California Legislature still weighing significant marijuana and hemp bills in final days of session

With only a few days left in the 2020 legislative session, California state lawmakers are still considering three significant bills related to both marijuana and hemp that could yet become law.

The measures include:

• Assembly Bill 1525, which would make it easier for legal marijuana companies to obtain banking services.
• Assembly Bill 2028, which would establish new hemp industry regulations if an amendment is formally adopted. The legislation in effect would impose stricter regulation on hemp and CBD products.
• Senate Bill 827, which would forestall state-level marijuana tax increases for a year.

Time is short: California lawmakers have until Monday, Aug. 31, to approve bills – though it’s possible they could have more time.

Rumors have swirled about the possibility of a special session to make up for lost time, but even if one were called it’s uncertain whether any marijuana or hemp legislation would be considered.

Many marijuana industry priorities were sidelined earlier this year when the Legislature took an extended recess because of the coronavirus crisis.

If the session does end Monday, Gov. Gavin Newsom would have until the end of September to sign or veto any bills that have passed.

The banking bill has divided those in the industry over what some say is a “data grab” by local governments and financial institutions.

The hemp measure is drawing fire from hemp farmers who say it would impose unnecessarily burdensome regulations on their businesses, while those in the marijuana industry argue the rules would put hemp companies on par with what they already have to deal with.

The tax measure, meanwhile, falls short of what some say the marijuana industry truly needs – a rollback of state tax rates.

Here’s where each stands.

Originally Posted to MJBizdaily.com – Read More