Members of the Senate Appropriations Committee voted 16-14 today in favor of an amendment to allow state-compliant marijuana businesses to engage in relationships with financial institutions.
Sponsored by Sens. Jeff Merkley (D) of Oregon and Patty Murray (D) of Washington, the amendment to the Financial Services and General Government Appropriations bill prohibits the US Treasury Department from using federal funds to take punitive actions against banks that provide financial services to marijuana-related businesses that are operating legally under state laws.
Presently, most major financial institutions refuse to provide services to state-compliant operators in the marijuana industry out of fear of federal repercussions. Their refusal to do so presents an unnecessary risk to both those who operate in the legal marijuana industry and to those consumers who patronize it.
No industry can operate safely, transparently or effectively without access to banks or other financial institutions. Further, forcing state-licensed businesses to operate on a ‘cash-only’ basis increases the risks for crime and fraud.
It is time for Congress to change federal policy so that this growing number of state-compliant businesses, and their consumers, may operate in a manner that is similar to other legal commercial entities. Today’s Senate Committee vote marks the first step taken by Congress to address these federal policy deficiencies.
Although stand-alone legislation, The Marijuana Businesses Access to Banking Act of 2015, is pending in both the House and the Senate, it appears unlikely at this time that leadership will move forward with either bill. This means that the Merkley/Murray amendment is like to be reformer’s best opportunity this Congress to impose substantial banking reform.
Keep following NORML’s blog and Take Action Center for legislative updates as this and other relevant reform measures progress. To take action in support of the Merkley/Murray amendment, click here here.
The following Senators voted in favor of the Merkley/Murray amendment:
Tammy Baldwin (D-WI)
Bill Cassidy (R-LA)
Christopher Coons (D-DE)
Dick Durbin (D-IL)
Jeff Merkley (D-OR)
Steve Daines (R-MT)
Chris Murphy (D-CT)
Jack Reed (D-RI)
Patrick Leahy (D-VT)
Barbara Mikulski (D-MD)
Lisa Murkowski (R-AK)
Patty Murray (D-WA)
Brian Schatz (D-HI)
Jon Tester (D-MT)
Jeanne Shaheen (D-NH)
Tom Udall (D-NM)
And these Senators voted against the Merkley/Murray amendment:
Lamar Alexander (R-TN)
Roy Blunt (R-MO)
John Boozman (R-AK)
Shelley Moore Capito (R-WV)
Thad Cochran (R-MS)
Susan Collins (R-ME)
Dianne Feinstein (D-CA)
Lindsey Graham (R-SC)
John Hoeven (R-ND)
Mark Kirk (R-IL)
James Lankford (R-OK)
Mitch McConnell (R-KY)
Jerry Moran (R-KS)
Richard C. Shelby (R-AL)
The Associated Press recently highlighted public and industry concerns regarding the use of herbicides and pesticides in the commercial cannabis operations.
Understandably, many commercial growers, producers, and wholesalers have numerous questions about good agricultural practices, food safety, and quality management systems.
420 Food Safety, a NORML Business Network Partner, assists cannabis businesses with those important questions!
420 Food Safety’s President and CEO is a certified Hazard Analysis and Critical Control Points (HACCP) auditor through the American Society for Quality (ASQ) with extensive experience in food safety and quality management. 420 Food Safety helps companies make food safety and quality systems work from seed to sale.
420 Food Safety offers:
- Consulting in safety and quality management from seed to sale
- Training on safety and quality management systems
- Help with HACCP MJ Planning and practice
- Help with Good Agricultural Practices (GAP) Planning
Right now, 420 Food Safety is promoting their “Food Safety Helpdesk”. For just $50, an organization can get 30 minutes of top-grade consulting on quality and safety management systems for their business!
To learn more about 420 Food Safety and their great services, visit their website! 420FoodSafety.com
DISCLOSURE: This post is provided as a service of the NORML Business Network, which works to create mutually beneficial partnerships with marijuana-related businesses that seek to use their enterprise as a positive example of corporate social responsibility. 420 Food Safety is a proud member of the NORML Business Network. To learn more about our Network partners, or to become a member, please visit here.
Hello NORML supporters!
Have you heard of O.penVAPE?
Founded in 2012 by six dispensary owners and growers, O.penVAPE produces reliable and easy to use vaporizer pens. Their signature “go.pen” is rechargeable, has seven available color options, and comes with a lifetime warranty. The upgraded “go.pen plus” has a more powerful battery, provides a two-second longer puff than the go.pen, and is also backed by a lifetime warranty.
O.penVAPE also offer accessories like chargers, cartridges, and even apparel on their website! They work with Organa Labs to provide organically extracted cannabis oils for their vape pens. Additionally, O.penVAPE is a founding member of the NORML Business Network and is a financial supporter of NORML’s legalization efforts!
So if you’re looking for a great vaporizer pen for a great price, support the NORML Business Network and consider O.penVAPE!
Check out O.penVAPE products on their website: http://www.openvape.com/.
DISCLOSURE: This post is provided as a service of the NORML Business Network, which works to create mutually beneficial partnerships with marijuana-related businesses that seek to use their enterprise as a positive example of corporate social responsibility. O.penVAPE is a proud member of the NORML Business Network. To learn more about our Network partners, or to become a member, please visit here.
Retail marijuana purchasers in July outspent medical cannabis buyers for the first time since the launch of Colorado’s adult-use market 9 months ago.
The state’s Department of Revenue recently reported that customers bought $29.7 million worth of legal marijuana last month ($5 million more than June), surpassing medical marijuana purchases which totaled $28.9 million in sales. Interestingly, this is despite the fact that medical dispensaries outnumber retail stores by a margin of 4 to 1.
According to Colorado Public Radio (CPR), there has been a 112% increase since sales first started, with more than 100 stores across the state having sold close to $145 million in pot. CPR further notes that, “Taken together, the medical and recreational marijuana industry have sold about $350 million worth of pot since January, contributing $37.5 million in taxes and fees to government coffers,” a portion of which is guaranteed to go to school construction.
With the exception of May, each month has set a new record in marijuana sales, so far showing that a legal marijuana regime not only works, but is proving to be valuable and growing source of revenue for the state – and its residents agree. A new NBC/Marist Poll found that Colorado’s retail cannabis market remains popular among Colorado residents, 55% of whom continue to support the passage and implementation of Amendment 64, the initiative that was passed in 2012 to tax and regulate sales to adults, aged 21 and over.
NORML is pleased to announce the newest member of the NORML Business Network; Julie’s Baked Goods. The Denver-based edibles company produces of some of the highest quality, all-natural cannabis snacks in the state, and is also a prime example of responsible labeling among infused food companies. Formerly known as Julie & Kate’s Baked Goods, the inspiration behind starting the business came when both women were dealing with a serious illness and agreed that marijuana could be beneficial to managing their symptoms. What started as a friendly trial, with a bag of weed in a domestic kitchen in 2008, has turned into one of the leading marijuana edible companies in Colorado.
The product line for Julie’s Baked Goods is geared toward “foodies” and health conscious consumers. Items have turned out to be especially popular in Boulder, and among the senior crowd. Each creation starts with clarified butter or coconut oil that is infused with specific strain of organically grown marijuana and is slowly heated to carefully extract every last bit of activated cannabinoids. They use only premium, all-natural ingredients for their gluten-free THC infused edibles. The founders built product testing into the budget of their business plan before they even opened – unlike most of the other marijuana companies around at that time. The company has nearly a half-dozen products, including a fresh granola snack, a roasted Seed Mix (which took 1 year to develop), the Nutty Bite (37 recipes), the Groovy Granola Bar and clarified cannabutter.
“Consume ¼ of the package, wait 60 minutes, eat more if necessary. Try eating with yogurt, milk or other healthy food. Fat facilitates THC digestion and intensifies psychoactive effects. If you over ingest: drink water or tea, avoid eating fatty foods. Onset: 45-60 minutes after ingestion. Effect Duration: 4-10 hours. First Euphoric Peak: 2 hours. Second Euphoric Peak: 3-4 hours. Please Plan Accordingly.” – Text from the label of a Julie’s Baked Goods product
Most notably, Julie’s Baked Goods has been on the forefront of responsible edible education for consumers from the beginning. Since their first sale in 2010, the company has been a model of proper labeling (prior to the implementation of labeling laws), dedicated to making sure that the consumer is prepared for the experience. Products include information about the recommended amount, the onset of the high, how long it might last, certain foods that can intensify the feeling and how to mitigate the negative effects of over ingestion. When Colorado implemented new edible labeling laws a few months ago, they didn’t have to change a thing.
Julie’s Baked Goods is a wonderful example of how the industry can be proactive about incorporating responsible business practices and self-regulation into such their burgeoning market. The products are sold in over 125 different cannabis stores around the state, including locations such as Preferred Organic Therapy in Denver, and The Farm in Boulder.
Throughout every facet of their business, Julie’s Baked Goods has gone above and beyond the letter of the law, setting a standard that embodies the ideals of corporate social responsibility, and the principles of the NORML Business Network. This is how an edibles company does it right.
**Julie’s Baked Goods is a licensed and regulated marijuana business whose products can only be purchased in the state of Colorado, either by medical marijuana patients or retail customers who are 21 and older.**
For more information about joining the NORML Business Network go to www.norml.org/business