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On November 3, Arizona voters passed the Smart and Safe Arizona Act (Proposition 207) by a wide margin, becoming the 13th state to legalize recreational marijuana for adult use. This is considered a huge victory in the nationwide legalization efforts.
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As more states take steps to legalize cannabidiol (CBD) and marijuana, there are many outstanding questions for potential landlords of cannabis-related businesses.
A potent federal statute designed to take down organized crime looms large over the legal cannabis industry. The Racketeer-Influenced and Corrupt Organizations Act (RICO) was enacted in the 1970s to fight the mob with a declared purpose to “seek eradication of organized crime in the United States.”
While the latest guidance on regulating financial services for hemp businesses may feel like a turning point, current banking regulations will likely continue to inhibit hemp businesses from integrating into the mainstream financial system.
Following its neighboring states, Connecticut legalized recreational cannabis after Governor Ned Lamont signed the Responsible and Equitable Regulation of Adult-Use Cannabis Act (RERACA) on June 22.
Last week, New Jersey Governor Phil Murphy signed three bills that pave the way for legal recreational cannabis sales in New Jersey, after uncertainty swirled around the fate of the legislation even on the day of signing. A clean-up measure reached the governor’s desk only minutes before his signing deadlines.
New Jersey has legalized adult, recreational cannabis use. With more than two-thirds of voters in favor of amending the state Constitution, it became the first in the Tri-State region to permit recreational marijuana use.
New Mexico became the latest state to legalize recreational cannabis after Governor Michelle Lujan Grisham signed the Cannabis Regulation Act (CRA) in mid-April. The law legalizes use, possession, manufacture, production, and sale as of June 29, 2021, and kicks off retail sales by April 1, 2022.
After years of regulatory stalemate, New York has legalized recreational cannabis use.
Virginia has become the latest state to legalize adult recreational cannabis use, although the legislation will not be effective immediately.
In November 2020, Montana joined Arizona, New Jersey, and South Dakota in legalizing recreational cannabis use.
The FDA’s position that the Food, Drug, and Cosmetic Act (FDCA) prohibits CBD from being sold in interstate commerce as a dietary supplement or food ingredient makes national companies hesitant to sell products containing CBD or do business with the CBD industry.
All eyes in the cannabis industry will be watching an upcoming case before the Ninth Circuit Court of Appeals that could dramatically ease the tax burden of cannabis entrepreneurs, who pay tax rates many times higher than most non-marijuana businesses.
Schiff Hardin Product Liability & Mass Torts Blog