The SAFE Banking Act, a bill designed to allow cannabis businesses to operate legally without fear of punishment by federal regulators, was introduced in 2013.
Not a single state had legalized adult-use cannabis 10 years ago. However, a few intelligent members of Congress were able to see the writing on the wall. Those with foresight understood that legalization efforts would soon result in individual states running their own recreational cannabis markets and federal oversight would be needed in some form or fashion. Unfortunately, politicians do not always act in a unified or timely manner.
There appeared to be a bipartisan effort in the Senate to progress the SAFE Banking Act not long ago, but that joint effort has gone the way of the shifting winds in Washington, D.C. The bill is seemingly struggling to keep up with the shifting demands of certain people for no other reason than politics.
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"The 10-year anniversary of the first introduction of the SAFE Banking Act is an inauspicious one," NORML Political Director Morgan Fox said, as reported by Marijuana Moment. "It is frustrating that after such a long time – and after this narrowly-tailored commonsense reform has been repeatedly approved in the people's chamber – its forward movement in the Senate remains in question."
Poseidon is also celebrating its 10th anniversary, so we have been front and center of this incredibly challenging political theater. Despite the lack of progress made on Capitol Hill, we continue the mantra of heads down, working with companies to build and navigate these dynamics, and following where there is action happening at the state level.
Three yards and a cloud of dust – a phrase often used to describe an offensive scheme in American football, but it's also reflective of our current journey to federal cannabis legalization in the U.S. This phrase feels fitting for an industry that has been gritty, hard-nosed and willing to kick up all kinds of dust to move the legalization effort forward. Despite these efforts, there are moments in which we're reminded of how far we still have to travel to achieve our ultimate goal.
The U.S. Drug Enforcement Administration (DEA) Twitter account recently shared an article with a subheading that reads, "Don't let boredom be one of the reasons you try drugs. Try these fun activities and get a natural high!"
Among other things, the article advised readers to "play video games" or "take Instagram more seriously." We were shocked and disgusted by the agency's decision to share this article. It completely put us on our heels because this commentary is absurd and unsupported by science. This kind of rhetoric is unacceptable and we expect far greater from this country.
Pennsylvania moves one step closer to adult-use marijuana
States in this country continue to drive forward despite what the DEA shares via social media. For example, lawmakers in Pennsylvania are committed to meeting the needs of voters, including implementing cannabis initiatives. Politicians from both sides of the aisle joined together to file Senate Bill 846, an act that moves the state one step closer to adult-use legalization
"Legalized adult use of marijuana is supported by an overwhelming majority of Pennsylvanians and this legislation accomplishes that while also ensuring safety and social equity," Pennsylvania Senator Dan Laughlin (R) said in a statement.
Pennsylvania recognizes the pressure to legalize adult-use cannabis after New York and New Jersey took similar action. At first pass, this bill appears to be easy to follow from a regulatory and tax point of view and that is a welcome starting point.
Maryland's recreational weed market is off to a fast start
Maryland is the latest state to commence adult-use sales. The state's established medical market was prepared with plenty of supply and many medical doors ready to welcome adult-use customers via a dual license. Sales are off to a good start, hitting almost $21 million in the first week.
"We often see an uptick in demand following the initial launch of adult-use sales, and with sales in Maryland predicted to reach $1 billion by 2025, there is a significant opportunity for cannabis businesses and the overall economy to benefit," Verano President Darren Weiss said.
In addition, the state has launched a low-interest-rate loan program of $40 million eligible for social equity applicants. The first round of qualified applicants will receive their financial awards by Aug. 1 and another round of applicants can apply until September. It is great to see a state that is moving swiftly in the right direction and not bogged down in bureaucratic complexities. Keep up the good work Maryland!
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