NATIONAL CANNABIS INDUSTRY ASSOCIATION

Discussed potential cannabis-related appropriations provisions, including those specific to medical cannabis, adult-use cannabis, rescheduling, and IRC Section 280E.

Discussed the need for comprehensive cannabis reform, clarity needed with rescheduling by the DOJ, and legislation to deschedule/reschedule cannabis and to give states the authority to set their own cannabis laws and policies, including the STATES 2.0 Act (H.R.2934).

Discussed the need for legal cannabis businesses to have access to financial resources and policies to protect financial institutions and other business assistance providers who service state-regulated cannabis businesses, including support for the SAFE Banking Act (S.4942/H.R.9471) before and after its reintroduction in the 119th Congress and the CLIMB Act (H.R.7987). Also discussed the need for updated FinCEN guidance from Treasury with rescheduling.

Opposed the No Deductions for Marijuana Businesses Act (S.471/H.R.1447) and discussed IRC Section 280E and retroactivity for the provision and the need for updated IRS guidance in light of cannabis rescheduling.

Discussed incremental and comprehensive federal cannabis reforms, including the ongoing rescheduling of marijuana, recognizing state cannabis policies and programs, allowing financial institutions and other business assistance providers to service regulated cannabis businesses; Supporting the SAFE Banking Act (S.4942/H.R.9471), the CLIMB Act (H.R.7987), and the STATES 2.0 Act (H.R.2934); Opposing the No Deductions for Marijuana Businesses Act (S.471/S.471).