In October of 2022, the Biden Administration started an official cannabis policy review process, which began with granting pardons to all people convicted of simple cannabis possession under federal law. At the time, this was considered to be the most extensive White House action taken to date on federal drug policy in quite some time. Over the last year, the process shifted to the review of cannabis policy by certain critical governmental agencies, including the Food & Drug Administration (FDA). The FDA conducted its review, and then provided comment to the National Institute on Drug Abuse (NIDA) and Department of Health and Human Services (HHS).
Earlier this summer, the Food & Drug Administration (FDA) issued draft guidance for those researching the use of psychedelics to treat certain serious medical conditions including major depressive disorder, PTSD, and substance use disorders. This is the very first time the FDA has provided guidance to the ever growing list of entities conducting research on these controlled substances for the purpose of setting up clinical trials.
Earlier this month, the U.S. Senate Banking Committee met to discuss the SAFE Banking Act, a critical piece of proposed legislation that would make it easier for the cannabis industry to secure and utilize much needed banking services. Overall, the fact that the Act has warranted extensive discussion by legislators is promising, but passage of the Act as currently styled still seems relatively far off. The meeting, which was entitled “Examining Cannabis Banking Challenges of Small Businesses and Workers,” heard testimony from bipartisan lawmakers, including the Senators who reintroduced the bill (Jeff Merkley and Steve Daines).
Many of us following the ever expanding cannabis industry in the United States have seen more and more CBD-infused food and drink products hitting the market and becoming readily available for consumers.
Last week, La Shawn K. Ford, a Democratic member of the Illinois House of Representatives, introduced the Compassionate Use and Research of Entheogens Act, or CURE Act, as the very first bill during the opening session of Illinois 103rd General Assembly. Entheogen is a term used to describe a psychoactive, hallucinogenic substance or preparation (such as psilocybin, the active component in so called “magic mushrooms”) especially when derived from plants or fungi and used in religious, spiritual, or ritualistic contexts.
Last month, the Illinois Department of Finance and Professional Regulation (IDFPR), announced that it would begin accepting applications for 55 new adult-use cannabis retail licenses after January 30, 2023. The IDFPR, the governmental entity tasked with regulating the recreational cannabis dispensaries in Illinois, has issued guidelines for what is being called the Social Equity Criterial Lottery. In order to be issued a conditional license pursuant to this application and lottery process, an applicant must be able to establish that it is 51% or more owned or controlled by one or more individuals who each meet the combination of at least one of the criteria under two distinct categories (A and B) set forth by the IDFPR.
Last Thursday, November 10, 2022, a court-appointed receiver threw the City of Chester, Pennsylvania into bankruptcy. At its most basic, a chapter 9 bankruptcy case is a rarely used provision of the Bankruptcy Code which is designed to protect a financially-distressed municipality from its creditors while it develops a plan to repay them. While chapter 9 filings are currently relatively rare, the combustible mix of the current state of the economy and this case filing could be a portent for a wave of similar filings in the next few years. But what truly separates this chapter 9 filing from those of the past (and gives rise to this alert) is the intersection of chapter 9 and the increasing legalization and taxation of cannabis by states and municipalities across the country. The State of Pennsylvania has not yet legalized so-called adult use cannabis, which is generating truly unprecedented amounts of tax revenue for many states, but it has enjoyed a fully functioning, legal, medicinal cannabis program for several years now, and enjoys the concomitant tax revenue therefrom. The City of Chester, Pennsylvania is therefore deriving tax revenue from the state’s medicinal cannabis program – a program centered around federally illegal conduct and the cash it creates.
On Friday, April 1, 2022, the U.S House of representatives voted to pass the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which decriminalizes cannabis at the federal level. The vote was made mostly along party lines. The legislation will now move to the Senate. The MORE Act would be revolutionary legislation for the cannabis industry and individuals adversely affected by harsh penalties for cannabis convictions. The Act, which was first approved by the House of Representatives judiciary committee in late 2019, would officially remove cannabis from the ...
On Monday October 18, 2021, the Drug Enforcement Administration (DEA) issued a notice through the Federal Register that proposed a large increase in production quotas for a number of controlled substances including cannabis and psilocybin (the active compound in so called “magic mushrooms”). Cannabis and psilocybin are currently categorized as Schedule I drugs in the Controlled Substances Act (CSA), meaning that pursuant to the CSA, these are drugs with no currently accepted medical use and a high potential for abuse. The notice issue by the DEA, however, signals a potential ...
The emerging cannabis industry in Illinois has plenty of regulatory issues to contend with including labeling, packaging, destruction and disposal of cannabis, security, inventory, and recordkeeping just to name a few. Dispensaries and other cannabis related businesses should take care not to overlook another highly-regulated area—text message and telephone marketing.
The Telephone Consumer Protection Act (TCPA) regulates how companies can utilize telephone calls and text messages as part of their marketing strategies. All companies should take note, as the penalties ...
Welcome to the Cannabis Business Legal News blog where attorneys from Amundsen Davis blog about all things cannabis business and legal news related.
- Historic Cannabis Rescheduling on the Horizon? It's Up to the DEA Now
- FDA Issues First Ever Guidance for Research of Psychedelics
- Movement on the SAFE Banking Act? The Senate is Talking the Talk, but Not Ready to Walk the Walk
- The Federal Government & CBD – What the FDA is Happening?
- Illinois Lawmaker Introduces Legislation to Legalize Psychedelic Therapy Programs
- Illinois Set to Roll out New Cannabis Retail License Applications and Lottery in Early 2023
- Could a Small Town in Pennsylvania Force Congress to Deschedule Cannabis?
- No April Fool’s Joke: The MORE Act was Just Passed by the House
- Significant Increase in Production of Cannabis and Psychedelics for Research Proposed by the DEA for 2022 – What You Need to Know Now
- Protecting Your Cannabis Business from the Trappings of the Telephone Consumer Protection Act
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