When the Office of Cannabis Regulation appeared before the Committee on Economic Development on Monday, lawmakers were pleased to learn of the Office's advancements since its executive director last provided an update to the Legislature in September 2024. However, the jubilation was short-lived, as their attention quickly turned to the inherent challenge of how the government would bank money collected from cannabis business licenses.
The conversation was first broached by Senator Angel Bolques Jr. "Given the restrictions surrounding banking and insurance in the cannabis industry, how exactly is OCR assisting businesses to secure financial services or facilitate financial transactions?" he asked. Marijuana is still classified as a Schedule 1 controlled substance by the federal government — the Food and Drug Administration.
His question followed testimony from OCR's director, Joanne Moorehead, that "by the end of March, we will be opening the applications for cultivation licenses and micro cultivation permits." This decision signals "the rollout of cannabis business licenses." These are the next class of permits to be issued, following the launch of OCR's licensing regime for medical cannabis users, their caretakers, and sacramental users last year.
Pleased with OCR's progress, Bolques reminded Ms. Moorehead that "we do have to recoup or get tax payments, and even for general operations." It's a question Ms. Moorehead called "complicated."
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