In the days of the Armada, a fleet of warships, the scuttlebutt was the rumor or gossip that would spread throughout the ship. Today, Armada Law Corp presents The Scuttlebutt, a daily summery of news articles that people within the cannabis, hemp and plant medicine industries are chatting about along with links to the full articles.
In today’s news:
#psychedelics – “At the Neuroscience 2022 meeting held by the Society of Neuroscience, the appetite for psychedelic research permeated the sessions, discussions, and even after-hours barroom talk — drawing in researchers, neuroscientists, companies, reporters, and advocates alike.
“In the last couple of years there has been a lot of excitement in psychedelics. I think it started first in the popular media.” says Alex Kwan, associate professor at Cornell University. “Neuroscience, actually, I think took another year or two to catch on.””
#cannabisindustry – “The Second Circuit on Wednesday upheld the convictions of two businessmen for tricking banks into processing cannabis payments, but said U.S. District Judge Jed Rakoff was wrong to reduce the amount forfeited by one defendant from $17 million to $100,000.
A three-judge panel agreed with the government that Judge Rakoff did not have to reduce the loss amount when he found that it was unconstitutional under the Eighth Amendment, deciding to vacate and remand that part of the judgment.
“Our precedents suggest that a forfeiture amount is not necessarily greatly disproportionate where it equals the proceeds of the illegal scheme, even if it significantly exceeds the maximum statutory fine,” the panel wrote in its ruling.”
#cannabisbanking – “Congress is slated to vote on the $1.7 trillion omnibus appropriations package this week to fund the federal government, but as it currently stands, the SAFE Banking Act won’t be part of it….
Lawmakers on both sides of the political aisle voiced their displeasure that this bill has not been included in the omnibus package, including Sen. Ron Wyden (D-OR), one of the bill’s sponsors.
“I am frustrated and disappointed that after coming so close to meaningful cannabis reform this Congress, the Republican Leader and a handful of Republican senators thwarted our efforts to improve public safety. Because when you are forcing businesses to operate as cash only, it is a public safety issue. While action on SAFE Banking may no longer be possible in 2022, you better believe I’m going to keep fighting in the new Congress to bring common sense to the federal treatment of cannabis and begin to repair the harms done by the failed War on Drugs,” Wyden said.
His colleague, Sen. Jeff Merkley (D-OR), who has introduced the SAFE Banking Act every year since 2015, does not plan to stop pushing for it, despite the setback.”
#cannabisindustry – “The launch represents more than just what could be the world’s second-largest legal marijuana market outside of California’s, but a stab at getting regulations right where other states have failed. New York has taken a novel approach that aims to include African Americans — disproportionately arrested for marijuana in the past — in the legal industry. It’s also pledged to separate suppliers from retailers in a so-called two-tier system, in order to try and create a lot of “mom-and-pop” small businesses.”
#californiacannabis – ““There is a path to have some success as a small farmer,” said Jeff Nordahl, president and founder of Santa Cruz-based Jade Nectar, which specializes in cannabis tinctures for humans and pets.
Nordahl said the secret to his success has been sticking to his niche and remaining fairly small, instead of trying to build a marijuana empire.
“The weird thing is, just in the last two weeks, we’ve picked up three new accounts just by existing and not going out of business and by continuing to have a great reputation,” Nordahl said.
“It’s the tortoise energy. Just by not burning out and going down in flames, we’re picking up market share.””
#newyorkcannabis – “The OCM conducted a number of raids on shops allegedly selling illicit weed since the Cannabis Control Board unanimously approved emergency enforcement regulations on Nov. 21 with no discussion. That was the same meeting during which the board also approved the state’s first cannabis retail licenses.
And while cannabis industry players across the board agree shutting down grey market operations – many of which are selling products containing harmful contaminants – is critical to building a legal market, some wonder why the board voted on enforcement regulations in such a low-key way, and whether businesses that hold hemp licenses are being targeted for raids.”