Schizophrenia and cannabis made the news this week A new study also shows that young adults who use cannabis at a high frequency may have higher tendencies toward schizophrenia. The study might want to look at Repubilcan politicians in the US as well, where on the one hand they were involved in introducing the SAFE Banking Act, and on the other hand they blocked medical access to the plant for veterans with PTSD.
In Congress, a bipartisan bill has been reintroduced to reform federal banking laws to provide easier access to financial services for legal marijuana businesses. This development boosted cannabis stocks in Thursday trading and gave the industry a sense of optimism about a more favorable future. Is “good news” the new “fake news” in the weed industry?
Jeff Merkley, D-Oregon, and Steve Daines, R-Montana, lead the latest attempt to pass the Senate resolution. Safe and Fair Banking Act (Safe Banking Act). Meanwhile, the House version is led by Earl Blumenauer, a Democrat from Oregon, and Dave Joyce, a Republican from Ohio.
Merkley and Daines said they are dedicated to enacting a bill in 2023 that will guarantee all legal cannabis businesses access to necessary financial services. The announcement was well received by the markets during the morning trading session on Thursday.
Shares of large multinational companies rose, including Curaleaf Holdings, Green Thumb Industries and Trulieve Cannabis Corp. up to 12% in price. Curaleaf tweeted that it’s time for regulated cannabis markets to have safeguards, creating a safer environment for everyone. If passed, the SAFE Banking Act would prevent financial institutions that provide services to legal marijuana businesses from being penalized by federal banking regulators.
Although the measure will not cure Tax issues arising from Section 280E of the Internal Revenue Code. It would be a much-needed victory for financially struggling cannabis companies seeking federal aid. Despite passing the House seven times in the past, previous efforts to pass the SAFE Banking Act have consistently failed in the Senate.
Supporters of cannabis companies large and small believe the legislation will reduce bureaucratic hurdles. It would also address safety concerns for marijuana businesses that are currently forced to conduct cash transactions. In addition, the law will help small businesses access capital through traditional lending channels that are not available now.
Aaron Smith, CEO and co-founder of the National Cannabis Industry Association, commented positively. He stated that since the vast majority of Congress now represents a state where licensed cannabis sales occur, passing such practical and crucial legislation should be one of the least contentious issues in the Senate right now.
What are the procedures required?
To advance legislation in the Senate under outdated cloture rules, sixty votes are needed. Democrats have a slim majority in the Senate, with 51 seats for the Republicans’ 49. In previous attempts to pass the SAFE Banking Act, nine Republicans have supported the legislation as co-sponsors, and the current version has five Republican sponsors. , including Daines.
The renewed SAFE Banking Act could be submitted to President Joe Biden for signature if it receives the support of all nine GOP co-sponsors and every Democratic senator. While the president has not declared his support for the legislation, he did ratify a law to reform cannabis research last year and launched an investigation into the federal Schedule 1 classification of marijuana.
Senator Ron Wyden, a co-sponsor of the bill and a Democrat from Oregon, stated in a press release that the Safe Banking Act (SAFE) should be a top priority for public safety in this Congress. We are now closer than ever to major reform. So let’s make that happen.
More political hurdles: Senate Republicans block marijuana research bill for veterans in procedural vote
A bill aimed at researching the therapeutic effects of marijuana for veterans with specific conditions has been stopped from applying to the Senate floor due to the Senate Republicans’ procedural voting block. last week, Senate Majority Leader Chuck Schumer He filed a stroke on a motion to advance the VA Medical Cannabis Research Act. However, it was rejected by a vote of 57 to 42 along party lines. The bill requires 60 votes to support moving forward.
Schumer changed his vote to “no” to allow him to move a motion for reconsideration under Senate rules. He expressed his disappointment, noting that it was a pity that the bill that could have helped the veterans so greatly did not pass.
While the bill has not yet been officially defeated, the latest vote raises practical concerns regarding the potential for veteran legislation. It also poses practical problems for other nonpartisan marijuana bills that lawmakers aim to promote, such as cannabis bank reform.
Earlier this year, the Senate Veterans Affairs Committee approved the bill, making it the first independent cannabis legislation to gain approval by a chamber committee. The bill, which was endorsed by committee chairman Sen. John Tester (D-MT) and Sen. Dan Sullivan (R-AK) as a co-sponsor, seeks to authorize the U.S. Department of Veterans Affairs (VA) to explore the medical potential of cannabis in treating veterans with a disorder. Post-traumatic and chronic pain.
Before the ballot, Tester acknowledged that the cannabis proposal sparked controversy among members of the Republican Party. However, he stressed that it is crucial to ensure that veterans have a more comprehensive understanding of the role that medical marijuana can play in treating war-related injuries.
The latest draft of the bill has undergone amendments, enabling the Department of Veterans Affairs to decide whether it can supervise clinical testing on marijuana for post-traumatic stress disorder and chronic pain. This drastic change appears to have settled objections raised by VA officials who had previously spoken out against previous editions of the proposal.
The previous year, more than 20 organizations dedicated to serving veterans, also known as VSOs, authored a letter to congressional leaders, calling for a bill supporting research into the relationship between marijuana and veteran health. However, despite their efforts, the law was not achieved until after the previous Congress had ended.
A major defense budget bill was approved during the previous session. However, a provision was left out of the House-approved version that would have allowed VA medical professionals to recommend medical marijuana to veterans residing in cannabis-legalized states. To legalize medical cannabis exclusively for veterans, politicians from both sides of the House and Senate reintroduced their own legislation.
Conclusion
After Senate Republicans blocked a procedural vote to advance the Medical Cannabis Research Act, its future remains uncertain. The plan requires research by the US Department of Veterans Affairs to investigate the medical use of marijuana for veterans with post-traumatic stress disorder and persistent pain.
The loss of the cloture vote casts doubt on the chances of other bipartisan marijuana proposals, such as cannabis banking reform, even though the bill is not officially dead. Legislators and veteran advocacy organizations continue to fight for medical marijuana research and access to veterans despite this setback.
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