Cannabis banking reform included in latest Congressional COVID relief bill

House Speaker Nancy Pelosi unveiled a new $3 trillion coronavirus relief package on Tuesday that includes long-sought banking reform for the legal cannabis industry. While the bill includes more relief for impacted businesses, cannabis companies will not likely be eligible to receive those funds.

Illinois Adult-Use Cannabis Sales Top $37 Million in April

Sales of adult-use cannabis in Illinois totaled more than $37 million in April as recreational marijuana retailers enjoyed status as essential businesses in the face of the ongoing coronavirus pandemic. Officials with the Illinois Department of Financial and Professional Regulation (IDFPR) announced on Monday that preliminary figures for adult-use cannabis retail sales came to $37,260,497.89 in April, the fourth month of the state’s newly legal recreational marijuana industry.

USDA Unveils Guidelines For Federal Loans To Hemp Business

The U.S. Department of Agriculture (USDA) recently released guidelines for processing federal loans for the hemp industry. Since hemp was federally legalized under the 2018 Farm Bill, it is now considered an agricultural commodity like any other crop...