MjLink Cannabis Business News and Press

Like any credit card, customers have to qualify and the average interest rate is around 15%.

Juanita Parker-Reed goes to a Columbia Care dispensary for medical marijuana to treat her chronic pain.

Until recently, she always had to pay cash for her prescription, spending as much as $400 a month. 

Even though many states allow the drug, it’s illegal under federal law, so most credit card networks won’t allow their cards to be used in stores that sell marijuana. 

Click here to read the complete article

Zambia has legalized the production and export of cannabis for economic and medicinal purposes, the government’s chief spokeswoman said on Monday, becoming the latest country to shift its position on the drug to give its finances a boost.

The approval for the export of cannabis was granted at a special cabinet meeting on Dec. 4, spokeswoman Dora Siliya said in a statement.

It was not clear from the statement if the use of cannabis for medicinal purposes in Zambia had been legalized.

The southern African country joins a host of nations that have legalized, or are considering legalizing cannabis to some degree, as attitudes towards the drug slowly change and investments in its medical benefits grow. 

Click here to read the complete article

There are less opioid prescriptions on average in U.S. states where medical and recreational marijuana are legal, research has revealed.

Access to recreational cannabis in the U.S. was tied with a 11.8 percent lower rate of opioids prescriptions each day, and 4.2 percent for medical marijuana.

The authors of the paper published in the Journal of Health Economics said recreational weed laws could make it easier for patients to access the drug, and use it to treat pain and other conditions. 

Click here to read the complete article

Kashmira Gander ~ Newsweek.com ~

Earlier this month, federal agencies issued a statement to clarify the regulatory requirements for banks looking to provide services to hemp-related businesses. As businesses take the initial steps to form banking relationships, they should be prepared to help banks understand both compliance considerations and the overall hemp industry, according to Scott Birrenkott, assistant director for the Wisconsin Bankers Association.

“This [statement] from the federal banking agencies is really important because it’s the first time that the agencies have even acknowledged the existence of hemp and the legality of hemp as a commodity,” Birrenkott tells Hemp Grower. “Not only that, but it’s also the first time that they’ve offered any guidance on how banks can meet their compliance requirements, their regulatory burden.”

The banking industry faces myriad regulations, he says, and chief among them is the Bank Secrecy Act (BSA), which requires banks to know their customer to a certain degree.

“They have to ask certain questions of their customers,” Birrenkott says. “They need to verify that information through documentary methods, meaning they have to collect certain documentation, certain evidence, to prove what they have collected, and all of this has to be part of policies and procedures that banks have written and put in place and follow regularly every time a new customer or new business comes into their door.”

Prior to the agencies’ recent announcement, they had issued no guidance about hemp, and while some banks were willing to provide services and resources to the nascent industry, there were many unanswered questions about how they could meet their compliance burden, Birrenkott adds.

New Jersey voters will have their say on adult-use cannabis legalization in November 2020, on the general election ballot in a presidential year, after state lawmakers decided to kick the question their way. State senators voted 24-16 to make this move, and members of the state assembly voted 49-24 (with one abstention).

The question will be appear to voters as: "Do you approve amending the Constitution to legalize a controlled form of marijuana called ‘cannabis’? Only adults at least 21 years of age could use cannabis. The State commission created to oversee the State’s medical cannabis program would also oversee the new, personal use cannabis market. Cannabis products would be subject to the State sales tax. If authorized by the Legislature, a municipality may pass a local ordinance to charge a local tax on cannabis products."

This referendum comes after several unsuccessful attempts in recent years to legalize cannabis through the state legislature. In 2019, Senate President Steve Sweeney said he just couldn't get the votes in place to ensure a positive outcome on a legalization bill. As early as May, the focus began to shift toward a ballot measure.

Whether Gov. Phil Murphy stays involved in any regional coordination among his counterparts in New York, Connecticut and Pennsylvania remains a bit unclear at the moment.

"Putting the issue to a referendum is both sensible and equitable. While not our preferred method of legislating, public questions allow voters to affirm or deny massive shifts in public policy," Assembly Speaker Craig Couglin said in a public statement. "The time to end the prohibition of adult-use cannabis is now. Along with enabling legislation yet to be worked out, New Jersey would become the next state to ensure a safe, highly regulated cannabis industry. The decision is now in the hands of the November 2020 electorate."