Medical Marijuana Update, Plus California Banking Policy
- California’s Treasurer wants to create a public bank for the cannabis business.
The medical marijuana movement loses a founding father, and the only other action this past week was a pair of CBD bills.
Last Saturday, Dennis Peron, “the Father of Medical Marijuana,” died at age 72. A Key player in California’s groundbreaking embrace of medical marijuana has died. Dennis Peron argued for the benefits of medical marijuana for AIDS patients, opened the nation’s 1st dispensary in San Francisco, and was a driving force behind the city’s Y 1992 ordinance allowing medical marijuana. That was the 1st step toward the state’s historic passage of Prop 215 just 4 years later.
Last Thursday, a CBD bill was filed in the House. Conservative Republican state Rep. Dorothy Moon has filed a bill that would allow the CBD cannabis oil for medicinal purposes. House Bill 410 would limit cannabis oils to less than 0.3% THC. It is now before the House Health and Welfare Committee.
On Tuesday, the House approved a CBD bill. The House voted 93-0 Tuesday to approve House Bill 1214, which would allow anyone to buy and use CBD cannabis oil, provided it contains less than 0.3% THC. The bill also gets around federal controlled substance prohibitions by designating CBD oil as an exempt hemp product. The bill now goes to the Senate.
California Marijuana Banking Policy
California’s Treasurer wants to create a public bank for the cannabis business.
California Treasurers Lay Out Plan to Create Public Marijuana Bank. State Treasurer John Chiang on Tuesday laid out a plan to create a public bank for marijuana businesses, a defiant move in the face of the Trump administration’s opposition to legal marijuana. “We are contending with the emergence of a multibillion-dollar cannabis industry that needs banking services, and a private banking industry that is stymied by federal law in meeting the needs of the new industry,” said Mr. Chiang, who is seeking the Democratic gubernatorial nomination. “The current administration is out of step with the will of the people, not only those in California, but the 29 states that have legalized either or both medicinal and recreational-use cannabis.”
By Phillip Smith
Paul Ebeling, Editor
Note: For extensive information about the medical marijuana debate, presented in a neutral format, visit MedicalMarijuana.ProCon.org.