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Marijuana Industries Get The Accessibility To Financial Services With Newsom’s Approval



California Governor Gavin Newsom

California Gov. Gavin Newsom (D) signed a few marijuana bills into law on Tuesday. The effort was to make a sequence of minor modifications into the State’s most extensive legal cannabis system.

The new changes are made to make specific revisions to the advertising and banking laws. As with legal cannabis, businesses often have to face difficulty gaining financial services; the signed bill (AB 1525) will ease-off strict state penalties against banks that deal with marijuana clients.

“The bill will leverage the cannabis industry to utilize provisions of financial services,” the member of the democratic party wrote in the signing statement, “and for that reason, I support the bill.”

Post-corona, the Democrats in Congress have been working hard to put aside roadblocks for legal cannabis businesses that hamper their accessibility to the federal level’s financial services. The House Democratic leaders on Monday also released a coronavirus relief bill to protect marijuana banking.

In the series of bills signed on Tuesday, another bill (SB 67) will establish a cannabis appellation program, a step supposed to disclose where cannabis is cultivated and how the environment affects its character. The bill is as similar as the system of wine regions, where they’re under scrutiny.

With the new laws on the table, the growers and the sellers will be inhibited from marketing the name of a city or any other region in products unless all the cannabis is cultivated in a particular region. Similar laws are already in place at the county level.

The new law has varying importance for both outdoor and indoor growers, where for the former ones, the law understands the vitality of terrior. For the latter one, the bill offers a way to represent a hometown in a regional cachet.

The other modifications in the bill are relatively minor and may remain unnoted among consumers. While one would let the state-licensed weed testing labs offer required services to law enforcement (SB 1244), the other facilitates the amount of THC used in edibles (AB 1458).

These bills were accepted and approved by state lawmakers in the first week of the gone-month.

Another modification that was made was met with the governor’s veto. The governor rejected the proposal of (AB 1470) which would have empowered growers and processors to submit unpackaged items to testing labs. “The act would have reduced costs,” claims the industry lobbyists.

The governor said the proposal “conflicts with current regulations… which would keep away the contaminated and unsafe products from getting into the market.”

“While I support reducing packaging waste, allowing products to be tested not in their final form could result in consumer harm and have a disproportionate impact on small operators,” Gavin added in his veto statement.

The democratic party leader said he’s considering changes to testing procedures that should wait for the next year’s pending plan.

“I have directed my administration to consolidate the state regulatory agencies that currently enforce cannabis health and safety standards to pursue all appropriate measures to ease costs and reduce unnecessary packaging,” the Californian wrote. “This proposal should be considered as part of that process.”

A bill (AB 545) was also vetoed last week as Newsom mentioned the move would dissolve the state Bureau of Cannabis Control. The governor also realized the legislation was “premature” and shall expect broader reforms in the future.

Gavin wrote, “My Administration has proposed consolidating the regulatory authority currently divided between three state entities into one single department.” “We hope to achieve partnership next year with the Legislature,” he added.

The California Cannabis Industry Association (CCIA), the State’s leading marijuana trade group, has lauded all the bills signed by Newsom this week.

“We thank Governor Newsom for prioritizing these bills, which seek to reduce regulatory burdens, improve enforcement, expand financial services and enhance the state’s cannabis appellation’s program,” Lindsay Robinson, CCIA Executive Director, uttered his support the succeeding day.

“Like so many, the cannabis industry has to go through a sequence of challenges and setbacks in the current year. We are looking forward to settling with the Newson Administration, and the Legislature, as we eye for more robust policies in 2020,” said the Executive Director.

[Image Credit: https://www.marijuanamoment.net/california-governor-approves-changes-to-marijuana-banking-and-labeling-laws/]


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