NATIONAL CANNABIS INDUSTRY ASSOCIATION

BUD · Budget/Appropriations

Discussed potential cannabis-related appropriations provisions, including those specific to medical cannabis, adult-use cannabis, rescheduling, and IRC Section 280E.

LAW · Law Enforcement/Crime/Criminal Justice

Discussed the need for comprehensive cannabis reform, clarity needed with rescheduling by the DOJ, and legislation to deschedule/reschedule cannabis and to give states the authority to set their own cannabis laws and policies, including the STATES 2.0 Act (H.R.2934).

Literal federal measure citations: H.R.2934

TAX · Taxation/Internal Revenue Code

Opposed the No Deductions for Marijuana Businesses Act (S.471/H.R.1447) and discussed IRC Section 280E and retroactivity for the provision and the need for updated IRS guidance in light of cannabis rescheduling.

Literal federal measure citations: S.471, H.R.1447

BAN · Banking

Discussed the need for legal cannabis businesses to have access to financial resources and policies to protect financial institutions and other business assistance providers who service state-regulated cannabis businesses, including support for the SAFE Banking Act (S.4942/H.R.9471) before and after its reintroduction in the 119th Congress and the CLIMB Act (H.R.7987). Also discussed the need for updated FinCEN guidance from Treasury with rescheduling.

Literal federal measure citations: S.4942, H.R.9471, H.R.7987