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New York seeks to create an Equitable Cannabis Loan Fund.
The New York City Economic Development Corporation has put out a Request for Expression of Interest (RFEI) “to engage public resources and collaborate in promoting the development of an equitable cannabis industry in New York City.”
More specifically, it seeks to do two things: “Gauge the interest of potential partners and field ideas related to structuring and implementing a loan fund that provides flexible and affordable financing to Social and Economic Equity Applicants … seeking to enter the cannabis industry in NYC;” and to “Gather information regarding other proposed capital access and/or real estate interventions that would support the development of an equitable cannabis industry.”
Responses will be accepted until June 2, after which NYCEDC is likely to release “one or more” related Requests for Proposals.
+ Related: In April, as Cannabis Wire reported, Mayor Eric Adams proposed $5 million toward the cannabis industry and equity in his first budget.
Gov. Newsom delivers tax reform proposal in revised budget.
Tax reform is in the spotlight in California, as Cannabis Wire has reported throughout 2022.
Advocates called for reform, lawmakers responded with myriad proposals, and now Gov. Gavin Newsom has put forth a plan of his own in his revised 2022-23 budget.
When the budget was first released, at the start of the year, it noted that “the Administration supports cannabis tax reform and plans to work with the Legislature to make modifications to California’s cannabis tax policy.” However, it lacked specifics.
The revised budget now proposes eliminating the cultivation tax on July 1, 2022 and moving the 15 percent excise tax collection and payment from distributors to retailers. (Be sure to check out our reported story above to see how this stacks against various lawmakers’ proposals.)
It would also allocate $20.5 million to localities without shops or delivery to help those localities implement regulations to get those up and running. Today, a majority of localities in California have opted out of allowing cannabis sales.
“We have heard from many of you who have said that the current cannabis tax framework is overly complex. We know that current tax policies disproportionately burden cannabis farmers and small businesses and create instability throughout the supply chain, ultimately undermining the societal benefits of a taxed and regulated market,” Department of Cannabis Control director Nicole Elliott wrote in an email to stakeholders.
The FDA released a safety alert on youth accidental ingestion of edibles.
The U.S. Food and Drug Administration released a safety alert on Friday related to accidental ingestion of THC-containing edibles, especially “copycat” products. These products are packaged to look like cereals like Cap’n Crunch, Cocoa Puffs, and Fruity Pebbles, and candies like Nerds Ropes, Starbursts, and Sour Patch Kids, among others, according to the FDA.
“The FDA is actively working with federal and state partners to further address the concerns related to these products and monitoring the market for adverse events, product complaints, and other emerging cannabis-derived products of potential concern,” the alert read.
This comes after the Consumer Brands Association sent a letter to Congress in late April, signed by companies like General Mills, Inc., Kellogg Company, and PepsiCo, Inc., asking lawmakers to “immediately address the dangers copycat THC edibles pose to consumers, especially children,” as Cannabis Wire reported.
Bermuda’s adult use ambitions remain on hold.
Lawmakers in the British overseas territory advanced an adult use bill that has been more than one year in the making, as Cannabis Wire reported in March.
Late last week, UK-appointed Governor Rena Lalgie issued an announcement to say that she has “no choice but to reserve Assent of the Bill,” as it would put Bermuda in conflict with its international obligations.
However, this does not appear to be the end of the road on cannabis reform in Bermuda.
Lalgie wrote: “I hope that Bermudian officials will work together with UK officials to find a way forward — one that does not result in life changing criminal records for users of small amounts of cannabis and unlocks commercial opportunities, whilst maintaining Bermuda’s excellent reputation for upholding the rule of law.”
London mayor forms cannabis decrim commission.
Sadiq Kahn announced on Thursday that he is forming a London Drugs Commission “to examine the effectiveness of our drugs laws on cannabis.”
Kahn made the announcement while on a trip to Los Angeles, where he visited cannabis businesses and met with local law enforcement and government officials and workers “to see what lessons could be learned in the UK in responding to the challenges of drugs.”
