Treasury sec. talks cannabis banking (Newsletter: March 17, 2023)

KY Senate OKs medical marijuana; CO gov wants fed update; NH & DE legalization advances; KS medical cannabis stalls; US medical marijuana use doubles

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/ TOP THINGS TO KNOW

Treasury Sec. Janet Yellen said federal regulators are “looking for solutions” to the marijuana industry’s banking access issues. Meanwhile, Senate Majority Leader Chuck Schumer (D-NY) said he sees an opening to advance the issue in Congress this year.

The Kentucky Senate passed a bill to legalize medical cannabis. The House has approved similar bills in past sessions but they have always stalled in the Senate—until now.

Colorado Gov. Jared Polis (D) says he has requested that Health and Human Services Sec. Xavier Becerra provide an update on the timeline for the federal government’s marijuana scheduling review.

The New Hampshire House of Representatives approved a bill to legalize marijuana—without any regulations or limitations. Separate legalization legislation with provisions to tax and regulate cannabis sales is also advancing.

The Kansas Senate Federal and State Affairs Committee voted to shelve a medical cannabis legalization bill after hearing from law enforcement officials who raised concerns about the legislation.

The Delaware Senate Finance Committee approved a House-passed bill to legalize and regulate marijuana sales—the second panel to do so in as many days—sending it to the floor alongside a separate simple measure on legalizing cannabis possession.

A new study conducted by officials with the Department of Veterans Affairs shows that medical cannabis use in the U.S. has more than doubled over a seven-year period.

/ FEDERAL

Former White House Office of National Drug Control Policy Director Bill Bennett said he thinks Oklahoma voters’ rejection of a marijuana legalization initiative signals a broader “pushback” against cannabis reform.

The Drug Enforcement Administration Museum posted a video looking back at educational materials it has published over the years.

/ STATES

New Mexico lawmakers sent Gov. Michelle Lujan Grisham (D) a bill to streamline the medical cannabis patient registration process.

The South Carolina Senate defeated a motion to set a medical cannabis legalization bill for special order.

The New Hampshire House of Representatives rejected a bill to legalize psychedelics.

Nevada’s Assembly speaker is pushing regulators to crack down on unregulated cannabis operations.

The Georgia Senate Regulated Industries and Utilities Committee held a hearing on a bill to amend hemp rules.

A Minnesota senator who is sponsoring a marijuana legalization bill spoke about changing attitudes on the issue.

A Maryland delegate tweeted, “Maryland is ready to legalize cannabis this legislative session. By July 1st, we will have a legal market and this legislation will help us ensure that those who were hardest hit by the War on Drugs will be able participate in this new industry.”

New York regulators are being sued by a coalition of medical cannabis businesses that allege they have “improperly assumed the role of the Legislature to impose their own policies” to prioritize social equity dispensary license applicants. Separately, a top  marijuana regulator will participate in an event on equity on Friday.

A Louisiana judge blocked regulators from taking many hemp products off store shelves as part of a planned crackdown.

Virginia’s Forensic Science Board filed rules on marijuana field tests.

Washington State regulators withdrew a statement of inquiry on rules regarding cannabis plant canopy.

U.S. Virgin Islands regulators sent a reminder about the legal status of cannabis in the territory.

Colorado regulators published average market rates for retail marijuana.

Guam’s Cannabis Control Board will meet on Monday.


Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.

Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.

/ LOCAL

New York City’s mayor said that “our babies are waking up every day in the morning on their way to school stopping into stores and bodegas and buying gummy bears and skittles laced with cannabis and sitting inside the classroom.”

Denver, Colorado officials sent out information about the launch of the Marijuana Industry Group’s third social equity mentorship program.

/ INTERNATIONAL

Germany’s Federal Joint Committee adopted medical cannabis regulations that “do not place any additional requirements” on patients.

A UK lawmaker spoke about the economic and environmental benefits of the hemp industry.

/ SCIENCE & HEALTH

A study highlighted “the protective effect of cannabinoids against colorectal cancer cachexia through modulation of inflammation and immune responses.”

A study of people who have used LSD or psilocybin found that “positive changes were observed across all 17 outcome items, with the strongest benefits on items related to insight and mood.”

/ ADVOCACY, OPINION & ANALYSIS

The Montana Democratic Party tweeted, “Republicans’ plan to divert funds from Habitat Montana ignores the will of Montanans who voted to use marijuana tax revenue to protect public lands & outdoor recreation.”

The Star Tribune editorial board is urging Minnesota lawmakers to make sure that marijuana legalization legislation will “recognize the trade-offs inherent in this policy change” by including “strong warnings on package labels and resources to broaden treatment options.”

A Pennsylvania Family Institute staffer authored an op-ed laying out concerns about marijuana legalization.

The Humane Society of Missouri is providing tips on how to keep pets safe from accidental marijuana ingestion.

/ BUSINESS

Cresco Labs Inc. reported quarterly net revenue of $199.6 million and a net loss of $179.9 million.

WM Technology, Inc. reported quarterly revenue of $49.3 million and a net loss of $60.8 million.

TerrAscend Corp. reported quarterly net revenue of $45.9 million and a net loss of $5.9 million.

TILT Holdings Inc. reported quarterly net revenue of $44.2 million and a net loss of $73.1 million.

Leafly Holdings, Inc. reported a quarterly net loss of $5.8 million and announced it is laying off 21 percent of its workforce.

A federal lawsuit over Trulieve layoffs in Florida was voluntarily dismissed by the plaintiffs.

4Front Ventures Corp. appointed a new board member.

/ CULTURE

Seth Rogen expressed surprise at Kevin Smith’s giving up marijuana.

Kal Penn discussed President Joe Biden’s evolution on marijuana.

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