barriers, to create more financial stability for cannabis operators.

Currently, there are 10 banks included on the list – some regional and some for operators statewide.

In a press release, Felicia A.B. Reid, acting executive director of OCM, said the directory is a “key part” of the agency’s commitment “to fostering a fair, transparent, and sustainable market.”

“New York’s legal cannabis market cannot thrive without access to reliable financial services. The Cannabis Banking Directory is a crucial step toward breaking down barriers and ensuring that our licensed operators have the support they need.” — Reid in a statement

Ed Martel, chief operating officer of Jonestown Bank & Trust Co., noted the bank has already served cannabis and cannabis-related businesses for seven years, but called the publication of the directory “a positive step forward” for the industry.

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Michigan Gov. Proposes Extending Wholesale Tax to Cannabis Products as Part of Infrastructure Funding Plan

Michigan Gov. Gretchen Whitmer (D) is proposing including cannabis products in the state’s wholesale tax – which is applied to other smoking products like tobacco – as part of her plan to fund infrastructure in the state, the Detroit News reports. The plan could generate $470 million to help fund road and bridge repair in the state. 

Whitmer’s team said the plan would “close a loophole that exempted the marijuana industry from the wholesale tax” but did not describe how the plan would work, the report says.

The state’s wholesale tax on tobacco products is 32%.  

Cannabis was legalized for adult use in the state by voters in 2018 and retail sales are taxed at 10% under the law. Robin Schneider, executive director of the Michigan Cannabis Industry Association, told the Detroit News that any changes to the law would require a three-fourths majority vote in the Legislature but that, if approved, Michigan would carry one of the highest cannabis tax rates in the country.

In addition to the cannabis tax hike, the governor’s plan aims to use other taxes – including the state’s gasoline tax, a tax on big tech companies,

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Idaho Bill to Impose $300 Fine on Low-Level Cannabis Convictions Moves to Senate

An Idaho bill to impose a minimum $300 fine for adults convicted of possessing three ounces or less of cannabis on Monday advanced out of the Senate Judiciary Committee, the Idaho Capital Sun reports. State Rep. Bruce Skaug (R), the bill’s sponsor, told the Sun the proposal would work as a deterrent for cannabis use. 

“A $300 fine is not too much if you can afford to buy this marijuana and concentrate. Every dollar spent on pot by someone is not spent on food, clothing, school supplies, real medicine or housing.” — Skaug to the Sun 

Idaho is bordered by four states that have legalized cannabis for adult use – Montana, Nevada, Oregon, and Washington – but remains one of the states with strict prohibition on cannabis possession and use.  

During testimony on Monday, Jeremy Kitzhaber, a disabled U.S. Air Force veteran, testified that the bill would harm the veteran community.  

“This bill would say that an edible gummy is a minimum fine,” Kitzhaber told the panel, “yet drunk driving, exposing yourself in public or even smacking your spouse, would still not impose a minimum fine.” 

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Russia Releases American Prisoner Held for 3+ Years on Cannabis Charges

Marc Fogel, the American teacher and former U.S. diplomat who in 2022 was sentenced to prison by a Russian court for “large-scale” cannabis smuggling, has been set free in a deal negotiated by Steve Witkoff, the Middle East envoy for President Donald Trump, the New York Times reports.

Fogel was arrested in August 2021 after Russian customs officials found about 17 grams of cannabis in his luggage. His release comes about three and a half years into his 14-year sentence.

Fogel was only classified as a wrongly detained American citizen abroad by the Biden Administration late last year, and his legal team said the release was “long overdue.”

“We are beyond grateful, relieved and overwhelmed that after more than three years of detention, our father, husband and son, Marc Fogel, is finally coming home.” — Fogel family statement, in the report

Witkoff — who is a billionaire New York real estate executive — negotiated the deal in private, according to the report, and following his release, Fogel was flown out of Moscow on Witkoff’s plane.

The release represents a gesture of goodwill between Russia and the United States in the early weeks of the second Trump Administration. It is

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Cannabis Farm Sues Neighboring Produce Farm for Pesticide Contamination

River Valley Growers, a cannabis grower in Western Massachusetts, has filed a lawsuit against neighboring produce farmer Nourse Farms claiming the defendants contaminated the plaintiffs’ cannabis crops and land with pesticides, The Boston Globe reports.

The lawsuit — believed to be the first of its kind for the industry — alleges that pesticides sprayed by the large-scale blueberry and vegetable farm next door ruined River Valley Growers’ 2022 bumper crop of 47,000 pounds of cannabis, and stymied several subsequent crops, amounting to about $17 million in total losses.

“It has been a nightmare. The repeated incidents of pesticide overspray have all but put River Valley Growers out of business. We had a bumper crop in 2022 that had to be destroyed and haven’t been able to plant since. We simply don’t know whether or when we can safely plant again.” — River Valley Growers statement, via The Boston Globe

Licensed cannabis growers in Massachusetts have to maneuver much stricter pesticide provisions than general produce farmers.

River Valley Growers said the deal to sell its 2022 crop fell through when the grower’s product was flagged by a testing lab for pesticides, even though the company hadn’t used any pesticides on its

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American Teacher Marc Fogel Released From Russian Prison After 3.5 Years

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UPDATE: Feb. 12 — President Donald Trump welcomed American schoolteacher Marc Fogel at the White House late Tuesday, following his release from a Russian prison.

Fogel spoke to reporters alongside Trump, praising the president for his efforts to free him.

“I feel like the luckiest man on Earth right now,” Fogel said.

Trump also defended the U.S.-Russia deal to secure Fogel’s freedom when asked to spell out its terms.

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“Very fair. Very, very fair, very reasonable, not like deals you’ve seen over the years,” Trump said.

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, on Feb. 11 in Washington.AP Photo/Alex Brandon

Meanwhile, Kremlin spokesperson Dmitry Peskov on Wednesday said the U.S. has freed a Russian citizen in exchange for Fogel’s release but declined to name them until they return to the country.

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American schoolteacher Marc Fogel has been released from a Russian prison after three and a half years in captivity, national security adviser Mike Waltz shared Tuesday.

The 63-year-old, whom U.S. authorities had designated as wrongfully detained, was found guilty by a Russian court in 2022 and sentenced to 14 years for a minor marijuana infraction ― a harsher punishment than Russia has

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Todd Hughes & Brandon Wyatt: Accelerating Minority-Owned Cannabis Businesses with BCB Mastermind

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In this episode of the Ganjapreneur podcast, host TG Branfalt is joined by Brandon Wyatt, Esq. and Todd Hughes, co-founders of BCB Mastermind, an executive training program designed to propel minority-owned cannabis and hemp businesses to new heights. In this episode, they discuss the critical barriers that entrepreneurs face in the cannabis space, from access to capital and regulatory challenges to the overlooked potential of industrial hemp. With backgrounds in law, engineering, and advocacy, Brandon and Todd bring a holistic approach to business strategy, emphasizing community-driven solutions, policy reform, and the power of sustainable innovation. Tune in below for a deep dive into the intersections of social equity, business leadership, and the future of hemp beyond consumption.

Listen to the episode: Read the full transcript:

Editor’s note: this transcript was auto-generated and may contain errors.

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The Ganjapreneur Podcast is made possible by over 500 cannabis industry service providers in Ganjapreneurs Cannabis Business Index. At some point, every plant touching brand experiences the stigma that many industries still have to toward cannabis going strong. Since 2015, our business index is the

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Florida Bill Seeks to Allow Limited Cannabis Home Grows for Registered Patients

A bill introduced in Florida would allow medical cannabis patients to cultivate up to two plants for personal use in their homes, the Florida Phoenix reports. The measure caps the number of plants per household at two, even if there is more than one patient at the residence.  

Chris Cano, executive director of the Suncoast Chapter of the NORML, told the Phoenix that provision is a problem.  

“Two plants for multiple patients? The math is not mathing. … Elected officials need to address the chronic debilitating conditions of medical cannabis patients in a serious manner. Clearly, the good senator is no expert on the needs of a truly sick patient or the amount of cannabis one needs to consume when suffering.” — Cano to the Phoenix 

Michael Minardi, an attorney who works on cannabis issues, called the legislation “a start” but added that “two plants are not sufficient for someone to have an adequate supply for themselves, never mind multiple patients in the same household.” 

Under the law, plants would have to be grown in an enclosed, locked space to prevent access by unauthorized persons

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Federal Bill Would Prevent Companies from Tax Relief if Cannabis is Rescheduled

Oklahoma Sen. James Lankford (R) last week introduced legislation to prohibit cannabis businesses from deducting business expenses from their taxes. The measure would apply to cannabis businesses even if cannabis is rescheduled under the federal Controlled Substances Act to lower than a Schedule I or II drug – a planned move under the administration of former President Joe Biden (D).  

“Marijuana doesn’t make our families stronger, our streets safer, or our workplaces more productive. Businesses who sell federally illegal drugs – including marijuana businesses – shouldn’t get federal tax breaks. This bill clarifies federal tax law to make sure a federally illegal product does not have a federally legal tax deduction.” — Lankford in a press release 

The proposal is co-sponsored by Nebraska Sen. Pete Ricketts (R).  

Jed Green, of Oklahomans for Responsible Cannabis Action, told KOCO 5 that Lankford’s proposal is “basically already in place” as state-legal cannabis businesses file federal taxes under Section 280E, which prohibits normal business deductions.  

“What that means is that some growers can deduct taxes. However, your dispensaries, any advertising, bud tenders, none of that can be deducted,” Green

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Maine Working Group Recommends Setting Age Limit for Hemp-Derived THC Products

A working group in Maine has recommended setting an age limit of 21 for intoxicating hemp-derived products and placing caps on THC in hemp beverages, News Center Maine reports. Dr. Patty Locuratolo Hymanson, a physician and former chair of the Health and Human Service Committee who now sits on the working group, told News Center Maine that hemp-derived THC products in the state are “much more potent than was ever supposed to be allowed.”   

“And it’s perfectly legal to do anything you want to with it because there are no regulations around hemp the same way that there are rules around cannabis.” — Hymanson to News Center Maine 

John Hudak, director of the Office of Cannabis Policy, said the agency often hears complaints from parents about the ability of children to purchase THC-infused products derived from hemp due to the lack of age limits.  

“It’s pretty commonly seen by a lot of people as a problem that these products are in so many different places and available to children,” Hudak told News Center Maine. “We get complaints at our office even though we don’t regulate those products.” 

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