Source: @norml
Posted By: norml@weedconnection.com
media :: news - Sun, 23 Feb 2014 04:20:21 PST
Feds Issue Guidelines Regarding Banking Transactions With Licensed Marijuana Enterprises
Washington, DC: Regulators from the US Department of Justice and the US Treasury Department's Financial Crimes Enforcement Network issued memos late last week providing limited guidance to financial institutions wishing to engage in transactions with state-authorized marijuana businesses.
The Justice Department memo, authored by Deputy Attorney General James Cole, states that the prosecution of financial institutions who interact with lawful marijuana businesses "may not be appropriate," as long as those businesses are not involved in activities deemed to be of 'high priority' for federal law enforcement officials, such as providing cannabis to minors, diverting cannabis to states where the plant is not yet legal, or engaging in the trafficking of other illicit substances other than cannabis. However, the guidelines acknowledge that federal laws generally prohibiting banks from interacting with parties involved in the production or sale of marijuana "remain in effect."
The Treasury memo, authored by Financial Crimes Enforcement Director Jennifer Shasky Calvery, states that all financial institutions which provide services to licensed marijuana-related business should file a "Marijuana Limited" suspicious activity report (SAR) with the agency. She adds, "Financial institutions and other persons subject to FinCEN's regulations must report currency transactions in connection with marijuana-related businesses the same as they would in any other context, consistent with existing regulations and with the same thresholds that apply."
It is unclear whether the guidelines will provide sufficient clarity to banking institutions that wish to offer services to facilities engaged in cannabis commerce.
In January, US Attorney General Eric Holder acknowledged that federal laws forcing state-licensed marijuana establishments to operate on a 'cash-only' basis posed a potential public safety risk for the facilities, their employees, and their customers.
New York: Legalization Measures Possess Majority Support From Voters
New York, NY: Most New York state voters support regulating the adult use of cannabis, while a super-majority endorse legalizing the plant for therapeutic purposes, according to a Quinnipiac University poll released on Monday.
Fifty-seven percent of respondents support "allowing adults in New York State to legally possess small amounts of marijuana for personal use." Only 39 percent of respondents opposed the idea.
Respondents most likely to favor legalization include those ages 18 to 29 (83 percent), Democrats (65 percent), those ages 30 to 49 (61 percent), and men (63 percent). Support is significantly lower among women (51 percent), Republicans (39 percent), and those over the age of 65 (38 percent).
On the issue of legalizing cannabis for therapeutic purposes, voter support rose to 88 percent - with the issue receiving super-majority support from respondents of every age and political affiliation.
In separate questions, only 13 percent of respondents say that they believe that cannabis is "more dangerous" than alcohol, and fewer than half believe that it is a 'gateway' to other illicit substance use.
The survey possesses a margin of error of +/- 2.5 percentage points.
Legislation to legalize the possession, cultivation, and retail sale of the plant - the "Marihuana Regulation and Taxation Act" - is pending in both the New York state Senate and the Assembly. Separate legislation to allow qualified patients to possess and purchase cannabis for therapeutic purposes also remains pending.
In January, Democrat Gov. Andrew Cuomo - who had previously expressed opposition to allowing for the medical use of cannabis - announced plans to use his executive powers to revive a dormant research program that would allow for the use of government-grown marijuana in select hospitals. However, efforts to reestablish similar programs in other states have not been effective.
Cannabis May Be A Substitute For Alcohol, Study Says
Emeryville, CA: Preliminary data suggests that cannabis may be a substitute for alcohol consumption, according to a review published online in the journal Alcohol and Alcoholism.
An investigator with the Alcohol Research Group conducted a literature review to assess whether cannabis satisfies the seven previously published criteria for substitute medications for alcohol.
The author reported that cannabis either satisfied or partially satisfied all except one of the criteria. However, the author acknowledged, "No study has prospectively examined, (a) whether individuals with alcohol use disorders can effectively use cannabis to help reduce drinking and (b) longer term problems and health economic outcomes among those who substitute."
The review concludes, "While more research and improved study designs are needed to better identify the extent and impact of cannabis substitution on those affected by AUD (alcohol use disorders), cannabis does appear to be a potential substitute for alcohol. Perhaps more importantly, cannabis is both safer and potentially less addictive than benzodiazepines and other pharmaceuticals that have been evaluated as substitutes for alcohol."
A 2012 study published in the Journal of Health Economics reported that many adolescent consumers of cannabis increase their use of alcohol and decrease their use of marijuana shortly after turning 21 years of age. By contrast, separate studies of adult populations who possess legal access to cannabis have reported lower levels of alcohol consumption among respondents as compared to the general population.
"Can cannabis be considered a substitute medication for alcohol?", appears in Alcohol and Alcoholism.
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