Cannabis Advocacy: Current Reform Initiatives

With optimism still surrounding federal legalization, it’s safe to say that cannabis law reform will continue to be seen on a state-wide level for years to come. With polls showing that 68% of Americans are in favor of legal cannabis use, lawmakers are getting the bigger message that their constituents are actually looking for sensible cannabis policies to be enacted.  

As we continue our cannabis and hemp education blogs, demonstrating proper education and transparency throughout is a huge part of our philosophy—making headway in the industry is not only about creating organic connections with business partners but also understanding the culture, politics, and the ins and outs of the industry as a whole. 

Our dedicated team here at botaniCo is proud to bring pertinent information and organic advancements to the table. Continue to read along as we discuss reform initiatives that are affecting our cannabis banking, research, and legal opportunities in the United States. 

Cannabis Reform: SAFE Banking Act Removed for a More Comprehensive Bill 

Incremental reform in smaller, yet notable steps is going to be the name of the game for cannabis reform until a federal legalization bill is able to be passed. Among key bills aiding reform, there was the SAFE Banking Act by Rep. Ed Perlmutter which would have allowed the cannabis industry to access financial services such as commercial loans, checking accounts, and the big one–credit-card processing.

Although it gathered support, the SAFE Act was declined to be added to the defense spending bill last December. This could actually be more of a blessing in disguise as this could open up a wider door for legalization in 2022. 

A newer bill could aim to provide better access to the capital market, including better tax treatment for federal legalization, expunge prior minor cannabis possession convictions, and bar federal enforcement against states that have already legalized. 

On the other hand, Democrat and Republican groups have urged lawmakers not to approve initiatives such as SAFE Banking before passing a more comprehensive marijuana legalization bill like the MORE Act.

The Medical Marijuana Research Act

While some lawmakers advance on strategies to open up cannabis dispensary flower to researchers allowing them to study product that consumers are purchasing from state-legal businesses, a bipartisan group of federal lawmakers has also introduced a bill. 

Last October, The Medical Marijuana Research Act, introduced by pro-legalization Rep. Earl Blumenauer and prohibitionist Rep. Andy Harris, was filed. This bill aims to remove barriers to conducting research on marijuana, including allowing scientists to access cannabis from state-legal dispensaries to streamline the process.

As federal law leaves proper research on cannabis lagging behind, small notable bills and initiatives remain strong and active in the United States.

Marijuana Opportunity, Reinvestment, and Expungement 

Passed by the house in 2020 and reintroduced in May of 2021, the Marijuana Opportunity Reinvestment and Expungement (MORE) Act seeks to remove cannabis from the Controlled Substance Act and purge records for those convicted of using marijuana. 

Specifically, it would end the criminalization of cannabis for adults by removing it from the list of controlled substances, eliminating related criminal penalties, as well as taking steps toward criminal justice reform, social justice, and economic development. The MORE Act is currently the favorite in being passed by the Senate after looming for nearly two years.

As we progress more into 2022, stay tuned to our blog page for all news and updates in the cannabis world. 

~

Want to know more about how botaniCo can help your cannabis or hemp business thrive? Connect With Us!

~

As a member services organization for the cannabis and hemp industries, botaniCo provides businesses with purchasing power and exclusive access to our elite network of trusted suppliers. 

Our enduring devotion to the cannabis industry community at large enables us to provide our members with an array of cost-saving solutions on products and services!