Cannabis Briefs for July 18, 2023
July 18, 2023•The SAFE Banking Act gained another sponsor in the Senate. Susan Collins, the Republican senator from Maine, added her support to the bill, which would open essential financial services to the cannabis industry. Collins’ co-sponsorship makes nine Republican senators who either co-sponsor the bill or have publicly voiced support. That group includes senators Steve Daines (MT), Bill Cassidy (LA), Kevin Cramer (ND), Cynthia Lummis (WY), Lisa Murkowski (AK), Rand Paul (KY), Dan Sullivan (AK), and Tommy Tuberville (AL). Assuming the 51-seat Democratic bloc votes in lockstep, the support of these nine gives the SAFE Banking Act enough votes to clear the filibuster. Several other Republican senators have flirted with the legislation including Mike Lee (UT), Marco Rubio (FL), and Ron Johnson (WI).
•Meta, the parent company of Facebook, Instagram, and WhatsApp, updated its advertising policy for hemp and CBD products. The new rules have been loosened and split into two categories. Generally allowed without receiving explicit permission from Meta are ads for selling hemp products provided they don’t contain CBD or THC, as well as educational content related to CBD. Advertisers are also allowed to run ads selling CBD products under the right conditions, namely that they comply with local laws and have received specific permission from Meta. In either case, THC products are still prohibited from being advertised.
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