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The year is coming to a close, and it’s been a pretty crazy ride. Tensions in the middle east have widened the political divide in the U.S. The rise of artificial intelligence and the cost of living have made the future of the middle class uncertain. Political junkies are digging in for what is guaranteed to be a wild presidential race in 2024.
The world of weed has been comparatively quiet. More states have legalized marijuana and some are quietly moving to legalize psychedelics too. But overall, there wasn’t a ton of boat-rocking going on. And with the ever-encroaching collapse of society on everyone’s minds, it was easy for people to miss the small dramas surrounding the unassuming weed plant.
Here are the top five weed stories of the year that you may have missed while you were watching the apocalypse unfold:
SAFER Banking
Lawmakers once again tried and failed to deliver legislation that would ease restrictions on cannabis banking.
Federal law prohibits banks from working with clients that are known criminals. Since cannabis is still federally illegal, state-approved marijuana companies are technically criminals as far as federal regulators are concerned.
For years now, lawmakers have tried repeatedly to pass legislation that would allow banks to work with state-licensed cannabis operations—a situation that would benefit both the cannabis industry and the banking industry.
The bill, called the SAFE Banking Act, has repeatedly failed to make any leeway in the Senate, although it has passed in the House a number of times.
This year was supposed to be different. Senate Majority Leader Chuck Schumer (D-NY) took up the bill, renamed it SAFER Banking and added some piggyback provisions.
Despite Schumer’s promises and claims that the bill would be a Senate priority, SAFER Banking has floundered in recent months, and it won’t see the light of day this year.
Chinese Pot Farms
Law enforcement agencies say raids of illicit marijuana farms in New Mexico and other states with legal cannabis markets have revealed a money-making scheme for criminal enterprises based in China.
Officials say Chinese criminal organizations are setting up illicit grow sites in states that allow personal cultivation, then transporting the products to states where the drug is still prohibited for illegal sales. The money made is reportedly used to fund criminal enterprises in China.
In September, a group of Chinese immigrants sued Navajo businessman Dineh Benally and Taiwanese entrepreneur Irving Lin for allegedly forcing them to trim illicit cannabis in a Farmington hotel. The workers said they answered ads to work at a farm that didn’t mention marijuana.
The suit alleged that armed guards kept the workers from leaving the hotel, where they were subjected to unhealthy living conditions for little pay.
Saturation Concerns
After a full year of adult-use cannabis in New Mexico, the state has had a complete makeover. Weed shops have popped up everywhere along the southern border and in the state’s biggest urban centers.
In Albuquerque, dispensaries have seemingly opened on just about every street corner. Even with proximity limits, the city has unarguably become overrun with weed shops.
The state’s Cannabis Control Division (CCD) has repeatedly said it cannot legally limit the number of cannabis licenses that it issues, but a number of local weed businesses are calling on state lawmakers to change the law to allow regulators to put a temporary pause on new licenses.
Reform advocates say a temporary pause will give businesses struggling with competing in an oversaturated market time to get their heads above water. Opponents say it would give legacy cannabis businesses a leg up over newcomers and interfere with the free market.
Rescheduling?
In 2022, President Joe Biden ordered the head of the Health and Human Services Department (HHS) to make a review and recommendation about the possibility of rescheduling or descheduling marijuana. Earlier this year, the agency recommended that the drug be recategorized under the Controlled Substances Act.
Under its current designation as Schedule I, marijuana is considered a dangerous drug with a high potential for abuse and no recognized medical value. The HHS recommended that it be recategorized to Schedule III, designating it as having some medical use.
The recommendation was made to the Drug Enforcement Administration (DEA), which will have the final say on whether the drug is reclassified.
If weed is moved to Schedule III, pharmaceutical companies will potentially be able to develop drugs from it and research barriers will be removed.
Gun-Weed Laws
Over the last year, the battle to reform federal laws that keep marijuana users from legally owning firearms has heated up in courtrooms across the country.
The federal Department of Justice (DOJ) is fending off attacks from all sides as advocates demand that legal marijuana users be able to enjoy the same Second Amendment rights that everyone else does.
According to federal law, current pot users aren’t allowed to purchase or possess a firearm. The DOJ has said the ban even applies to states where the drug has been made legal.
The agency has defended its rules by saying weed users are dangerous, forgetful and unstable.
Now the department is facing legal challenges of the rule in a number of cases, including a high profile case involving the president’s son, Hunter Biden.
Discovery of Flavorants (Honorable Mention)
It might not have made many headlines, but the recent discovery of new chemical compounds in cannabis will likely be remembered as a major turning point in the industry.
In October, researchers from a marijuana extraction company discovered what they called “flavorants,”—chemicals that are responsible for the scents and flavors of the drug. It has long been believed that terpenes (compounds that contribute to the scent of plants) are the main culprits behind weed’s distinctive tastes and smells, but the researchers found that terpenes only make a small contribution.
There’s no telling what this discovery will mean to the cannabis industry, but we guarantee this won’t be the last time we hear about flavorants.