Chronicle AM: House MJ Banking Bill to Get Floor Vote, Purdue Pharma Files for Bankruptcy, More… (9/16/19)

A bill to open up financial services for the marijuana industry will get a House floor vote this month, the maker of OxyContin files for bankruptcy, the marijuana industry places the blame for vaping deaths on marijuana prohibition, and more.

Marijuana Policy

House Will Vote This Month on Marijuana Banking Bill. The office of House Majority Leader Steny Hoyer (D-MD) has confirmed that he intends to bring the SAFE Banking Act to the House floor for a vote this month. Hoyer announced the move at a whip meeting last Thursday. The bill passed out of the House Financial Committee in March on a 45-15 vote. It would provide protections for banks that work with marijuana companies since the substance is still illegal under federal law, despite several states having legalized medical or recreational marijuana.

Marijuana Industry Blames Vaping Deaths on Failed Prohibition Policies.The National Cannabis Industry Association (NCIA) has blamed the recent wave of vaping deaths — a total of six so far — on "failed prohibition policies" and called on Congress to legalize and regulate marijuana. "These unfortunate illnesses and deaths are yet another terrible, and largely avoidable, consequence of failed prohibition policies," said NCIA Executive Director Aaron Smith. "Current federal laws interfere with research, prevent federal regulatory agencies from establishing safety guidelines, discourage states from regulating cannabis, and make it more difficult for state-legal cannabis businesses to displace the illicit market. It is now the responsibility of Congress to end prohibition and regulate cannabis without delay," Smith added. "By removing cannabis from the schedule of controlled substances and instituting a clear regulatory framework through existing agencies, the federal government can provide helpful guidance to states that have or wish to establish regulated cannabis control systems while helping put irresponsible illicit market producers out of business for good."

Medical Marijuana

Utah Lawmakers Meet to Revise Medical Marijuana Law. Legislators returned to the state capitol Monday to once more amend the state's medical marijuana law. One issue is how and where patients will obtain medical marijuana products. The state had contemplated a central government-run pharmacy that would distribute the drug to a system of private pharmacies, but local leaders have balked at having government employees distributing a federally illegal drug.

Heroin and Prescription Opioids

Purdue Pharma Files for Bankruptcy. Purdue Pharma, the manufacturer of OxyContin, filed for bankruptcy on Sunday, the first step of a tentative agreement the company and its owners, the Sackler family, reached last week to settle thousands of lawsuits blaming it for its involvement in the opioid epidemic. The deal is estimated at between $10 and $12 billion, with $3 billion coming from the Sacklers' personal fortunes.

Psychedelics

Ann Arbor Group Wants to Decriminalize Natural Psychedelics. A local group calling itself Decriminalize Nature Ann Arbor is planning to ask the city council to decriminalize natural psychedelics, such as peyote and magic mushrooms. They are calling on the council to approve a resolution to prohibit the use of city funds to investigate, arrest, or prosecute anyone for use or possession of such plants.

International

British Labor Party Wants Royal Commission on Drug Policy, Would Follow Its Recommendation to Decriminalize Drugs. A Labor government would consider decriminalizing all drugs if that was recommended by a royal commission, shadow home secretary Diane Abbott said. "There is nothing more important than preserving the life of our citizens," she said. "Our current approach to drugs is simply not doing that." Safe injection sites would also be considered, she added.

Thailand Bill Would Allow for Six Marijuana Plants for Personal Use. A member party in the country's ruling coalition government has proposed a bill that would let Thais grow up to six marijuana plants per household for medicinal use. "The principle is for medical use, you can have it at home for ailments, but not smoke it on the street," said Bhumjaithai Party lawmaker Supachai Jaisamut. The bill would also allow the sale of plants to institutions licensed by a Plant-based Drug Institute that would have the authority to purchase, extract, and export CBD.