Cannabis Weekly Round-Up: US Banking Reform Gets a Boost

US cannabis received a boost this week with a policy move that may hint at future changes.

Meanwhile, Amazon (NASDQ:AMZN) threw its full support behind cannabis reform in the US by way of a public post confirming the company’s acceptance of the drug.

Keep reading to find out more cannabis highlights from the past five days.

US cannabis reform attached to defense bill

The US House of Representatives delivered promising news for cannabis reform in the nation by adding a cannabis banking amendment to the defense budget bill — if allowed, the amendment will offer protection to banks looking for cannabis business.

Known as the National Defense Authorization Act for Fiscal Year 2022, the policy must still be approved by the Senate. As with other cannabis policy victories in the House of Representatives, it is ambiguous as to how the Senate will react when the legislation comes into its hands.

Marijuana Moment states that Representative Lou Correa (D-CA) has voiced support for the measure, saying, “Cannabis customers and businesses are law-abiding citizens and entities, yet they have to pay their employees, their bills and their federal taxes with cash. It just does not make sense.”

Earlier this year, the House of Representatives again voted in favor for the SAFE Banking Act, which offers banking and business protections for the cannabis industry. However, as reported by MJBiz Daily, the policy hasn’t been picked up by the Senate.

Amazon asks for cannabis reform

In a new blog post published this past week, Beth Galetti, Amazon’s senior vice president of human resources, expressed support for significant changes in how cannabis is regulated in the US.

Galetti wrote that the company believes “the time has come to reform the nation’s cannabis policy,” and said Amazon recognizes the changing landscape of state-level cannabis policy.

The company reaffirmed its support for the Marijuana Opportunity Reinvestment and Expungement Act of 2021, and threw its support behind the Cannabis Administration and Opportunity Act.

“We look forward to working with Congress and other supporters to secure necessary reform of the nation’s cannabis laws,” her post explains.

Cannabis company news

• Innovative Industrial Properties (NYSE:IIPR)confirmed an acquisition plan for a property located in Missouri for US$1.53 million. Overall the company will invest US$28.25 million, and while it will own the facility, it will operate in partnership with a subsidiary of Calyx Peak.

• Avicanna (TSX:AVCN,OTCQX:AVCNF) announced a patent application in the US for the use of a novel cannabinoid formulation. “Understanding the anti-convulsant properties of our proprietary formulation in seizure disorders is important particularly since this combination drug has potential to reduce the likelihood of seizure-induced sudden death in epilepsy,” CEO Aras Azadian said.

• MedMen Enterprises (CSE:MMEN,OTCQX:MMNFF)released the financial report for its Q4 2021 period, which marks the first financial report the company has put out since its partnership with Canadian producer Tilray (NASDAQ:TLRY,TSX:TLRY). “Over the next several quarters, we plan to both accelerate our growth and improve EBITDA profitability as we leverage our national brand recognition into opening new stores in Florida, California, Massachusetts, Arizona and Illinois,” Tom Lynch, chairman and CEO of MedMen, said.

• Greenway Greenhouse Cannabis (CSE:GWAY) has reached the public markets with a listing on the Canadian Securities Exchange. “On behalf of the board, I would like to take this opportunity to thank our shareholders for their ongoing support,” Jamie D’Alimonte, CEO and co-chair, said. “We are focused on cost management, product quality, and return on investment.”

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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Avicanna is a client of the Investing News Network. This article is not paid-for content.