Cannabis Industry Quarterly Update: Q2 2023


There Has Been Little Movement in Federal Legalization. This has led to cannabis investors and companies to downgrade expectations for federal legalization and focus their strategies on state reform.

Federal lawmakers continue to say they’re working on reform, including Senate Majority Leader Chuck Schumer recently expressing his confidence regarding banking reform, there has been little movement on either federal legalization or the SAFE Banking Act. Many industry observers believed the Biden administration would push for federal marijuana legalization or even banking reforms that would allow businesses in the industry to use banking services, but there has not been much movement from the executive branch beyond the President asking the U.S. Department of Health and Human Services and the Attorney General to review “expeditiously” how marijuana is scheduled under federal law.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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