Cannabis: In Focus
- Two Bipartisan Bills Introduced to Regulate CBD
- Congressional Letter Circulated Regarding Biden Administration’s Cannabis Scheduling Review
- Alcohol Industry Group Issues Open Letter Supporting Cannabis Legalization
- SEC Charges Cannabis Company With Securities Fraud
Two Bipartisan Bills Introduced to Regulate CBD
Representatives Morgan Griffith (R-VA) and Angie Craig (D-MN) reintroduced the Hemp and Hemp-Derived Cannabidiol (CBD) Consumer Protection and Market Stabilization Act of 2023 (H.R. 841) and the CBD Product Safety and Standardization Act of 2023 (H.R. 6134).
Together, the bills would allow the U.S. Food and Drug Administration (FDA) to regulate CBD products as dietary supplements and set standards for the quality and labeling of CBD products. Proponents of the bills advocate for the bills in response to a need for further guidance on CBD and hemp-derived products, especially after the FDA announced that congressional action is required to regulate CBD.
Congressional Letter Circulated Regarding Biden Administration’s Cannabis Scheduling Review
Rep. Earl Blumenauer (D-OR) recently circulated a letter addressed to Attorney General Merrick Garland and Secretary of Health and Human Services Xavier Becerra requesting additional transparency in the Biden Administration’s review of the appropriate scheduling of cannabis. Among the 16 signatories are Blumenauer, Barbara Lee (D-CA), James McGovern (D-MA), and Nancy Mace (R-SC). The letter noted the significance of President Biden’s scheduling directive and hopes that it will lead to an “honest assessment of the origins and implications of federal policy.” The letter argues: “It is time to set the federal government on a better path for marijuana policy and engage transparently with the evidence.”
Alcohol Industry Group Issues Open Letter Supporting Cannabis Legalization
The Wine & Spirits Wholesalers of America (WSWA) recently sent an open letter calling on Congress to legalize and regulate adult-use cannabis at the federal level, noting that “the current conflict between state and federal law is not only causing adverse consequences for consumers and non-consumers of cannabis but will also have long-term public health and safety costs that are too great to ignore.” WSWA, which up until now has not taken a formal position on federal cannabis legalization, proposed that lessons learned from transitioning alcohol from a prohibited substance to legal status can provide a framework for successful and comprehensive cannabis regulation.
SEC Charges Cannabis Company With Securities Fraud
The U.S. Securities and Exchange Commission (SEC) has charged a cannabis company with fraud, alleging a long-running scheme that ultimately raised more than $30 million from investors. The complaint, filed in the U.S. District Court for the District of Puerto Rico, alleges that American Patriot Brands Inc. and co-defendant executives siphoned off millions to enrich themselves.