INSIGHT FROM OUR COMMODITY MARKET SENIOR EXECUTIVE
Many of the ICBC panel debates centered on the “States Act” – proposed federal legislation allowing states freedom to make their own legislative decisions about cannabis. Essentially the States Act says that, in states which have approved medicinal or adult recreational use, the feds cannot come storming in and upend it all. Federalism at its finest! The bill also contains common-sense guardrails to ensure that states regulating cannabis do so in a manner that is safe and respectful of the impact on their neighbors. PRODUCT PHASE Until the modification or abolishment of the federal Controlled Substance Act (which lists cannabis as a “Schedule 1” completely prohibited drug – and we have Nixon to thank for that), interstate transport and
During a meeting with a prominent West Coast asset manager, it was indicated that most of his recent account openings or allocation requests are for the cannabis space... Surpassing, over short time, the flows he saw into cryptos. FEDERAL LEVEL Today, 46 states have laws permitting or decriminalizing cannabis and/or cannabis-based products. As states began developing their own approaches to cannabis enforcement, the Department of Justice issued guidance to support these state actions and focus law enforcement resources. However, this guidance was withdrawn in 2018,
causing legal uncertainty, public health and safety issues, and undermining the state regulatory regimes.
Strengthening the Tenth Amendment Through Entrusting States (STATES) Act
A bill proposed in the 115th United States Congress that would recognize legalization of cannabis and the U.S. state laws that have legalized it through their legislatures or citizen initiative. It was introduced on June 7, 2018, by Senators Cory Gardner (R – Colorado) and Elizabeth Warren (D – Massachusetts). A companion bill was introduced the same day in the House of Representatives, sponsored by Earl Blumenauer (D – Oregon) and David Joyce (R – Ohio). The act would amend the Controlled Substances Act of 1970 to exempt from federal enforcement individuals or corporations in states that are in compliance with U.S., state, U.S. territory, and District of Columbia, or tribal law on cannabis, with certain additional provisions such as minimum ages. Source: Wikipedia
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