July 30-August 5, 2019 Dispensary Compliance Updates
Arizona Attorney General Mark Brnovich agreed to allow Alta dispensary to form what the company calls a “digital payment club” to market its service to the marijuana industry, which has no legal access to banks. Dispensary owners have up to two years to prove whether the program works, with limits in the interim on how much cash they can handle.
Washington Board Interim Policy BIP 13-2019 was adopted during an unusual visit by key agency staff to last week’s Board Caucus. The policy addresses challenges faced by licensees following the most recent software changes to the Leaf Traceability System. Effective immediately, the LCB will allow licensees, labs, and integrators flexibility to develop workarounds associated with lab test data and manifest information that remain unresolved. Any workarounds must be presented to the LCB prior to use though approval of workarounds is not required.
Louisiana: The LSU AgCenter confirmed Friday that it’s aiming to have medical marijuana on the shelves on Aug. 1, though the final product must still be transported to the Department of Ag and Forestry (LDAF) for final testing. The Louisiana legislature approved marijuana for certain diseases and illnesses in 2015. Since then, disagreements between the state’s licensed grower, GB Sciences, and LDAF have repeatedly delayed roll-out.
Last Tuesday, the Senate Banking Committee held a historic hearing on Cannabis Banking Reform and the SAFE Banking ACT. Support for this bill had been growing for a while now and the pressure from the states, the banking industry, and the Cannabis industry is finally paying off. The next step for the SAFE Banking Act would be for the Senate Banking Committee to pass the legislation out of committee, followed by a vote of the full Senate and House on the floor of each respective chamber before being signed into law by the President.
As A Reminder:
“The SAFE Banking Act would prevent federal banking regulators from:
- Prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business (such as an lawyer or landlord providing services to a legal cannabis business);
- Terminating or limiting a bank’s federal deposit insurance solely because the bank is providing services to a state-sanctioned cannabis business or associated business;
- Recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses; or
- Taking any action on a loan to an owner or operator of a cannabis-related business.”
Get monthly regulatory compliance updates delivered to your inbox.