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The Week In Weed: May 6, 2022 –

by Matthew Upton
May 7, 2022
in Banking Laws
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06 May 2022


Seyfarth Shaw LLP




To print this article, all you need is to be registered or login on Mondaq.com.

Welcome back to The Week in Weed, your Friday look at what’s
happening in the world of legalized marijuana.

New Hampshire’s Senate decided against legalizing. Virginia
will not be recriminalizing possession. Ohio’s having some
difficulties with its ballot initiative. On the federal level,
cannabis banking may be part of the COMPETES Act. And finally,
could you pick up some marijuana along with your vegetables at the
farmers’ market?

New hampshire

New Hampshire is surrounded by states where
marijuana is legal for adult-use. Prospects for legalization there
have long been dim, and recently, the lights went out entirely for
this legislative session. The state Senate voted against
legalization late last week. Supporters of the bill argued that it
would bring the state more in line with its neighbors, but
opponents opposed the specifics of the bill.

Virginia

The legislative process is sometimes very complicated, and Virginia’s recent back-and-forth over
cannabis is one of those times. The legislature had sent a bill to
the governor dealing with hemp products. The governor added in
additional provisions, including an increase in penalties for
adults possessing two ounces of marijuana. The legislature then
shelved the entire bill until next year. So the end result of all
this activity is.nothing.

Ohio

We’ve been following the saga of legalization in Ohio for
a while now. Regular readers will doubtless recall that we left
proponents prepared to collect additional signatures to put
legalization on the ballot after it appeared that the legislature
would not take up the issue. Well, now the initiative may not happen after all.
Opponents of the measure in the legislature now object to the
timing of the signature gathering, and insist that the measure must
wait until 2023. Supporters of the initiative have filed suit to
allow the process to go forward. Further bulletins as events
warrant.

Competes act

The SAFE Banking Act could finally be enacted, as part of the America COMPETES Act. Right now, the provision
is in the House version, but not in the Senate version. Legislators are working to come up with a bill
that can pass both chambers. This is probably the closest the law
has come to getting passed, but it’s still a long way from the
finish line.

And finally

You may be able to pick up some cannabis along with your organic
kale and artisanal cheeses, if a bill in California passes. The Assembly Business and
Professions Committee approved a bill that would allow small
growers to sell directly to consumers by a vote of 10-1.

Stay safe and be well everyone – we’ll see you next
week!

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

POPULAR ARTICLES ON: Cannabis & Hemp from United States

REITs 101: A Guide To Real Estate Investment Trusts

Stroock & Stroock & Lavan LLP

“As prevalent as Real Estate Investment Trusts (REITs) are these days in the real estate sector, one might think they are extremely simple to set up and operate,” the Stroock team writes.

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