Let’s dive right in. The spate of vape-related illnesses continues, with Missouri announcing the eighth death in the US on Thursday. The FDA is also launching a criminal probe into the matter, alongside the CDC’s investigation. We’re keeping you up to date on those developments here.
In other news, the embattled cannabis producer CannTrust had its growing license suspended by Health Canada, which regulates cannabis. The company has seen its shares drop more than 70% since the beginning of this year.
The US House of Representatives is set to vote on the SAFE Banking Act next week, a bill that would allow cannabis businesses to access commercial banking services, as early as next week. The bill has faced opposition from civil rights and cannabis advocacy groups including the Drug Policy Alliance, who are calling on the vote to be delayed until social justice provisions are included.
I also went to the Cannabis Private Investment Summit at the law firm Duane Morris’s midtown Manhattan offices on Tuesday where we saw some of the same issues at play, albeit on the state level.
New York State Sen. Liz Krueger outlined the social justice case for legalizing cannabis in New York — in a room full of high net worth investors and cannabis execs — and laid out how limiting the number of licenses one company can possess in the state is crucial to her stated social justice goals. She also said she wants to provide a structure that would allow small, minority-owned startups enough access to capital to get their businesses off the ground.