SAFE Banking Act Allows Cannabis and Louisiana Advance MMJ Legislation

RIVERSIDE, Calif. - May 19, 2020 - PRLog -- The SAFE Banking Act, legislation that would allow banks to serve cannabis businesses without fear of federal prosecution, in the latest 3 trillion dollar coronavirus stimulus package. The measure had been stalled in the Senate after passing the House in September, with supporters hoping it will have better chances as part of a larger bill.

In Alaska, marijuana regulators walk back a policy enacted on April 15th, which allowed for the transportation of cannabis products to remote regions of the state by air or water. The original measure aimed to mitigate the spread of COVID-19 by limiting individual travel, while accommodating marijuana's designation as essential during the crisis. The state's Marijuana Control Board repealed the decision over worries of contradicting federal law, though whether it was actually in violation is unclear.

In Florida, the state's Supreme Court hears arguments on two marijuana-related issues. The first disputes the constitutionality of the vertical-integration requirement for MMJ companies, arguing that it wasn't a part of the 2016 voter initiative. The second matter up for consideration is the approval of a recreational marijauna legalization measure, which was originally intended for the 2020 ballot but is now gathering signatures in preparation for 2022.

In Louisiana, lawmakers advance legislation that could expand the state's medical marijauna program. One would broaden the current 14 qualifying conditions to include any ailment that a physician deems debilitating, more closely aligning the requirements to those related to opioids. The other measure would make MMJ delivery permanent, a policy which has been temporarily permitted due to the coronavirus pandemic.

GrowFlow, closes on 8.4 million dollars in funding led by equity fund TVC Capital. GrowFlow provides a variety of software for the cannabis and hemp industries, including compliance, point-of-sale and analytics programs. The tech company, which currently serves a thousand clients across 7 states, will use the capital to expand sales and marketing efforts, accelerate product development, and create a content production division.

Tetra Bio-Pharma receives approval from Health Canada to continue a veterinary clinical trial in New Brunswick. Enrollment in the study, which will examine the ability of cannabinoid-medicated eye drops in treating corneal ulcers in companion animals, was only half-completed due to COVID-19 lockdown measures. The company hopes to begin trials later this year, using the same drug that's in the drops, to reduce some of the more serious complications caused by coronavirus.

In Jamaica, regulations for commercial cannabis exportation, which were originally due by May, are delayed because of the COVID-19 pandemic. Industry insiders are predicting the virus could push back progress by as much as a year, leading international investors, like Canadian company The Green Organic Dutchman, to refocus attention elsewhere.

Written by Jacqui Verdura and Micah Tatum

https://youtu.be/teKXTGCWhyA