First, the US Senate introduced the Cannabis Administration and Opportunity Act (CAOA) on July 21, 2022. The CAOA would, among other things, remove cannabis from the federal list of controlled substances. Testimony regarding the CAOA began yesterday and debate on the act will likely continue into the fall. While many analysts believe the chances of the CAOA passing are slim, supporters are hopeful that its introduction will at least lead to compromise on many federal regulations involving cannabis. Whether any of these compromises will impact the ability to register cannabis related trademarks remains to be seen, but I believe it is certainly a step in the right direction. I’ll continue to post updates about the CAOA on the blog.
The second development was the introduction of the SAFE Advertising Bill which was filed yesterday, July 26, 2022. This follows the proposed 2023 FCC Spending Bill Amendment that would prevent the FCC from penalizing broadcasters that air cannabis related advertisements. The SAFE Advertising Bill would further codify broadcasters’ ability to air cannabis related ads in states where cannabis is legal. As discussed in my blog about the 2023 FCC Spending Bill Amendment, it is encouraging to see lawmakers attempt to make federal resources available to legal cannabis businesses. Again, I’ll continue to post updates on the SAFE Advertising Bill.
As always, please feel free to Contact Alex to discuss the post.