The Week In Cannabis: Illinois Goes Rec, Federal Commerce And Banking Bills, Surterra's $100M Raise And More

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While cannabis wasn’t really a hot topic in the Democratic presidential debate last week, it was trending in the news after Illinois Gov. J. B. Pritzker printed his autograph on the legalization bill, making the state the 11th to legalize adult-use marijuana. Commenting on the issue, Debra Borchart, CEO of Green Market Report, told Benzinga what she likes most about Illinois’ approach is “that the legislation will also expunge the records of over 700,000 residents convicted of marijuana-related offenses.

“The bill also includes a ‘social equity program,’ which makes it easier for those with marijuana convictions to get business licenses and the program also allocates $12 million for startup businesses related to cannabis,” she said.

On the federal level, Sen. Ron Wyden (D-OR) and Rep. Earl Blumenauer (D-OR) introduced a bill into Congress that would allow for inter-state cannabis commerce. Another bill that would provide protections to banks that service legal cannabis businesses was passed in the House and is now in Senators’ hands.

Kyle Jaeger, associate editor of Marijuana Moment, is one of the people with their ears closer to the Hill’s beat when it comes to cannabis-related topics. When asked for commentary on these developments, he mentioned that, after years of inaction and stalling, Congress finally seems positioned to “take the incremental steps needed to legitimize and normalize this expanding industry.

“Freeing up banks to service cannabis businesses is considered one of the most commonsense legislative changes lawmakers can enact while advocates rally support for broader reform, and the bipartisan nature of the legislation bodes well for its passage in the Senate,” said Jaeger. The Senate’s appetite for inter-state cannabis commerce is yet to be seen, but recent legislative developments suggest a friendlier approach toward marijuana intiatives in general.

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On the corporate front, Surterra Wellness closed a $100 million Series D funding round, seeking to accelerate its growth domestically and internationally. The company also announced two key additions to its Board of Directors: former Patrón Spirits CEO Ed Brown and Kevin Fisher, former CEO of New England Treatment Access.

The news is the latest development in a period of rapid growth for Surterra, which includes the recent closure of its acquisition of Massachusetts-based NETA, a $100 million exclusive global partnership with Intrexon Corp (NASDAQ: XON) to advance commercial scale fermentation-based cannabinoid production, and the continuation of global brand building and innovation through R&D, science and technology.