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A U.S. House committee advances an important marijuana banking bill, New Jersey cancels its adult-use vote, a beer behemoth reiterates that legal cannabis is hurting its sales – plus other important news from around the MJ space.
Cannabis banking bill could get a vote in US House within weeks
A key U.S. House panel passed a bill that would protect financial institutions that serve state-legal cannabis businesses.
The chair of the House Rules Committee predicted a successful full floor vote within weeks. But passing the measure in the Senate, or even getting the Senate to consider the bill, could mean tough sledding.
MJBizDaily takeaway: If the measure does pass and becomes law, cannabis-related companies would get relief from one of their most serious business burdens and have significantly better access to traditional banking services such as deposit accounts, electronic payment systems and loans to sustain operations and to expand.
Tenth Avenue Freeze-Out
New Jersey lawmakers scrapped a scheduled vote to legalize adult-use cannabis after it became clear Gov. Phil Murphy couldn’t muster the support needed to pass the measure in the state Senate.
MJBizDaily takeaway: Potential cannabis business applicants continue their wait, but recreational legalization in the state is expected to come up for a vote later this year.
Murphy, in the meantime, wants to expand medical marijuana licenses, which will attract investors who are looking to position their MJ businesses for priority status in an eventual adult-use market.
Big Booze maven reiterates that legal MJ continues to hurt beer sales
Denver-based Molson Coors – the second-largest beer maker in North America – once again cautioned shareholders that rising cannabis legalization could continue to take a chunk out of its future profits.
MJBizDaily takeaway: Beer makers looking to shore up falling sales could increasingly pursue opportunities in cannabis to offset potential income losses from legal marijuana.
An example is Tilray, which formed a $100 million joint venture late last year with AB InBev to research infused drinks. Molson Coors itself has a joint venture already with licensed producer Hexo to develop and produce nonalcoholic cannabis-infused beverages.
Guam approved a legal footing for the adult-use cannabis industry, but rules won’t be ready until spring 2020.