What is the latest legislation impacting the cannabis industry?
Posted by on 2024-06-24
The cannabis industry has been growing rapidly in recent years, with more and more states legalizing the use of marijuana for both medical and recreational purposes. As this industry continues to expand, there have been numerous legislative changes that impact how cannabis businesses operate.
One of the latest pieces of legislation impacting the cannabis industry is the MORE Act (Marijuana Opportunity Reinvestment and Expungement Act) which was reintroduced in Congress in May 2021. This bill aims to decriminalize marijuana at the federal level, expunge prior convictions related to cannabis offenses, and create opportunities for individuals who have been disproportionately impacted by the War on Drugs.
In addition to federal legislation, many states have also been passing laws that affect the cannabis industry. For example, New York recently legalized recreational marijuana through the Marijuana Regulation and Taxation Act, which allows adults over 21 to possess up to three ounces of cannabis for personal use.
Furthermore, there have been ongoing discussions at the federal level about reforming banking regulations for cannabis businesses. Currently, many banks are hesitant to work with companies in the cannabis industry due to conflicting state and federal laws. The SAFE Banking Act is one piece of legislation that aims to provide clarity and protections for financial institutions that choose to do business with legal cannabis companies.
Overall, it is clear that there are many legislative changes happening at both the state and federal levels that impact how cannabis businesses can operate. As these laws continue to evolve, it will be important for stakeholders in the industry to stay informed and adapt their practices accordingly.