Pubdate: Thu, 30 Jun 2016
Source: Tucson Weekly (AZ)
Column: Medical MJ
Copyright: 2016 Tucson Weekly
Contact:  http://www.tucsonweekly.com/
Details: http://www.mapinc.org/media/462
Author: Dan Kingston

MMJ NOTES

Keep Up With the Global and Local Medical Marijuana News

U.S. SENATE COMMITTEE APPROVES MARIJUANA BANKING

A new measure has been approved by the U.S. Senate Committee that 
would allow banking institutions to offer financial services to 
marijuana businesses. State-legalized marijuana businesses will soon 
be able to operate as a traditional business with a traditional 
banking system. Thus far, banking services have not been available to 
a majority of marijuana businesses due to marijuana's illegal federal status.

Senator Jeff Merkley from Oregon is the author of the amendment, 
Marijuana Policy Project reports. The amendment prevents the spending 
of funds that prohibit and penalize banks/financial institutions that 
provide banking services to state-legal marijuana-related businesses. 
Given that most banking institutions fear federal penalties and 
prosecution, very few have even attempted to work with 
marijuana-related businesses.

Marijuana Policy Project's federal policies director, Robert Capecchi 
said, "More than half of the U.S. population lives in jurisdictions 
where marijuana is legal for adult or medical use. Millions of 
marijuana consumers are relying on licensed and regulated businesses 
to provide them with safe and legal access to marijuana."

Capecchi continued by saying, "Current federal policy all but ensures 
marijuana businesses operate on a cash-only basis, which raises 
safety concerns for their employees and the surrounding communities. 
This measure should ease the financial institutions' concerns about 
opening accounts for those state-legal businesses."

There are still more steps before the amendment becomes law. A full 
Senate approval must come first. Following that, the House must 
include proper language in the Financial Services and General 
Government Appropriations bill. The final step is a Presidential signature.

ARIZONA CONGRESSMAN PUBLICLY ENDORSES MARIJUANA

Arizona Congressman Ruben Gallego announced today that he is 
endorsing the Regulation and Taxation of Marijuana Act, an initiative 
poised for the November ballot.

The proposed initiative would allow adults 21 and older to possess 
limited amounts of marijuana, establish a system in which marijuana 
is regulated similarly to alcohol, and enact a 15 percent tax on 
retail marijuana sales. A majority of the tax revenue would be 
directed to Arizona schools and public education programs.

"Forcing sales of this plant into the underground market has resulted 
in billions of dollars flowing into the hands of drug cartels and 
other criminals," said Rep. Gallego. "We will be far better off if we 
shift the production and sale of marijuana to taxpaying Arizona 
businesses that are subject to strict regulations. It will also allow 
the state to direct law enforcement resources toward reducing 
violence and other more serious crimes."

Gallego, a Democrat who represents Arizona's 7th congressional 
district (comprising of central and south Phoenix as well as western 
Maricopa County communities), announced his endorsement at a news 
conference on Tuesday, June 21 on the House Lawn of the Arizona State 
Capitol. He was joined by leaders of the Campaign to Regulate 
Marijuana Like Alcohol (CRMLA) in Arizona, a group that is supporting 
the initiative.

"I am proud to support this initiative, as it represents a far more 
sensible approach to marijuana for our state," mentioned Gallego. "It 
will make Arizona communities safer, while also generating some 
much-needed tax revenue for our schools."

The campaign is wrapping up its petition drive in support of the 
initiative and will be submitting its signatures to the Arizona 
Secretary of State's Office prior to the July 7 deadline.
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MAP posted-by: Jay Bergstrom