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New U.S. Stimulus Bill – Cannabis Businesses to Get Banking Access

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With gravity, the U.S. government stimulus program has aimed to support smaller firms in the nation to hold on until reopening seems likely. Possibly the most apparent example is the Paycheck Protection Program (PPP). Provision of over $600 billion in forgiveness loans, is intended by the PPP, to small and medium-sized businesses (SMBs). SMBs dealing with authorized cannabis are one of the ineligible SMBs for PPP loans.

The Wall Street Journal recently reported that an initial high demand was seen in licensed cannabis businesses, for their wares, after the start of the pandemic, and additional sources of funding weren’t required. Director of global expansion at DNA Genetics Inc. and California-based cannabis producer, Rezwan Khan reported to the paper that the public stockpiled cannabis like toilet paper.

Despite the differing degrees of the legalization of cannabis in  33 states, the federal government still declares it as illegal. Furthermore, legal cannabis firms were declared ineligible for funds by the U.S. Small Business Administration (SBA).

The struggles for the continuation of operations are growing for the cannabis industry, like any other business landscape that is controlled by smaller firms. Consequently, Congress has extended support for licensed cannabis businesses.

The plan is to allow access to conventional banking ways that are currently closed to cannabis businesses due to their sales being labeled as a criminal operation by the federal government. Consequently, cannabis companies have been compelled to trade in cash only.

However, a $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act was recently established by the U.S. Democrats. The plans to potentially support cannabis companies for loans and access to conventional banking services were also added.

Contents from the proposed Secure and Fair Enforcement (SAFE) Act were added to the HEROES Act, by the Democrats. This could lead to cannabis businesses gaining access to the conventional U.S. banking system.

Last September, the House passed the SAFE Act. However, it hasn’t evolved into a law. Instead, ever since, it has been held up in the Senate controlled by Republicans.

However, Section 11006 of the HEROES Act, entitled “Safe Banking,” has declared that federal laws will permit banks and other monetary services to assist cannabis companies and will hold them accountable on transactions or interests across deposits, checking and lending.

Furthermore, with the potential hope towards the cash element of the cannabis industry, there are other intriguing factors. The proposed legislation has further states that its purpose is the increase and privatization of public safety with the certainty of access to monetary services to licensed cannabis-related businesses and service providers. It also stated its aim for the decline of the amount of cash at such businesses.

A letter was signed by thirty-four attorneys general and addressed to Senate and House Congressional leadership. The AGs disputed that in reference to legal cannabis, there are 3 key respects with which the legislative relief was distinctly directed by the coronavirus pandemic.

They further recorded that competence can be improved in the accumulation of tax revenue, for state and local governments. They further added that there has been an escalation in threats to public safety due to the cash-intensive business models claiming for it to be the common target of criminal activity.

However, the AGs further addressed that law enforcement, tax regulators, consumers, and patients, are all susceptible to an intensified risk of the vulnerability to the deadly virus, due to the presence of huge cash sales.

However, there is ambiguity in its fate in the Republican-majority Senate, despite the passing of the HEROES Act by the Democratic-controlled House. The measure was called “a list of pet priorities” by the Senate Majority Leader, Mitch McConnell, stating no urgency of immediate action.

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Cannabis

Asian Visitor Caught Smuggling 6kgs of Cannabis in Dubai

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Dubai’s airport authorities caught a 24-year-old Asian smuggling 6kg Cannabis. The man was arrested in early March on the charges of possession of illegal dried Cannabis flower. The defendant was in detention since his arrival at the Dubai International Airport (DXB) on March 3.

The customs agent at DXB told that they got suspicious of the man after his luggage went through the X-Ray machine. After a thorough search, the authorities found Cannabis stashed in fabric bags. The convicted man has been sentenced to a decade in prison for smuggling 6kg Cannabis. He will also have to pay a fine of Dh50,000. According to the laws of UAE, the convicted man can appeal the ruling in the Court of Cessation within 15 days.

UAE & Cannabis Smuggling

The UAE has very strict rules regarding the possession, consumption, or transportation of prohibited drugs. Previously, the UAE authorities slapped aa British tourist along with a 10-year sentence for bringing CBD oil into Dubai. It is to note that the maximum penalty for drug trafficking in the UAE is execution.

Also Read: Hillary Clinton Bashes Trump On His Coronavirus Policies

According to the recent 2020 World Drug report, the trend of use of illegal cannabis is increasing in the developing countries. Afghanistan and Morocco are primary suppliers of illegal Cannabis. It also showed that the illegal sale of cannabis has skyrocketed in Asia, Africa and South America.

Worldwide Legalization of Cannabis

It is important to remember that 33 states of the U.S. have legalized the use of medicinal Cannabis while 11 states have legalized the use of medical Cannabis.  With these recent legalization, the demand and supply of cannabis increased by multifold. Increased demand led to increased research on the subject.

Also Read: Britain – Gyms will Reopen ‘In a Couple of Weeks’

Dubai’s airport authorities caught a 24-year-old Asian smuggling 6kg Cannabis. The man was arrested in early March on the charges of

Image Credits: hightimes.com

Cannabis has found many uses in our daily lives. It can treat something as painful as Sciatica Pain. The use of Cannabis can alleviate the frequency of seizures. It also reduces anxiety. it helps with the PTSD. Many people have found Cannabis useful in calming their nerves and dealing with insomnia.

COVID-19 & CANNABIS

In view of the recent pandemic, COVID-19, Cannabis has also found its utility in speeding up the recovery of COVID-19 patients. COVID-19 is a highly infectious disease that has infected over 11 million people in the world. It is a cause of nearly half a million deaths worldwide. Medical marijuana has helped many people recover from the deadly disease.

In the view of the situation, many different countries have also relaxed their laws on the use of cannabis and cannabis related products. COVID-19 very badly affected economies all around the world. Tax revenues generated by the sales of Cannabis might help lift the deflating economies.

DANGERS of Cannabis

Cannabis consists of two main compounds; CBD (Cannabinol) and THC (Tetrahydrocannabinol). While CBD is responsible for relaxing the brain and nerves, THC is responsible for the ‘buzz’ or ‘high feeling’. THC acts on specific receptors in brain cells and slowly deteriorates our brain.

The UAE has very strict policies regarding the possession of drugs. You should double check your luggage for Cannabis before landing into Dubai.

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Black Market Cannabis Sales Decrease With Legalization in North America

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Recent Cannabis legalization (both recreational and medicinal) has decreased black market cannabis sales to a great extent.

The United Nations Office on Drugs and Crime (UNODC) published 2020 World Drug Report  which revealed that Cannabis is the most controlled drug. However, the illegal use of Cannabis has fallen to its lowest level in two decades in 2018. The 2020 Drug Report attributed this to the vast legalization of Cannabis in North America.

The 2020 World Drug Report

According to this report, the emergence of regulated markets in North America is the major reason why police seizures on the black market have decreased by 84%. This report revealed positive changes in the attitude of people in North America. However, at the same time it showed that the illegal sale of cannabis has skyrocketed in Asia, Africa and South America.

Also Read: Cannabis Activist Julian Stobbs Stabbed to Death

Countries like Afghanistan and Morocco are primary suppliers of illegal Cannabis. The trend of use of illegal cannabis is increasing in the developing countries. In2019, 2.2% of the crime cases in the U.S. were drug cases with cannabis as the primary drug type. Currently, 40,000 prisoners are serving their sentence in prison for Cannabis related crimes.

Recent Cannabis legalization (both Recreational and medicinal) has decreased black market cannabis sales to a great extent. Cannabis is the most widely used drug.

Image Credits: un.org

Worldwide Legalization of Cannabis

It is important to remember that 33 states of the U.S. have legalized the use of medicinal Cannabis while 11 states have legalized the use of medical Cannabis.  Subsequently, with these recent legalization, the demand and supply of cannabis increased by multifold. Increased demand led to increased research on the subject.

Also Read: Colorado To Expand Cannabis Equity and Offer Pardon

Cannabis has found many uses in our daily lives. It can treat something as painful as Sciatica Pain. The use of Cannabis can alleviate the frequency of seizures. It also reduces anxiety. it helps with the PTSD. Many people have found Cannabis useful in calming their nerves and dealing with insomnia.

COVID-19 & CANNABIS

In view of the recent pandemic, COVID-19, Cannabis has also found its utility in speeding up the recovery of COVID-19 patients. COVID-19 is a highly infectious disease that has infected over 11 million people in the world. It is a cause of nearly half a million deaths worldwide. Medical marijuana has helped many people recover from the deadly disease.

In the view of the situation, many different countries have also relaxed their laws on the use of cannabis and cannabis related products. COVID-19 very badly affected economies all around the world. Tax revenues generated by the sales of Cannabis might help lift the deflating economies.

DANGERS of Cannabis

Cannabis consists of two main compounds; CBD (Cannabinol) and THC (Tetrahydrocannabinol). While CBD is responsible for relaxing the brain and nerves, THC is responsible for the ‘buzz’ or ‘high feeling’. THC acts on specific receptors in brain cells and slowly deteriorates our brain.

The legalization has undoubtedly helped in controlling the black market Cannabis sales and economy growth. However, the use of cannabis should be regularly monitored by the governments.

 

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Cannabis Activist Julian Stobbs Stabbed To Death

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The Cannabis activist Julian Stobbs, who struggled for several years in order to legalize personal marijuana use in South Africa, has been killed in a robbery at his Lanseria farm near Johannesburg. This incident took place in the early hours of Friday morning.

Source: Google Images

According to reports, Stobbs and his wife, Myrtle Clark better known as the Dagga couple fought a battle through courts in order to legalize cannabis. The police put them behind bars in 2010 for growing and smoking cannabis. As a result, after their release, they filed the case in the court.

 The Incident Of Robbery

The couple was asleep in their home located just outside Johannesburg when the burglars entered their home. They further entered into the couple’s bedroom and shot and stabbed him to death.

Myrtle didn’t get any physical injuries.  The burglars took everything in the house along with them. This includes two cellphones and two laptops.

According to a statement on the Dagga couple Facebook page, the South African cannabis community is grieving over the death of such a courageous warrior.

The family is appealing that the people must respect their privacy at the moment. Moreover, the public must allow Myrtle and the family some space during these tough times. Further, they are quite grateful for the love they have received from the public up till now.

Als0 Read: Cannabis May Be A Cure For Various Cancers

A Courageous Warrior

The killing of Stobbs might prove to be a huge calamity for the cannabis society in South Africa. A long-time South African cannabis activist and businessman Tony Budden told that Stobbs and Clarke were quite determined to aware people about the plant and its benefits. The citizens called him a courageous warrior. He was the one who never got scared to stand up for what he truly believed in.

Arrest In 2010

A few years back in August, 2010, police swooped the couples home. As a result, they were accused of possessing marijuana with the intention of selling it in the market. Clarke later told about the raid that all that the officers found was a middle aged couple in their pajamas and some quantity of cannabis.

The police arrested them after a five-hour trial in their kitchen. Stobbs further told that the police put a revolver on his cheek when he was sitting in the lounge. Clarke stated that: “The more we thought about it, the more we realized this was a gross invasion of our privacy. This is about sovereignty, it’s about cognitive liberty, it’s about the very freedom of our minds.”

Tour To Various Other Countries

The couple travelled the whole South Africa in order to give statements to rural and farming communities. They introduced their manifesto through which they decided to develop a way for freedom of cannabis in South Africa.

They further travelled to United Nations in New York to spread their message at an international level. Moreover, they even appeared at hearings on the UN’s Commission on Narcotic Drugs in Vienna to further pass on their message.

Also Read: No More Imprisonment For Possessing Marijuana In Austin

Both of them also studied the current cannabis laws all around the world. They made an attempt to convince international experts to attest on their behalf about the health impacts of cannabis. Stobbs also admitted that he started smoking cannabis several years ago. According to him, the ones who use drugs have rights as well, they are not animals and must not be imprisoned.

Consequently, the police stopped arresting adults for growing cannabis for their own use.

 

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