Banking Trade Group Urges Congress to Advance Marijuana Financial Services Bill Amid Rescheduling Shifts

The Cannabis Observer ·
Banking Trade Group Urges Congress to Advance Marijuana Financial Services Bill Amid Rescheduling Shifts

The American Bankers Association sent a letter urging congressional leaders to pass a marijuana banking bill, calling it more urgent now that the legal definition of hemp is changing and medical cannabis has been rescheduled federally. The group warned, "As a result, the volume of marijuana-related products and state-licensed proceeds is likely to increase substantially, exacerbating potential public safety and illicit finance risks."

Rep. Abe Hamadeh (R-AZ) and bipartisan cosponsors introduced a bill requiring the Department of Defense to report on how ongoing psilocybin research could benefit military members. Separately, Rep. Steve Cohen (D-TN) wrote an op-ed on federal marijuana rescheduling.

New Hampshire Democratic gubernatorial candidate Cinde Warmington criticized Gov. Kelly Ayotte's (R) veto of a bill that would have let medical cannabis companies grow product in greenhouses, saying it would have "made medical cannabis more affordable and more accessible to Granite Staters who really need it."

The American Medical Association's House of Delegates adopted resolutions acknowledging both benefits and risks of marijuana use for older adults, and endorsed banning flavored cannabis vapes.

Workers at additional Missouri marijuana businesses won union elections following a precedent-setting National Labor Relations Board ruling.

State and local updates: Illinois's lieutenant governor discussed social equity as central to the state's cannabis legalization approach. A Virginia state senator explained his opposition to the state's new marijuana resentencing law. California regulators opened a comment period on proposed changes to the cannabis appellations program. Michigan regulators issued guidance on marijuana business regulatory assessments for fiscal year 2027. Hawaii regulators will launch a new medical cannabis patient registration website next month. Missouri regulators will soon open applications for its Cannabis Regulation Collaborative. Los Angeles officials distributed their monthly cannabis newsletter.

Internationally, Thai Prime Minister Anutin Charnvirakul said in an interview that the country must reconsider its marijuana laws "to prevent other countries from blaming Thailand as being the weak link in this problem." Ghana's education minister said students caught selling marijuana on campus should be dismissed from school.

On research, a study found oral CBD may reduce blood pressure in both healthy and hypertensive individuals, particularly under stress and during sleep. Another study suggested cannabis can serve as a short-term coping strategy for anxiety in young adults, offering perceived emotional regulation.

Auxly Cannabis Group Inc. shareholders elected new members to its board of directors. Conan O'Brien again voiced his wariness about consuming cannabis gummies.