More banking services for California pot farms [1]
The California Cannabis Association has reached an agreement with California-based North Bay Credit Union that will give checking, wire transfers, and other banking services for more marijuana companies. This would help relax difficulties for many businesses. Many banks do not want to engage with money from the cannabis industry for a scare as it would open them to legal trouble from the federal government, which still sees marijuana as illegal. The number of state financial institutions agreeing to manage cannabis-linked funds is increasing.
Sheriff’s ‘Operation Homegrown’ suppresses illegal marijuana cultivation in Lucerne Valley[2]
The San Bernardino County Sheriff’s Department started “Operation Homegrown,” which aims at illegal marijuana growth throughout the region, in an attempt to suppress the illegal marijuana cultivation. Lucerne Valley accounted for about half of the search warrants served for illegal marijuana cultivation. “Operation Homegrown” generated 300 search warrants and 303 arrests, from mid-September 2020 to January 2021. Deputies captured about 255,000 plants and 29,430 pounds of processed marijuana and recovered 105 firearms. The Lucerne Valley locations served with 140 of those search warrants, or nearly 47%. A total of 116,838 plants were eliminated from the community.
Cannabis taxes bring $12M to San Diego, La Mesa, and Vista[3]
Legal taxation on cannabis generated about $12 million in the cities of San Diego, La Mesa, and Vista in 2019. The three San Diego County cities permit legal sales of recreational and medical cannabis. Commercial cannabis has produced millions of dollars in tax revenue while offering an important service to county residents.
Psychedelic mushroom bills filed in Florida and Connecticut as movement extends to many states[4]
New bills were filed in Connecticut and Florida to amend state laws on psilocybin mushrooms. The Florida legislation would create a legal psilocybin model for therapeutic usage. It also attempts to deprioritize criminal enforcement facing a vast sphere of psychedelic plants and fungi. The Connecticut bill would establish a task force accountable for studying the medical benefits of psilocybin, the principal psychoactive component in magic mushrooms. The main purpose of the Florida legislation is to improve mental health care with the support of psilocybin. The bill’s concerns are to “teach the public regarding the secure and powerful usage of psilocybin,” “lower the prevalence of mental illness,” establish long-term arrangements to promote psilocybin therapy and turn police resources in another direction from criminalizing people over psychedelics.
New cannabis dispensary approved in Valencia street[5]
The San Francisco Planning Commission approved an authorization for a 4,984 square feet cannabis dispensary and a smoking lounge in Valencia street. The proposed dispensary will be called 560 Valencia. The dispensary is arranging to open in “early 2022”.
Tilray CEO hopes U.S. federal cannabis legalization in two years[6]
Tilray CEO, Brendan Kennedy, is positive that the United States will take action for federal legalization of marijuana in the time to come. Mexico published regulations for medical cannabis use and Tilray CEO Brendan Kennedy is certain that Mexico and Canada’s optimistic attitude on marijuana will rapidly bring about legalization in the U.S. Kennedy is expecting that the experiment will exert other European countries to carry out medical marijuana programs.
(Stay tuned for more cannabis developments in the next blog)
Sources:
[1] https://krcrtv.com/news/local/deal-offers-more-banking-services-for-california-pot-farms?fbclid=IwAR32YMl5W6_vL5TIoPNibwXOmWnnDw0wiFguQTTpZ2lgIzafeNR_P5OGUqQ
[2] https://www.vvdailypress.com/story/news/2021/01/30/sheriffs-operation-homegrown-cracks-down-illegal-marijuana-cultivation-lucerne-valley/4301492001/?fbclid=IwAR0t6UuxBTvSaUG2Cz4fiI87RmW8OA13iF9wIHkncepLXagYCmJdmCS5TH4
[3] https://thecoastnews.com/study-cannabis-taxes-bring-12m-to-san-diego-la-mesa-and-vista/?fbclid=IwAR1cXnuNXMzKoi5wm1gP0OytNZGcNeVH4LXymhLyi5NMJy-yx5lXHnVnjkE
[4] https://www.marijuanamoment.net/psychedelic-mushroom-bills-filed-in-florida-and-connecticut-as-movement-expands-to-multiple-states/?fbclid=IwAR04iFMPa5vj6dARsqj1vljndBglEbCnClanTz6rXzwVqG-GVPsZpBxzT04
[5] https://sfist.com/2021/01/29/one-of-sfs-biggest-cannabis-dispensaries-is-poised-to-hit-valencia-street/?fbclid=IwAR1rBzlggCZnL3xW9VVGHqayu-ou-xBQlJpkE6Qrj8h9Uln0BvqMDKmcMx0
[6] https://www.cnbc.com/2021/01/27/tilray-ceo-expects-us-federal-cannabis-legalization-within-two-years.html?fbclid=IwAR2uJbCp9LdWVeWo3QYEqF00yWjyYu5AEjNP7OlaGLgKPeQmqkOdEhhxpPs
Author: Rabia J. – Sr. Analyst
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