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FEDERAL LEGISLATION
Passed Legislation
Medical Marijuana and Cannabidiol Research and Expansion Act - HR 8454
Sponsor Rep Earl Blumnauer, (D-OR) – 12/2/22
Per the official summary available on congress.gov-HR8454, The act allows certain registered entities (including institutions of higher education, practitioners, and manufacturers) to manufacture, distribute, dispense, or possess marijuana or cannabidiol (CBD) for the purposes of medical research. Additionally, the act directs the DEA to register manufacturers and distributors of CBD or marijuana for the purpose of commercial production of an approved drug that contains marijuana or its derivative.
Finally, the act includes various other provisions, including provisions that
- require the DEA to assess whether there is an adequate and uninterrupted supply of marijuana for research purposes;
- prohibit the Department of Health and Human Services (HHS) from reinstating the interdisciplinary review process for marijuana research;
- allow physicians to discuss the potential harms and benefits of marijuana and its derivatives (including CBD) with patients; and
- require HHS, in coordination with the National Institutes of Health and relevant federal agencies, to report on the therapeutic potential of marijuana for various conditions such as epilepsy, as well as the impact on adolescent brains and on the ability to operate a motor vehicle.
Proposed Legislation
SAFE Banking Act - HR 1996
Sponsor: Rep. Ed Perlmutter (D-CO) – 3/18/21
- A federal regulator cannot terminate or limit the deposit insurance or share insurance of a depository institution […] solely because the depository institution provides or has provided financial services to a cannabis-related legitimate business or service provider…
- prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a cannabis-related legitimate business…
- recommend, incentivize, or encourage a depository institution not to offer financial services to an account holder, or to downgrade or cancel the financial services offered to an account holder solely because [of their involvement with the cannabis industry]…
- take any adverse or corrective supervisory action on a loan made to [a CRB or related person]…
- Federal Financial Institutions Examination Council shall develop uniform guidance and examination procedures for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers.
https://www.congress.gov/bill/117th-congress/house-bill/1996
Sponsors: Sens. Cory Booker (D-NJ), Ron Wyden (D-OR), Chuck Schumer (D-NY)
- Decriminalization of marijuana as a controlled substance. This includes state authority over transportation of product in each state, regulated in the same manner as though product had been produced in that state.
- Three federal regulatory authorities: The Bureau of Alcohol, Tobacco, Firearms, and Explosives; The Department of Health and Human Services; and The Department of Treasury.
- Excise taxes starting at 10% during the first year of legalization, then increasing by 5% to 25% by years 4 and 5.
- Research and studies on the societal impact of marijuana legalization including the efficacy of medical marijuana as a treatment for certain diseases, community reinvestment programs, and expungements for certain cannabis records.
- Establishment of an FDA Center for Cannabis Products to properly regulate all cannabis products including CBD, product standards/safety and recalls; includes the creation of a Cannabis Products Advisory Committee to oversee product regulation.
- CLIMB Act (HR 8200)
- “Capital Lending and Investment for Marijuana Businesses”
- Offers banking protections similar to those in the SAFE Banking Act but goes beyond to include brokerage, credit card, accounting, money transfer services, etc.
- Also includes protections for non-financial services like legal and compliance, IT, packing and logistics, marketing, management consulting, etc.
- All cannabis businesses would be able to list on the national securities exchanges
- https://www.congress.gov/bill/117th-congress/house-bill/8200
- Medical Marijuana and Cannabidiol Research Expansion Act (HR 8454)
- From the bill summary:
- Specifically, the bill directs the Drug Enforcement Administration (DEA) to follow specified procedures to register (1) practitioners to conduct marijuana research, and (2) manufacturers to supply marijuana for the research.
- The bill allows certain registered entities (including institutions of higher education, practitioners, and manufacturers) to manufacture, distribute, dispense, or possess marijuana or cannabidiol (CBD) for the purposes of medical research. […]
- allow physicians to discuss the potential harms and benefits of marijuana and its derivatives (including CBD) with patients;
- https://www.congress.gov/bill/117th-congress/house-bill/8454
- From the bill summary:
States Reform Act - HR 5977
Sponsor: Rep. Nancy Mace (R-SC) – 11/15/21
- Descheduling – Removal of “cannabis” from the Schedule of Controlled Substances
- Expungement – clearing convictions for marijuana-specific non-violent offenses
- Regulation of Marijuana Like Alcohol – FDA
- Regulation of Cannabis like Barley, Hops, and Grain – USDA (similar to hemp)
- Administration Like Alcohol Under Tax and Trade Bureau – Department of Treasury
- Transferring Agency Functions With Regard to Marijuana – DEA to AT[C]FE
- Grandfathering – state-issued licenses will be transferred to federal ones
- Beneficial Ownership threshold – 10% for corporate entities
- Fair Small Business Administration Access – may not be denied to “Cannabis-Related Legitimate Businesses and Service Providers”
- Excise Tax – 3%, over $1 million be paid by electronic funds transfer to a Federal Reserve Bank
- Track-and-Trace – national system under Treasury, inventory monitored by IRS
https://www.congress.gov/bill/117th-congress/house-bill/5977
Marijuana Opportunity Reinvestment and Expungement (MORE) Act - S 2227
Sponsor: Sen. Kamala Harris (D-CA) – 7/23/19
- Decriminalization of cannabis
- Creation of Opportunity Trust Fund and imposition of tax on cannabis products
- Availability of Small Business Administration programs and services to cannabis-related businesses and service providers
- No discrimination in the provision of federal public benefit on the basis of cannabis
- No adverse effect for purposes of immigration law
- Resentencing and expungement
- References in existing law to marijuana or marihuana
- Cannabis offense defined
https://www.congress.gov/bill/116th-congress/senate-bill/2227