9/28/18 - CannTrade "More Marijuana Events to Come in California" 

 

California Governor Jerry Brown signed the AB 2020 bill that grants cities the power to identify venues for cannabis events. The bill is authored by Bill Quirk that recognizes how local marijuana events support the businesses and the community. Local governments can now approve any temporary marijuana event licenses at venues that they want to permit. AB 2020 is set to take effect on January 1.

Marijuana drinks may become a $600 million industry by 2022. Drinks with cannabis are expected to swell in the US outpacing other marijuana-derived products according to Canaccord Genuity. There has been a spike in interest from both beer and soda industry, especially with Constellation Brands Inc., the Corona-parent, became the largest stakeholder of Canopy Growth Corp and Molson Coors Canada tying up with Hexo Corp.

Hawaii banking regulators call Congress for cannabis banking solutions. The Division of Financial Institutions commissioner in Hawaii, Iris Ikeda, sent a letter to the Congress leaders asking them to solve the issue of a cash-intensive marijuana industry. Banks that serve cannabis businesses need to follow complicated steps and compliance rules.

New Jersey’s Senate President Stephen Sweeney has set the date for the first marijuana legalization bill in the state on October 29. On a previous statement, Sweeney said that he was expecting the vote to be finalized by the end of September. He recently added that there are still two issues that the governor’s office and the lawmakers are still trying to resolve but will definitely be voting on the 29th of October.

Nancy Pelosi, the House Minority Leader, said that no matter what the results will be in the upcoming midterm elections, the marijuana reform policy depends on President Donald Trump. Pelosi was non-committal in her response to the Democrats prioritization of marijuana legislation in case they take control of Congress. However, any legislation from Congress will require the president’s signature to become a law.

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