There is currently a bipartisan coalition (rare occasion) trying to push the government to allow banks and credit unions to open up to the cannabis industry. Dispensaries and others in the industry have been forced to work solely in cash because banks are worried about getting into legal trouble because of the federal laws against marijuana. his increases the risk of robberies for the businesses and complicates their books which then makes it more difficult to properly regulate them. The Secure and Fair Enforcement (SAFE) Banking act would allow the banks and credit unions to work with the cannabis industry without legal risks of the drug regardless of whether it becomes federally legal or not. Lawmakers are confident the bill will pass through the house, but are unsure whether it will make it through the senate as there are still some that heavily oppose legalization.
Many CBD infused products have been used and on the market for a while now, but have not many are being sold by big retailers. However, now, places such as Barneys or Sephora are opening up areas in their stores for cannabis infused products. Sephora has an in-store section for CBD related beauty products only and as of March, Barney’s will have luxurious accessories and beauty products available in a Beverly Hills store. Analysts predict that niche of the cannabis market could be worth up to 100 billion dollars on its own. It is just a matter of time until big beauty companies jump on the bandwagon and start working on their own CBD infused products.
Cannabis may not be legal for sale or distribution in Italy but that doesn’t mean there isn’t other (legal) uses for it. Not far from where Italian farmers Vincenzo Fornaro and his family had been producing ricotta and meat for generations, a massive steel plant was built that releases toxic industrial by-products. That caused the family’s sheep 600 to be slaughtered as the Italian government discovered the toxins in the sheep. Now, the farm has planted industrial hemp to attempt to remove the toxins from their land. Hemp is capable to alter the toxins into elements that aren’t harmful to humans. It still may be years until Fornaro is able to use his land again but maybe the land and others following the trend will be able to use it for something else sometime soon?