The National Conference of State Legislatures has cut to the chase, mandating Congress de-schedule marijuana altogether.
Banking: Blockchain platform ‘TOKES’ uses cannabis as economic model
TOKES believes its blockchain-based digital token can derive value from cannabis’ banking problems, as well as the businesses it starts based on funds raised in an ‘initial coin offering’ – a new means by which funds are raised for a new crypto-asset venture. TOKES’ key initiatives include a transaction protocol, working with fiat currency exchange partners, mobile app development, non-profit work and a product line.
As a high-risk industry in the eyes of banks and regulators, it can be difficult for a business to get the proper banking partners needed to operate within the purview of the law. Some believe the popular cryptocurrency Bitcoin, created in 2008 by the pseudonymous figure(s) Satoshi Nakamoto, could solve the industry’s banking issues. Others believe an entirely new financial technology platform is needed, which meets the specific needs of a nascent and quasi-legal industry, such as cannabis.
“Many businesses are forced to operate in a gray area because of federal laws, despite states becoming more accepting of cannabis businesses,” says TOKES founder Michael Wagner. “Businesses are not able to take that cash and deposit it in a federally-insured bank account. Here in Las Vegas, dispensaries have bank vaults in their facilities where they are forced to store their assets.” TOKES identified this as a problem in need of a solution.
Thankyou to Andrew Sacks of SWD for this article reference. The Washington Post reports.
Justice Department at odds with DEA on marijuana research, MS-13
The Justice Department under Attorney General Jeff Sessions has effectively blocked the Drug Enforcement Administration from taking action on more than two dozen requests to grow marijuana to use in research, one of a number of areas in which the anti-drug agency is at odds with the Trump administration, U.S. officials familiar with the matter said.
A year ago, the DEA began accepting applications to grow more marijuana for research, and as of this month, had 25 proposals to consider. But DEA officials said they need the Justice Department’s sign-off to move forward, and so far, the department has not been willing to provide it.
“They’re sitting on it,” said one law enforcement official familiar with the matter. “They just will not act on these things.”
Will California’s Pesticide Regulations Hurt the Weed Industry?
California’s organics-loving, go-green mentality is what makes the state a hub for environmental progress, but in the case of the cannabis industry, some say it could be its downfall. Pesticide regulations released earlier this year by the California Bureau of Medical Cannabis are some of the strictest requirements in the country — possibly the strictest — and have left both cultivators and testing laboratories reeling.
“They will be exceptionally difficult if not virtually impossible [to meet],” said Dr. Jeffrey Raber, chief executive of the Werc Shop, a cannabis research and testing facility in Monrovia.