Federal marijuana industry tax guidance; White House weighs in on hemp legislation; FDA psychedelics moves; Congress wants state cannabis law study
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/ TOP THINGS TO KNOW
President Donald Trump is calling on Congress to amend a law that threatens to federally recriminalize hemp-derived full-spectrum CBD products this year while also continuing to restrict “sale of products that pose Health risks.”
- “We must get this done RIGHT and FAST, especially for those who saw that CBD helps them,” he said. “Plus, I am told it will also help our GREAT FARMERS, who we love, and will always be there for.”
The White House sent feedback about pending hemp legislation to Rep. Andy Barr (R-KY), and Rep. Mary Miller (R-IL) filed a new amendment to accelerate enforcement of the federal recriminalization of hemp THC products that’s currently set to take effect in November.
The Treasury Department and Internal Revenue Service said they expect cannabis rescheduling “to have significant positive tax consequences for businesses in the medical marijuana industry” and will soon issue guidance on how 280E relief applies.
- “Guidance is also expected to include a transition rule providing that, for purposes of section 280E, rescheduling generally will be considered to first apply for a business’s full taxable year that includes the effective date of the Final Order, for the business’s activities that do not involve Schedule I or II controlled substances as a result of the Final Order.”
The Food and Drug Administration announced a series of new steps for “accelerating” access to psychedelics for people with mental health conditions following a recent executive order signed by President Donald Trump.
The House Appropriations Committee approved a spending bill report calling on federal agencies to study the “adequacy” of state marijuana laws and assess ways for “preventing diversion of state legal cannabis product into jurisdictions that do not permit the use of cannabis.”
Missouri Gov. Mike Kehoe (R) signed a bill to ban intoxicating hemp THC products in the state, even if planned federal restrictions are delayed or reversed—along with provisions protecting marijuana consumers’ privacy and recognizing cannabis industry workers’ right to unionize.
Pennsylvania Gov. Josh Shapiro’s (D) office said the Trump administration’s federal marijuana rescheduling move is an “important step” that “adds support” to his push to legalize cannabis in the state.
Wisconsin Democratic gubernatorial candidates are campaigning on their support for legalizing marijuana.
Arkansas Attorney General Tim Griffin (R) certified a law updating a ban on intoxicating hemp-derived products following the conclusion of litigation challenging an earlier policy.
/ FEDERAL
The Drug Enforcement Administration is promoting a post claiming that marijuana has become “four times more dangerous in three decades.”
Food and Drug Administration Commissioner Marty Makary discussed his agency’s psychedelics reform actions.
A federal judge nominee who currently serves as director of the Kansas Bureau of Investigation cited his overseeing raids against businesses that were allegedly illegally selling cannabis products as an “act of courage” during a Senate Judiciary Committee hearing.
Sen. Rand Paul (R-KY) tweeted, “I just introduced bipartisan legislation to regulate hemp products and protect consumers. Washington has let this industry operate in a gray zone for too long. Americans deserve clarity about what they’re buying. This is commonsense policy that crosses party lines.”
Rep. Morgan Griffith (R-KY) tweeted, “Thank you @POTUS for your leadership on promoting access to Hemp-derived CBD. I agree Congress must deliver on important reforms, and after years of working on this issue, my HEMP Act is one potential solution to address this important policy.”
Rep. Morgan Luttrell (R-TX) tweeted, “Psychedelic treatments changed my life. Thankful to have a president who gets it.”
The House bill to federally legalize marijuana got three new cosponsors for a total of 64.
/ STATES
California Gov. Gavin Newsom (D) suggested that President Donald Trump should use psychedelica to treat mental illness.
Kentucky Gov. Andy Beshear (D) tweeted, “Three ribbon cuttings in one week as we continue to open more medical cannabis facilities for Kentuckians in need. Just a year in, we’re delivering results that help our people and boost our economy. It’s a win-win.”
New Hampshire lawmakers said they don’t expect federal marijuana rescheduling to change Gov. Kelly Ayotte’s (R) opposition to cannabis legalization.
The Idaho secretary of state’s office is reviewing contribution records for a campaign seeking to place a medical cannabis legalization initiative on the November ballot.
The New Jersey Cannabis Regulatory Commission elected a new chair and vice chair, and took disciplinary action against marijuana businesses over alleged violations.
Oklahoma’s top medical cannabis regulator said there are “still unanswered questions about how the federal reclassification will directly affect Oklahoma’s medical marijuana industry and patients.”
Maryland’s top cannabis regulator said the full implications of federal marijuana rescheduling for the state are not yet clear.
Minnesota’s top cannabis regulator expressed support for federal legislation to let states opt out of a scheduled ban on hemp THC products.
Michigan regulators launched a new webpage promoting cannabis curriculum offered by colleges and universities in the state.
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Marijuana Moment is tracking hundreds of cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.
Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
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/ LOCAL
A Wake County, North Carolina candidate pledged to deemphasize marijuana prosecutions if elected.
/ INTERNATIONAL
Singaporean officials executed a man for importing cannabis.
/ SCIENCE & HEALTH
A study found that “public sentiment on Regulations.gov supports the United States Drug Enforcement Administration’s proposal for cannabis rescheduling, though the majority views the proposed Schedule III classification as inadequate and supports further rescheduling or complete de-scheduling of cannabis.”
A study of mice suggested that “CBD has a beneficial effect on the inflamed urinary bladder and could potentially serve as an adjunct treatment for patients with [interstitial cystitis] in the future.”
/ ADVOCACY, OPINION & ANALYSIS
A poll of Utah voters found that they support legalizing marijuana, 52 percent to 43 percent.
The Family Research Council said President Donald Trump’s psychedelics executive order “poses grave dangers to the public’s mental and spiritual health.”
/ BUSINESS
Jushi Holdings Inc. is seeking shareholder approval for continuance of the company out from British Columbia, Canada and its concurrent domestication in Nevada.
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