Cannabis Banking Bill Approved By House Committee

In a landmark development, the House Financial Services Committee voted 45-15 today to approve legislation paving the way for banks to do business with cannabis companies. With 10 states currently providing legal recreational access to cannabis and a total of 37 states allowing medicinal cannabis, firms operating in the space have been stymied by federal law preventing banks form doing business with them. The banking bill "addresses an urgent public safety concern for legitimate businesses that currently have no recourse but to operate with just cash," said Chairwoman Maxine Waters (D-CA). Key to the bill is limiting the power of…

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More Senior Citizens Turning to Medical Cannabis

Senior citizens are increasingly getting on board with cannabis. Given the number of ailments elderly individuals face, from chronic disease, inflammation and general aches and pains, cannabis is becoming an increasingly attractive choice for seniors. While recreational cannabis seems to catch the popular ire of the young, access to medical cannabis is particularly relevant for older Americans. "I would say the average age of our customers is around 60, maybe even a little older," said Kelty Richardson, a registered nurse with the Halos Health clinic in Boulder, Colorado, which provides medical examinations and sells physician-recommended cannabis through its online store.…

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House Committee to Debate Cannabis Banking on March 26, 2019

Banking relief may be coming to the Cannabis Industry. The House Financial Services Committee is planning to meet and mark up the SAFE Banking Act next week on March 26, 2019. Led by Maxine Waters as chair, the committee will during this session “debate, amend and vote on whether to send the legislation to the full House.” The intent of the bill will enable federal protection or banks serving state-legal marijuana businesses Despite Cannabis being legal either medicinally or recreationally in 37 states, businesses are still struggling to find banking solutions due to the Federal Government continuing to list cannabis…

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Cannabis is Fastest Growing Industry in the USA

The fastest-growing industry in the U.S. right now is cannabis having added 64,389 jobs in 2018, an increase of 44% YOY over 2017. There are now more than 200,000 cannabis jobs in the U.S. And that number jumps to 296,000 when indirect jobs (suppliers or independent contractors) and induced jobs (project or business financing) are included. Cannabis now exceeds traditional and comparative industries such as coal mining (52,000), textile manufacturing (112,000), and brewery workers (69,000). In 2018, legal marijuana sales grew 34% to $10.8 billion in the USA with only 14 states allowing recreational cannabis, 37 states allowing medicinal cannabis,…

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Tilray Hires Former Goldman Sachs Managing Director
Andrew Pucher, Chief Corporate Development Officer, Tilray (Photo: Business Wire)

Tilray Hires Former Goldman Sachs Managing Director

Canadian cannabis behemouth, Tilray, announced this week that it has hired Andrew Pucher as Chief Corporate Development Officer. In his new role, Andrew will lead Tilray’s corporate development function, including the team that is responsible for M&A and corporate investments. He will be based in Toronto, ON, and report to CEO Brendan Kennedy. Andrew joins Tilray from Goldman Sachs, where he was a Managing Director and most recently served as Head of Canadian Diversified Investment Banking, which included coverage of the Canadian cannabis industry. Previously, he was a member of Goldman Sachs’ Global Healthcare Investment Banking Group in New York, where he advised on more than $200…

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Michigan Brings in $42 Million in Cannabis Revenue in Four Months

  In the first four months of Michigan’s medical cannabis dispensary legalization, the state sold 8,700 lbs of medical cannabis through 54 dispensaries and generated over $42 million. Prior to Michigan facilitating medical dispensaries, patients were required to acquire cannabis product through a licensed individual caregiver. Since November of 2018, Michigan has licensed 54 medical provisioning centers, which have sold an average of $200,000 worth of medical cannabis each month. For the state, that $42 million in sales taxed at 6 percent works out to about $2.5 million in tax revenue. In December of 2018, Michigan voters approved the deployment…

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Cannabis Takes Aim at Deadly Brain Cancer

Scientists and doctors are making headway in deploying cannabis and THC to fight brain tumors including gliomas and glioblastomas. We often hear anecdotal case studies about the positive health benefits of cannabis, from relieving anxiety to aiding patients suffering from epilepsy or treating Alzheimers. Cancer is also a maligned ailment that cannabis has been shown to alleviate and combat, due to its impact on the endocannabinoid system. Of all cancers, few are more deadly and insidious than glioma brain tumors. The most ominous version, glioblastoma, has a 90% mortality rate. Glioma tumors grow very rapidly in the brain and quickly…

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Over 200,000 Cannabis Jobs Created in USA

According to a in depth article via Leafly.com, the number of jobs created by the legal Cannabis market in the United States has already exceeded 200,000. As more states ramp up efforts for legalization to join already established markets such as California, Oregon, Washington and Colorado, the blossoming cannabis industry is desperately seeking help. Of the total of 211,000 confirmed cannabis jobs in the USA, 64,000 were added in 2018, a 44% increase over the prior year. Expectations are that between 2017-2019 cannabis job growth will exceed 110%. Beyond the establish markets, new markets including Florida, Nevada, Pennsylvania and New…

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Martha Stewart Getting Into Cannabis Game

Celebrity TV host and uber living aficionado, Martha Stewart, has announced a partnership with Canopy Growth to launch a line of Hemp-based CBD products for pets. Long known for her domestic brand, Stewart still has legions of fans despite having done jail time in 2004 for for lying to federal investigators about a stock sale that she called "a small personal matter.” Stewart's personal brand seems to have recovered as her business ventures continue to expand, now into cannabis. “I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years…

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