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Welcome back to The Week in Weed, your Friday look at
what’s happening in the world of legalized marijuana.
This week, we see Janet Yellen expressing support for the SAFE
Banking Act. Germany legalizes cannabis, but not a retail market. A
group of Attorneys General express their views on hemp. And
finally, Mike Tyson is selling cannabis edibles – only one
guess as to their shape.
YELLEN ON SAFE
Treasury Secretary Janet Yellen supports legislation that would
enable banks to provide financial services to the cannabis
industry. She has said so in the
past, and she’s saying it again now. Specifically, she sees serious issues
with the need for cannabis businesses to hold large amounts of
cash.
I think it’s a real problem and it would be desirable to
have legislation that alleviated this problem.
Treasury Secretary Janet Yellen in Congressional testimony,
March 21, 2024
In the same hearing, Representative Steny Hoyer (D-MD) clarified
that “I am neither a user nor a suggester of using.” In
case you were unclear on that.
GERMANY
The German government legalized cannabis for
adult-use this week; the law takes effect on April 1. (Apparently,
4/20 is not a holiday there.) Although it allows consumption,
home-grow and purchase in social clubs with limited memberships, it
does not set up a retail market. As we have seen in the US, this
arrangement can lead to a rampant black market; we’ll see how
the Germans fare.
ATTORNEYS GENERAL
As regular readers will recall, the 2018 Farm Bill legalized the
cultivation of industrial hemp. Due to vagueness in the language,
intoxicating hemp, such as Delta-8, has made its way into the
market. A bipartisan group of Attorneys General from 20 states and
D.C. are calling on the movers and shakers on Congressional
Agriculture Committees to tighten up the definition of hemp in the next
Farm Bill. The bill is expected to pass this year, but there’s
no guarantee on that, so it may be a while before this loophole is
closed.
AND FINALLY
If you’re looking for a cannabis product with a tie to
professional boxing, you might take a look at Mike Tyson’s new
line of edibles. And yes, they’re shaped like ears
with a bite taken out.
Be well everyone – we’ll see you next week.
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