![](\"https:\/\/cannabiscultivatornews.com\/home\/wp-content\/uploads\/2024\/05\/Cannabis-Flower-Macro@2x-1024x614-2.jpg\")
<\/p>\n <\/p>\n
In this week\u2019s cannabis news round-up, Senate Democrats reintroduce a federal cannabis legalization bill; Medmen files for bankruptcy, facing $411 million in liabilities; the Georgia governor approves legislation to regulate hemp products; and The Chambers Project hosts a Wix\u00e1ritari benefit exhibition.<\/p>\n This week, lawmakers in the US Senate reintroduced the Cannabis Administration and Opportunity (CAO) Act, aiming to end the federal prohibition of cannabis. A coalition of Democrats, led by Sen. Majority Leader Chuck Schumer (NY), along with Sens. Ron Wyden (OR) and Cory Booker (NJ), filed the bill.<\/p>\n In a\u00a0press release<\/a>, Sen. Schumer emphasized the importance of aligning federal laws with the evolving attitudes of the American people regarding cannabis. He stated, \u201cIt\u2019s past time for the federal government to catch up to the attitudes of the American people when it comes to cannabis.\u201d<\/p>\n Initially introduced in 2022<\/a>, the CAO Act proposes several key measures, including removing cannabis from the federal drug schedule, expunging federal non-violent cannabis offenses automatically and establishing a grant program to assist individuals adversely affected by cannabis prohibition with housing, economic and community development needs. Additionally, the bill outlines plans to expand cannabis research programs.<\/p>\n Sen. Booker highlighted the significance of these policies. \u201cThese common-sense policies will ensure a more equitable criminal justice system and promote public safety,\u201d he said in a statement.<\/p>\n The timing of the bill\u2019s reintroduction coincides with reports that the Drug Enforcement Administration (DEA) is considering moving cannabis from Schedule I to Schedule III under the Controlled Substances Act.<\/p>\n MedMen, the former powerhouse MSO, has filed for bankruptcy in Canada, citing approximately $411 million in liabilities. According to an announcement on April 26, the company initiated bankruptcy proceedings under Canada\u2019s Bankruptcy and Insolvency Act on April 24, with the business advisory firm B. Riley Farber Inc. appointed as the company\u2019s bankruptcy trustee.<\/p>\n A press release states<\/a> the decision to shut down operations and commence the Bankruptcy Proceedings and Receivership Proceedings \u201cwas made after careful consideration of the current financial condition of the Company and its subsidiaries, their inability to pay their liabilities as they become due and the anticipated enforcement actions of secured creditors.\u201d\u00a0<\/p>\n Following these proceedings, MedMen\u2019s subsidiaries are slated to have their operations and assets dissolved or sold off to comply with US laws. The company\u2019s Chief Financial Officer, Amit Pandey, resigned effective February 13 and all directors resigned immediately before the commencement of bankruptcy proceedings.<\/p>\n Despite its presence in multiple states with retail stores and cultivation facilities, trading on the Canadian Securities Exchange (MMEN) and over the counter in the US (MMNFF), MedMen has faced mounting challenges. On April 23, MedMen\u2019s\u00a0American subsidiary in California entered receivership in the Los Angeles Superior Court for the organized dissolution and liquidation of its assets.<\/p>\n Founded in 2010 by Adam Bierman and Andrew Modlin, MedMen experienced rapid expansion and secured substantial funding, raising $110 million before going public in 2018. However, issues related to financial mismanagement, significant debt accumulation and profit difficulties arose due to rapid expansion. Legal disputes, particularly concerning labor practices, further strained finances and attracted public attention.<\/p>\n Georgia\u2019s governor has given the green light to\u00a0SB 494<\/a>, a bill to regulate hemp-derived products and foster the growth of the state\u2019s hemp industry. The Georgia Hemp Farming Act, as the bill is known, was passed by the General Assembly and forwarded to Governor Brian Kemp for his approval in April.<\/p>\n Signed into law on Tuesday, SB 494 introduces several key provisions, including assurance of manufacturer licenses; wholesale consumable-hemp permits and consumable-hemp retail establishment licenses; the\u00a0mandate for testing labs to be registered; the closure of the \u201cTHCA\u201d loophole by redefining delta-9 THC; and the prohibition of sales of hemp-derived products, including CBD, to individuals under 21.<\/p>\n Since the passage of the 2018 Farm Bill, individual states like Georgia have been responsible for determining how to regulate hemp-derived products. While this legislation legalized hemp, it also led to the emergence of delta-8 THC and other intoxicating hemp-derived cannabinoids.<\/p>\n The Chambers Project,<\/a> a Grass Valley, CA-based gallery representing some of the most influential and contemporary psychedelic artists,\u00a0is hosting\u00a0a Wix\u00e1ritari benefit exhibition<\/a> to showcase artistic talent and raise awareness about\u00a0the critical importance of\u00a0preserving ancient rituals and cultures.\u00a0<\/p>\n Opening this weekend and running until May 25, the Wix\u00e1ritari Preservation Project aims to safeguard the ancient traditions of the Wix\u00e1ritari people, who have long practiced methods of restoring ecological balance and harmony with nature. The organization has been actively protecting and sustaining the sacred ancestral lands, including the ancient\u00a0Hikuri\u00a0gardens and Wix\u00e1rika culture. The Wix\u00e1rika people of Mexico\u00a0stand as the last remaining pre-colonial culture\u00a0maintaining\u00a0a ritual use of the Peyote cactus.\u00a0<\/p>\n Central to the Wix\u00e1ritari culture are their artistic creations known as \u201cnierikas,\u201d which are visual representations of visions received during ceremonial rituals and serve as petitions to their deities. Proceeds from the sale of these cactus-inspired artworks contribute to\u00a0the preservation of\u00a0the land where the endangered cactus grows, illustrating a symbiotic relationship between the art and its natural habitat. Learn more about the exhibition here<\/a>.<\/p>\n The post Week in Review: Senate Democrats Reintroduce Federal Cannabis Legalization Bill<\/a> appeared first on Cannabis Now<\/a>.<\/p>\n
In this week\u2019s cannabis news round-up, Senate Democrats reintroduce a federal cannabis legalization bill; Medmen files for bankruptcy, facing $411 million in liabilities; the Georgia governor approves legislation to regulate hemp products; and The Chambers Project hosts a Wix\u00e1ritari benefit exhibition. PHOTO PHOTO aiisha Senate Democrats Reintroduce Federal Cannabis LegalizationContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":15,"featured_media":74952,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[50,216,15690,80,734,17708,65,2183,17709],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/74951"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=74951"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/74951\/revisions"}],"predecessor-version":[{"id":74953,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/74951\/revisions\/74953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/74952"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=74951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=74951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=74951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"cannabis](\"https:\/\/cannabisnow.com\/wp-content\/uploads\/2023\/12\/Cannabis-Flower-Macro@2x.jpg\")
<\/a>Senate Democrats Reintroduce Federal Cannabis Legalization Bill<\/h4>\n
<\/a>MedMen Files for Bankruptcy, Facing $411 Million in Liabilities\u00a0<\/h4>\n
<\/a>Georgia Governor Approves Legislation to Regulate Hemp Products<\/h4>\n
<\/a><\/figure>\nThe Chambers Project Hosts Wix\u00e1ritari Art Benefit Exhibition<\/h4>\n
\n
\nRead More: Week in Review: Senate Democrats Reintroduce Federal Cannabis Legalization Bill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"