Cannabis Policy Roundup: 3 major reform policies you should be tracking

This past September, this Californian once again donned a suit and tie and braved the DC heat and humidity (though this year was blessedly pleasant) to lobby for cannabis industry reform with the American Trade Association for Cannabis and Hemp. We crushed a ton of congressional meetings in a short period of time, and I have to say, there was more to talk about than ever! I was really pleased to find that the congress folk and staffers were super engaged.

The industry even clocked a win while we were walking the halls of congress with the House Oversight and Accountability Committee advancing the Cannabis Users’ Restoration of Eligibility (CURE) Act. Y’all remember when Biden terminated five staffers over marijuana use just two months after his inauguration? Yeah, no more of that. 

You may have also caught my LinkedIn update upon my trip home about the 3 major reform policies we were lobbying. While it’s only been 3 weeks, a lot – or very little depending on how you look at it – has transpired since then. Here are the 3 major topics you should be tracking and their current status: 

1. SAFE(R) Banking

Turns out we did have a fighting chance! After hearing that Booker’s office was finally co-sponsoring the bill, it was swiftly passed by the Senate Banking Committee. Huge! First time ever such a bill will reach the Senate floor. The Senate Majority Leader, Chuck Schumer, plans to bring it to a full Senate vote “as soon as possible.” Barring a full government shutdown 😅, we could see this as early as next month. Unfortunately, the House (or Circus) of Representatives would follow. 

2. Rescheduling

No surprise, this remains in the DEA’s hands with no signs of life. Meanwhile, an official letter still hasn’t surfaced, but someone is suing about that! There’s no timeline, but most are postulating that their guidance could be issued by the end of the year and the process finalized by next spring. What the DEA cannot do is reject the HHS recommendation outright, but they must also consider international drug-control treaties. Needless to say, we’re in uncharted territory without a specific timeline or plan of execution. Huh, kind of sounds like operating in the cannabis industry!

3. 2023 Farm Bill

Well, September 30th came and passed, marking the official expiration of the previous Farm bill. Congress has until the end of the year to pass a new one. Yet, here we sit with it still being drafted and without a Speaker of the House. Further, the dysfunction in the House is primarily over spending, so this is going to get pretty interesting. AND, one of the notable candidates for Speaker, Jim Jordan, has never even voted in favor of a Farm bill! We all just better hope that the House passes a continuing resolution (CR) in November before they’re at threat of being shut down again. Otherwise, I don’t see how this gets done before the end of the year. Without that, it’s basically the Hunger Games … literally. Needless to say, CBD and any sort of clarification around hemp-derived compounds is very low on the priority list for our representatives, and I suspect we’ll remain in a suspended state of ambiguity and lawsuits.

With the exception of that last one, I’m still pretty energized and optimistic about things to come. Might we still hit some proverbial brick walls? Sure. But we’re making more progress than ever. These trips always fill my belly with fire and I look forward to my next one in the spring with the National Cannabis Industry Association. As always, I encourage you to join me and get involved in the conversation. Let’s do this! 🔥 

Benjamin Larson is the CEO of Vertosa, a science-first cannabis company that creates the most effective and reliable active ingredients for infused products. Prior to Vertosa, he co-founded Gateway Incubator, California's first business accelerator and co-working space dedicated to the emerging cannabis industry. He's a Director and Mentor at Founder Institute where he formerly managed global operations and helped expand the program into over 100 cities around the world. Ben is a host of the High Spirits podcast, a show all about the business of cannabis; he's an active investor, adviser, and board member with companies inside and out of the cannabis industry; he was also recognized by Forbes in 2023 as one of the 42 pioneers to watch in the green rush.

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