Jeff Schultz
@JSchultz44
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NYC-based Cannabis Industry Attorney | Advisor | Advocate | Partner, Foley Hoag LLP Opinions are my own. None of my tweets should be considered legal advice.
Manhattan, NY
Joined February 2011
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Pinned Tweet
#Cannabis
is not illegal because it’s dangerous. It’s dangerous because illegal.
#legalizeit
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@jmrphy
Justin, you ingested something called Delta-8 THC, which is an isomer (psychoactive “cousin”) CBD, which isn’t psychoactive even at multiples of the dose you ingested. There is plenty of scientific research and evidence to say, without a scintilla of doubt, they you’re either
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@jmrphy
To clarify: delta-8 and delta-9 THC are very much psychoactive. CBD is not. But because D8 and D9 can be created by modifying CBD, legally derived from hemp and containing < 0.3% THC on a “dry weight basis”, it’s legal under the FARM Bill.
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@droojayyyyy
@jmrphy
It’s “literally” not possible to feel that way from cbd. The point is the delta-8 “smoke shop” industry is poorly regulated at best with, as evidenced here, minimal consumer protection. The point is that regulating the industry (which requires decriminalizing it) could prevent
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@Aksa_Amun
@jmrphy
No, it does not. CBD converts into THC in acidic environments, not simply sitting on the shelf. THC degrades into CBN.
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@SenSchumer
Thank you for your support. But the hour is growing late, and voters are exhausted from the lip service and demand ACTION.
Bring SAFE and HOPE to the floor for a vote!
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This WSJ article is a straight up hit piece.
How do I know? Because I know the DEA has EXTREMELY limited discretion in the rescheduling decision especially with the HHS rec for S3. The DEA’s role is strictly and exclusively limited to determining whether the move would violate
Very interesting Wall Street Journal article published this morning. The DEA is apparently hesitant to reschedule marijuana. Full article is in the comments.
👇 $MSOS
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I find it ironic that if
#SAFEBanking
fails in the
#NDAA
, the most significant consequence is that MSOs and other large operators will keep building a wider moat & taking more market share, while small “mom and pop” and social equity cannabis operators continue to struggle.
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For those keeping score on 🇺🇸 cannabis legalization, I think it’s important to consider the following dynamics:
#MOREAct
= House Dems
#CAOA
= Senate Dems
#StatesReformAct
= House GOP
#HOPEAct
= House Bipartisan
#SAFEBankingAct
= Bicameral, Bipartisan (minus Schumer/Booker)
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We have literally never had a better stretch of good news for the US cannabis industry like we’ve had over the past few weeks.
✅ HHS Schedule III Reccomendation
✅ SAFE Banking headed for a Senate vote
✅ NY finally opening their adult use market to all participants
If
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This is disingenuous & disheartening. Nobody is in federal prison for simple possession. No records have been expunged (much different from pardons). Cannabis remains a Sch I drug today (hopefully this changes before the election). He also promised to protect state markets, but
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@therealbigjonno
@jmrphy
Current legal market and illicit cannabis are much more potent than cannabis from the 90s. But because this is true in both the illicit and legal markets, and the trend has been “up and to the right” for decades, legalization is not the reason. If anything, standardized state
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@droojayyyyy
@jmrphy
It’s not about pricing. Something is obviously wrong with this story. It was either mislabeled or he was grossly misinformed. Either way, legalizing and regulating like, for example, liquor, would prevent this from happening in the future. But because both D8 and CBD are
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Think I’ll write a long-form piece on $CGC situation if people are interested. There is a LOT going on here. Couple of notes:
1. Nasdaq objection is over consolidating financials, not necessarily over cannabis.
NEW: Nasdaq objects to Canopy Growth plan to consolidate US cannabis revenue
“Nasdaq has proposed that such consolidation is impermissible under Nasdaq’s general policies,” according to $CGC $WEED filing
Story for
@MJBizDaily
:
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The Biden Administration is taking credit for actions they haven’t taken. The only thing worse than promising criminal justice reform and legalizing cannabis in the future is trying to take credit for it when it has. Not. Happened.
@KamalaHarris
You haven’t changed a single marijuana policy yet. Waiting on your DEA. They could still say no. And your admin hasn’t released a single marijuana offender from prison. Pardoning misdemeanors doesn’t actually do anything! Those convictions do not carry collateral consequences or
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@BCobblaw
@SenSchumer
@SenBooker
@RepPerlmutter
@FollowNCR
@weldon_angelos
To the “I told you so” crowd: if you truly believed SAFE would fail, then you def weren’t involved in this fight, bc it was truly on the 1 yd line. And since you weren’t involved, you have no standing nor credibility. So either 🤫 forever, or dedicate some ⏱or 💵 and join us.
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This quote is from Senator Booker: "“I believe in our bill, but I’m open to negotiating a way to get this urgently needed bill, SAFE Banking, over the line.” 👀
US House Democrats demand Senate pass its own marijuana banking bill via
@MJBizDaily
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This statement is absolutely infuriating,
@POTUS
. You have NO standing to criticize Trump for rescinding the Cole Memo under his watch when you’ve been President for nearly 3.5 years and Garland STILL has not reissued it. Your words and actions do not align and until they do, we
Biden Campaign Says Trump 'Took Marijuana Reform Backwards' By Rescinding Enforcement Memo, Despite Current Admin Failing To Reinstate It: “On criminal justice, the contrast couldn't be clearer."
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Fuck this shit.
McConnell Brags About Marijuana Banking Defeat In Defense Bill, Signaling He'll Fight To Stop It In Omnibus Spending Too: "Good smart policies were kept in and unrelated nonsense like easier financing for illegal drugs was kept out."
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“I am asking the Attorney General to initiate the administrative process to review expeditiously how marijuana is scheduled under federal law”.
While I’m an eternal skeptic and realist about politics, particularly with respect to cannabis policy reform…
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@SenSchumer
PLEASE can we get
#SAFEBankingAct
to the Senate floor before we move onto….aliens?!
Queue
@WoodrowForCO
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Just logged on quickly to twitter to see some of the cannabis crowd hyped up about a court filing mistaking it for a guidance memo from the AG to US Attorneys.
These things are unrelated.
Thank you for coming to my TED Talk.
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@catturd2
Context: This is a parody video, obviously not a direct transcript, intended to draw attention to the fact that both Senator Schumer and President Biden have stalled on legalizing cannabis/criminal justice reform for several years despite their clear and consistent public
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Big News on NY Cannabis: Gov Hochul has requested a top-down "review" of OCM's handling of the adult-use rollout, which will be handled by the NY Office of General Services. Damian Fagon, OCM's Chief Equity Officer, has been placed on administrative leave in light of allegations
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Agree 👍🏼. DEA affirming Sch 3 makes uplisting and institutional involvement more likely inasmuch as we see an accompanying
#GarlandMemo
that expands the Cole Memo, ie, expands/clarifies the types of cannabis-related activities that won’t be subject to prosecution going fwd.
Jefferies
'If DEA affirms HHS, in addition to CF benefits from no 280e, this could have major uplisting implications + open space to institutions, which is the main reason that multiples are so depressed and do not accurately reflect the fundamental outlook.'
🇺🇸
#cannabis
🌿
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Dear
@SenSchumer
@SteveDaines
@SenJeffMerkley
@RepDaveJoyce
@repblumenauer
@SenBooker
@RonWyden
while I wrote this OpEd 3.5 years ago, every word remains true: we need
#SAFEBankingAct
more now than ever. We also need it to include explicit access to US capital markets. Here’s why
Check out my Op-Ed
#safebankingact
#potstocks
The U.S. cannabis industry needs access to the U.S. stock markets
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Thrilled to share that I’ve joined Foley Hoag LLP's NY office as a Partner in their
#Cannabis
Industry practice and Business Department. Foley's is recognized for having one of the nation's top cannabis industry practice groups and I'm incredibly excited to help grow our business
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During the campaign,
@POTUS
also stated that he would legalize
#cannabis
and grant clemency to non violent prisoners and ex-convicts. (SO. DID. YOU). And as your constituent who voted for you and Biden, I (along with 68% of the country) expect you’ll follow through on that.
During the campaign, President Biden stated that he would choose a Black woman as his choice for the Supreme Court, and I expect he’ll follow through on that.
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Turns out that the garbage weed being sold in NYC trap shops is full of pesticides and frequently mislabeled.
Shocker.
It’s enough. The state needs to close these shops down, time for adult swim only.
#nycannabis
#CannabisCommunity
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Cannabis linked to violence? I’d laugh but it’s not funny. 19 children were murdered last week. It’s easier for a mentally ill 18 YO to buy an AR-15 than it is for a cannabis co to open a bank account.
This is a garbage take, even for a world class asshole like
@IngrahamAngle
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Good morning to all the newly-minted administrative law experts who had never heard of Chevron before last week.
#stayinyourlane
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@jmrphy
👇🏼👇🏼👇🏼
#Cannabis
is not illegal because it’s dangerous. It’s dangerous because illegal.
#legalizeit
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Seems like a great time to remind everyone that a lot of people remain incarcerated, living in incredibly difficult conditions, for committing non-violent cannabis crimes while someone is blowing lines in the White House.
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No matter what your feelings may be about our nation’s political system, the plain fact of the matter is that the President of the United States has started the process to officially end prohibition.
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“If you’re wealthy you can be engaged in all of this, but if you’re not, there are barriers to [entry] like getting banking services”.
Why would Pelosi talk about banking while discussing a decriminalization bill? 🤔
'I’m all for it' — Speaker Nancy Pelosi says regarding the decriminalization of cannabis, adding that ‘we’ve got to address how it is treated legally ... and not in a way that mistreats people on the lower income scale’
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State-level 280E relief in NYS final budget. Phew. Props to
@SenatorCooney
for pushing this critically important piece of policy for NY’s cannabis industry entrepreneurs. 🙌🙌
If we could only de-couple 280E at the federal level…
📢📢 Breaking news:
@SenatorCooney
's push to disentangle 280E from NY cannabis businesses has made its way into the final version of the NYS budget. Need a refresher? Here's our story on 280E from the other week.
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Some think this is complicated. It doesn’t have to be. Remove the 1,400 trap shops by legislating landlord liability: $25k daily fine for leasing to an unlicensed cannabis retailer + fed criminal referral for violating
#ColeMemo
priorities, RICO, etc.
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@NoochyCorp
@lancefinlinson
@BCobblaw
SAFE explicitly requires FinCEN to update its guidance within 180 days of passage.
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@420Odysseus
I had a slightly different take on those remarks. S3 will “legalize” medical cannabis and cannabis-derived drugs. AU doesn’t “remain S1” that’s not how it works. It does beg the Q whether the FDA will go after state-licensed AU, and there is very little reason to believe that
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@GhostAnneBoleyn
@jmrphy
Yes. A single 5mg D8 edible at your local gas station or smoke shop can be as low as $3. The low price point tells you something about the quality.
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It's also not too hard to figure out why Congress can't get their act together to legalize cannabis. The
#cannabisindustry
lobby is nothing compared to the Big Pharma lobby.
But you know what would help that? Passing
#SAFEBanking
and removing 280E for cannabis.
When you've got 1,500 Big Pharma lobbyists on Capitol Hill for 535 members of Congress, it's not too hard to figure out why prescription drug prices in this country are, on average, 256% HIGHER than in other major countries.
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TY
@CoryBooker
for your advocacy. It’s a special day. Please keep in mind, however, that SAFE Banking will reduce the cost of capital for those who need access to non-predatory capital the most: minority operators. They don’t have the same access to VCs and Fam Offices others do.
This is a historic day—we have never had this level of support to finally end the federal prohibition of marijuana and enact restorative justice.
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@S_Andreoni
It means quite literally not unlimited access. 8 stores total, 3 of which can be rec. fully vertical, meaning cultivation, processing and distro (w/in their supply chain and wholesale). It’s a great outcome. NY market projected to be ~$4b at scale, all Canada is $2b today.
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One pattern I’ve noticed over the past few weeks that is honestly making me very optimistic about a potential near-term DEA rescheduling announcement is the FRANTIC UPTICK in social media posting from prohibition lobbyists like SAM and their merry band of opioid peddlers. 👀
#followthemoney
@learnaboutsam
@LukeNiforatos
#fundedByInsys
?
Prohibition provides “an incentive for these interest groups to keep seeking federal money to continue the ‘war on drugs’ [and] their own salaries”
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Cannabis prohibitionists fall into two categories: (1) substance abuse issues in their own home (usually alcohol or painkillers); and (2) getting paid by big Pharma.
NEW STUDY finds that legalizing recreational marijuana is tied to "significant reductions in the volume of prescriptions...for pain, depression, anxiety, sleep, psychosis and seizures,” and could lead to "cost savings for state Medicaid programs.”
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Good morning to everyone (except the people who still believe in criminalizing the possession of plant)!
#LegalizeIt
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@BAPearlmutter
@lawindsor
My favorite lawyers in LA.
@SnoopDogg
joined us for SHUT THE F*%$ UP FRIDAY SCRIPT REVEIW.
#potbrothersatlaw
#stfu
#25script
#snoopdogg
#knowyourrights
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This is a HUGE DEVELOPMENT! 🚨🚨🚨🌱🌱🌱💪🏼💪🏼💪🏼
HISTORIC: The top federal health agency is officially recommending that marijuana be moved from Schedule I to Schedule III following a scientific review directed by President Biden last year.
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Cannabis twitter never ceases to amaze. The EXACT same people…
Wednesday: There’s a grand conspiracy to pump pot stocks on rescheduling news! I don’t personally know any of these people or their roles in the industry bc I’m sitting in the cheap seats day trading in my moms
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And to think…we’re still locking up black and brown folks over this plant, which is medicine.
@JoeBiden
time to WAKE UP, stop delaying, fulfill your campaign promise, and
#LegalizeIt
.
cc
@SenSchumer
@CoryBooker
#CannabisCommunity
#cannabisclemencynow
#Mmemberville
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Will Interstate Commerce “disrupt” MSOs? Likely yes…
BUT….(1) that’s how the game is played TODAY if you want to play at all (fine tune operations, build some brand equity, etc)
@todd_harrison
@BCobblaw
#cannabisindustry
#MSOGang
#potstocks
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Per his statement, these pardons are critically important, but merely the first step in what he has officially announced as his formal process for legalizing cannabis at the federal level.
BUCKLE UP.
#LegalizeIt
#cannabis
BREAKING: Biden to pardon all federal offenses of simple marijuana possession.
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@WeedStreet420
How I read this: “we’re asking for updated, clear FinCEN guidance and an updated Cole Memo once
#SAFEBanking
passes, and we need to ask with clean hands”
@BankofAmerica
now
@jpmorgan
now taking a hard line stance on cannabis. I’m old enough to remember when several banks did this in early Sept 2019…right before SAFE hit the floor.
Clean Hands Doctrine.
Just sayin….
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Come on, guys. I know it’s been a rough week for
@learnaboutsam
but when
@LukeNiforatos
calls into
@cspanwj
and posing as a random caller while
@KevinSabet
is on air!? Whoever is paying you guys deserves a refund.
If misinformation was art, this would be finger painting.
The only *two* calls opposing legalization on
@cspanwj
were Kevin Sabet's employees, posing as supporters of their cause.
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Man, I got FRIED by some of the canna-twitter folks for mentioning the Single Convention as a potential obstacle 6 months ago. (WTF is "FUD" anyway?) Yet her we are, with GOP lawmakers and prohibitionists raising the issue, albeit informally. For now.
Once again, my concern
Previously I brushed off the UN Single Convention concern. But I’m worried about it more now than ever, and not bc of the implications of violating the treaty.
More on that this week…
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THERE IT IS! LFG! DEA rescheduling cannabis to Schedule III.
I was off by 10 days. Sorry guys. 🤷♂️
#legalizeit
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Tweets like this still blow my mind, but the silver lining is that the information arbitrage is alive and well for the
#MSOGang
, allowing informed investors to accumulate MSOs at absurdly cheap prices. 🤦🏻♂️🤷🏻♂️
$tlry $cgc $acb $sndl $curlf $gtbif $ayrwf $tcnnf $trssf $crlbf $MSOS
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Might come as a surprise some of you, but there are now officially 101 licensed dispensaries open in New York State. 👀🌲💚
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Two potential solutions exist: (i) re-define “financial service” more broadly to include SEC-regulated businesses; or (ii), define the (currently undefined) term “ancillary businesses” to include businesses regulated by the SEC.
The SAFE Banking Act is an opportunity for
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The state of Kentucky legalizes medical cannabis.
The same week that the WSWA announces a major campaign to legalize cannabis federally and regulate it like liquor.
@BCobblaw
what’s that phrase you have about coincidences?
👀
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@zeedubbb
@yongecity
@todd_harrison
@BCobblaw
My eyes are on the prize, always have been: get SAFE passed in 2021. The Mace bill is a meaningful sign of progress in the larger, longer issue of de-scheduling. Too much emphasis on Twitter on “this bill or that bill” it’s a political process with all sorts of twists and turns.
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@S_Andreoni
@TheDalesReport
That is actually not the case this time if SAFE is proposed outside of a larger package like the budget. Still need min 10 GOP votes, but for technical reasons, its l looking like it cannot be blocked by that one man alone this time . 👀
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Lot of speculation over NY adult-use cannabis legalization. These are the pubcos among the 10 max that will be permitted to be vertically integrated in a state of 19m residents:
$CURLF
$GTBIF
$CRLBF
$CCHWF
$VREOF
Ianthus
Acreage
Unclear if all will operate in AU market.
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Foley Hoag's Cannabis team discusses in detail the DEA's proposed rule to reschedule cannabis to Schedule III, the DOJ's rescheduling recommendation to the White House, and the formal process DEA must follow, including details around the timeline.
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A longer former blog post from our group:
In light of the August 30, 2023 historic recommendation from the U.S. Department of Health and Human Services to reschedule cannabis to Schedule III, our Cannabis practice attorneys provide an outlook and… ~
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What better way to commemorate the Failed War of Drugs by posting this absurd tweet on the first day of Black History Month.
#LegalizeIt
#TBT
On Dec. 14, 1970, at the White House, the International Narcotic Enforcement Officers’ Association presented President Nixon with a “certificate of special honor" in recognition of the outstanding loyalty and contribution to support narcotic law enforcement.
#DEAHistory
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Is it safe yet to say…”buckle up”? 🤣
Go Florida! 🌱💪🏼🇺🇸
As an aside, this cannot be good for the FL GOP in the fall, right? I’m sure someone here has a well-informed opinion on this…what say you?
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@SenSchumer
@CoryBooker
if you want to create a more equitable industry, you can take the W and start to level the playing field. And those who are advocating for criminal justice reform will continue to support your bold efforts - this will not, because it cannot, stop there.
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The fact that this is the best witness that the prohibitionists can summon for this hearing on banking tells you all you need to know about
#SAFEBanking
having no common sense, reasonable opposition. Kevin may be subject matter expert in something, but banking & financial
Excited to be testifying for
@SenateBanking
tomorrow on the
#SAFEBanking
Act— really the Addiction Banking Act.
#PeopleOverProfits
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@GhostAnneBoleyn
@jmrphy
No, I love these tweets. Whether he’s fabricating this story or not, he’s making an incredibly poignant argument for legalization while trying to do the opposite. It’s the definition of self-own.
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YIKES.
In September 2023, Leafly filed an Article 78 petition against OCM in Albany County state Supreme Court challenging a rule banning third-party advertising and marketing services in NY's AU market.
Leafly claimed that OCM illegally and unfairly targeted “third-party
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@SenSanders
@BritGeo
Then please sponsor a bill that enables expungement of federal cannabis convictions, bc right now, nobody can expunge federal cannabis convictions - only commute sentences and pardon the convicted.
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NY has proposed a social equity incubator concept that will include, among other things, low interest loans. Query how difficult this is (for all), if even possible, w/o access to traditional banking services?
@SenSchumer
help NY build this the right way. Pass
#SAFEBankingAct
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@GaryChambersJr
This reminds me of the story of Congressman Fiorello La Guardia (R) drinking a homemade beer in the House Office Building in 1926 to highlight the absurdity of prohibition. 🌱💪🇺🇸
#LegalizeIt
#Mmemberville
#CannabisCommunity
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@todd_harrison
Guess it’s time to dust off this old tweet…🧹🧐
@cashflow_free
@rivers_kim
@wit_t
@Trulieve_IR
@Forbes
@IrisDorbian
Biden can install a DEA chief w “instructions” to re/de-schedule. This happens by the AG (via DEA) instructing HHS to engage in scientific and medical eval of cannabis & make a rec to the AG (via the DEA). AG then starts rulemaking process to change cannabis’ CSA scheduling.
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Interesting. No concern in this thread over fatal
#cannabis
overdose. BC it's NOT possible. Cannabis is a Sch 1 drug. Like heroin & bath salts.
Yet, Sch 2 drugs include fentanyl, Dilaudid, Percocet, Adderall. What happens if you take 200x standard dose of those?
#LegalizeIt
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