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Last Week in Weed: Nov. 18-25, 2024 by Paul McKay

Welcome to the latest edition of “Last week in Weed,” catching you up on the latest breaking news and industry developments in the world of cannabis.

Here’s what you may have missed over the last week:

SAFER Banking Act Inches Closer to Reality

The Senate and House continue to negotiate the SAFER Banking Act, with both Democrats and Republicans reaffirming their commitment to passing this pivotal legislation. While Senate Banking Committee Chair Sherrod Brown (D-OH) and House Majority Whip Tom Emmer (R-MN) seem optimistic, disagreements over non-cannabis-related provisions have slowed progress. The bill aims to provide cannabis businesses with access to banking services, a much-needed step as legal sales expand nationwide.

Cannabis Industry Outpaces Tobacco

New survey data revealed that cannabis consumption has surpassed cigarette use in the U.S., marking a cultural shift. Around 20% of Americans now report using cannabis monthly, compared to just 15% for tobacco. Advocates point to this trend as evidence of changing societal norms and growing acceptance of cannabis, despite federal prohibition still looming​.

Oregon Grapples with Economic Fallout from Oversupply

The cannabis market in Oregon is teetering on the edge of crisis, with supply far outstripping demand. Reports indicate that cannabis prices have plummeted, leaving small businesses struggling to survive. The oversupply issue is now a cautionary tale for other states, highlighting the importance of regulation and market forecasting in the cannabis boom​.

Australia’s Parliament Votes on Legalization

Globally, all eyes are on Australia as Parliament prepares for a landmark vote to legalize cannabis on November 27. The bill, championed by Greens Senator David Shoebridge, promises to create a federally regulated market, allowing home cultivation and cannabis cafés. Analysts predict a $36 billion tax windfall over the next decade if the bill passes. Critics, however, are raising concerns about public health impacts, making this a high-stakes moment for the Land Down Under​.

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