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Bill to Form State-Chartered Banks for California Marijuana Industry in the Hands of the State’s Lawmakers

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California marijuana industry

Just a year later, again the bill that would enable the California marijuana industry to access the banking services from the state-chartered financial institutes, as well as credit unions, will be put on the sword. A year ago, a similar attempt to pass the state legislature failed.

So, will the lawmakers finally go ahead with the bill this time?

One thing is clear, the legal marijuana industry in California is struggling to compete favorably in the black market. The primary reason is that it faces great challenges, which include banking access as well as high taxes.  

State of the Proposed Law

For instance, Senate Bill 51 is meant to allow the state to license various private banks to easily handle the billions of dollars which are generated by the state’s legal cannabis industry.

The current situation in the state is that the pot retailers, as well as other cannabis companies, have been stopped from the long-established banking system.

Therefore, it means that the measure will now allow the
credit unions and private banks to safely apply for a state-charter to enable them to offer depository services to all licensed marijuana businesses.

As a common procedure for all state bills with a fiscal impact, the state Senate Appropriations Committee on Monday sent the SB 51 to the suspense file with the hearing staged on Thursday. It’s on that day that the committee members will determine the fate of the bill.

But Why are the Banks Scared?

At a glance or by far the bill is genuinely required to go through as it will benefit the state. However, there’s one side effect of the bill as well. The unfortunate negative could be the concentration of marijuana business assets into one or a plethora of easily identifiable institutions which may render them cheap targets of the federal law enforcement action.

Therefore, the banks are scared of the expense and trauma of exposing themselves. For that matter, the cannabis business which includes pot shops has no option than to deal principally in cash given that there are federal banking limitations which make it next to impossible for them to create accounts with the federally chartered banking institutions.

Besides, there’s an effort in place in the federal level aimed to get the legislation passed to enable banks into serving the cannabis-associated businesses without any risk of being prosecuted.

Significance of the Bill

Undoubtedly, marijuana businesses, as well as their employees, make large amounts of cash. So, it makes cannabis customers targets of violent crime as there’s a lot of money in the streets.

The solution lies with the banking relationship, which will help both the law enforcement officials as well as regulators to distinguish legal marijuana businesses from the illegal market operators.

Subsequently, the bill will set up some special checks for cannabis businesses as a way of paying state as well as local taxes, rent, and fees.

A Big Concern on the Cards

Last year, a similar bill didn’t pass the legislature with cost concerns being mentioned as the primary reason for the denial. The lawmakers hinted that new state workers need to be hired, which could cost almost $2 million a year.

Therefore, the same concerns may as well come up again, and according to industry observers, similar lawmakers opposing the cannabis sales may be watching from a corner. Nevertheless, it’s just a matter of time before we learn the fate of the bill.

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Photo by Jamie McInall from Pexels

Cannabis News

Why the ACMPR Is So Popular with Medical Marijuana Patients in Canada

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ACMPR

Depending on your home country, accessing medical marijuana may just be easier than ever for you. This is the case for North Americans, Canadians in particular. Since the early 2000s, Canada has been successfully implementing a medical marijuana program for patients called the ACMPR. 

Although this program (also referred to as the MMPR and MMAR in the past) has been around in some form or another for decades, it is continuing to grow in popularity. But why? It’s not just because Canadians want an excuse to grow cannabis plants from home… 

What Is the ACMPR?

Before discussing the growing popularity of the ACMPR program, it’s important to have a solid understanding of what it actually is. ACMPR stands for Access to Cannabis for Medical Purposes Regulations. For those who are eligible and have a valid medical condition that requires the use of cannabis for treatment, the ACMPR allows for easy access to cannabis. 

Not only does it allow medical patients to easily access medical-grade marijuana from licensed producers throughout the country, but it allows patients to cultivate their own plants from home. Unlike the recreational cannabis laws which allow citizens to grow no more than 4 plants from home, the ACMPR determines plant counts based on medical needs. 

Canadians who use the ACMPR license to grow from home have a predetermined plant count based on the number of grams prescribed per day. For example, if you receive a prescription…

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Why Buy From Marijuana Seed Banks?

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marijuana seed banks

If you’re interested in growing marijuana and live in a state that allows its cultivation, then you might want to consider buying seeds from seed banks. Some of the best cannabis get cultivated outside the country, which means that, sometimes, you have to find a seed bank that ships to the US. 

There are a lot of options when it comes to sources for marijuana seeds online. However, not all of them can ship to the US due to strict regulations in the country. Thus, it’s best to find a legit seed bank that can process orders from United States customers.  

Avoid transacting with other sources aside from seed banks. If you do so, you run the risk of receiving low-quality products, wasting your money in the end. Look for a company with positive feedback and has a proven history of dealing with US customers. Some of the most popular ones include Seedsman and I Love Growing Marijuana (IGLM). You can check out GreenBudGuru’s Seedsman review and their review of other companies to find the best fit for your needs.

If you’re looking to get your seeds online, below are some reasons you should buy marijuana seeds from a trusted and reliable marijuana seed banks.

You Don’t Have Any Other Option

As mentioned above, some states in the US still don’t allow local buying and selling of marijuana, even if medical marijuana consumption has already gained momentum. If…

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22nd Century Group Inc (NYSE:XXII): 3 Reasons You May Want To Buy The Stock This Month

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NYSE:XXII

The tobacco industry is huge and growing. The cannabis industry is already booming yet it is only in the early stages of development and the future looks incredibly bright as more countries legalize pot. 22nd Century Group Inc (NYSE:XXII) is the stock that offers investors the chance to own the best of both tobacco and cannabis worlds.

The stock currently trades at $1.00/share. But that is not where it belongs as that is its lowest watermark. As recently as September, NYSE:XXII was trading above $2.40/share.

About NYSE:XXII

For investors who may have just come across 22nd Century Group for the very first time, here is a brief profile of the company. 22nd Century Group is a plant biotechnology company and a leader in tobacco harm reduction. It has also set its sight on the legal hemp and cannabis industries. In the tobacco space, NYSE:XXII has developed a low-nicotine tobacco plant variety. In the hemp/cannabis space, the company is working to develop hemp and cannabis plants with specific desirable qualities.

If you are looking to have a footing in both tobacco and cannabis industries, here are three reasons you may want to buy NYSE:XXII.

  • 22nd Century Group on track to take control of CBD products maker Panacea Life Sciences

On December 3, 22nd Century…

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