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Justice Department could help marijuana industry via Cole Memo 2.0 – or hurt reform

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As federal marijuana reform inches forward in a Congress paralyzed by partisan gridlock, more immediate “progress” might have to come from the Biden administration.

U.S. Attorney General Merrick Garland’s Department of Justice might address the thorny issue of cannabis banking when his office revisits its approach toward the state-legal but federally prohibited marijuana industry, Washington insiders believe.

A friendly – or at least hands-off – Justice Department would be welcome news to marijuana businesses frustrated and exhausted with inaction in Congress, where bipartisan reform bills such as the SAFE Banking Act remain stalled.

However, a policy memo by itself, much like the landmark 2013 “Cole Memo,” is unlikely to convince more banks to offer basic services to marijuana businesses, several observers said.

And such a document – dubbed by some insiders as a Cole Memo 2.0 – could even backfire.

Pro-cannabis GOP lawmakers and the lobbyists attempting to win necessary conservative support for marijuana reform in Congress fear that unilateral action – though consistent with President Joe Biden’s MJ rescheduling review and low-level federal pardons – could turn off Congressional Republicans.

That, in turn, would make it more difficult to pass major reform legislation such as cannabis banking and removing marijuana from Schedule 1 of the Controlled Substances Act.

“I’m happy that both Congress and the administration are beginning to look more seriously at the need for federal cannabis reform,” U.S. Rep. Dave Joyce, an Ohio Republican and a lead sponsor of marijuana reform, told MJBizDaily.

“However, it would be most helpful if both branches worked in coordination as opposed to unilaterally.”

He added that lawmakers need “answers from the agencies and the agencies need more direction from” Congress.

Cole Memo 2.0

In 2013, a deputy attorney general in the Obama Justice Department named James Cole released a four-page policy advisory that’s been credited with allowing the state-legal marijuana industry as we know it to exist.

Crafted after voters approved adult-use legalization in Colorado and Washington but before the beginning of retail sales in those markets, the Cole Memo gave U.S. attorneys guidance for deciding how to deal with state-legal marijuana businesses in their districts.

Jeff Sessions, the first attorney general in the Trump Administration, rescinded the Cole Memo in January 2018.

But the Justice Department has not strayed from the memo’s general guidelines.

The Biden administration’s DOJ has been “examining marijuana policy” since at least last year, Garland said during a March 1 congressional oversight hearing.

“Within the department, we are still working on a marijuana policy” that “will be very close to what was done with the Cole Memorandum,” Garland told U.S. Sen. Cory Booker, a New Jersey Democrat who is a leading progressive voice for marijuana legalization in Washington DC.

Neither Booker nor the DOJ responded to MJBizDaily requests for comment.

It’s unclear when the DOJ might reevaluate its stance on the continuing conflict between federal drug laws and the legal medical and adult-use marijuana businesses operating in 39 states.

But several sources said they expect the Justice Department to move this year on so-called Cole Memo 2.0.

“We expect to see informal policy guidance in the form of a Cole 2.0 in the very near future here,” said Christian Sederberg, founding partner of Denver-based cannabis law firm Vicente.

The original Cole Memorandum identified eight tenets that state-legal marijuana businesses could follow in order to not become “priorities” for federal prosecution.

These included keeping cannabis away from minors, keeping marijuana sales revenue “from going to criminal enterprises, gangs and cartels” and stopping state-legal MJ from illegally crossing into other states.

At the time, the memo’s impact was profound.

States became confident they could legalize, regulate and tax adult-use marijuana without federal interference.

And entrepreneurs and investors could open and fund state-legal businesses with more clearly defined (and less) risk.

However, much has changed since then.

Friendlier White House

Adult-use marijuana is now legal in 21 states. Sales have begun in 19 of those states.

Companies operating in multiple states are listed on public stock exchanges in Canada and attracting investment from Fortune 500 legacy players such as tobacco giant Altria and garden-supply titan Scotts Miracle-Gro.

States continue to open individual marijuana markets – sales in Missouri began in January, while Maryland could follow this summer – as the DOJ stands by and watches.

Businesses once fearful of federal raids are now considering more complex questions around institutional investment and even exploring interstate commerce.

And at the same time federal drug enforcement seems uninterested in stymieing legal marijuana, a friendlier-than-ever White House is emerging.

In December, President Joe Biden signed a cannabis research bill into law after triggering an administrative review of marijuana’s status under the Controlled Substances Act.

The president also pardoned certain low-level marijuana offenders, and in a near-complete reversal, Biden, the lead sponsor of the 1994 Crime Bill, called the country’s war on marijuana a “failed approach.”

An updated Cole Memo would fit neatly into that pattern.

“The cannabis industry is mindful that now is the time to better describe how the industry works,” said David Mangone, director of policy at the National Cannabis Roundtable, a Washington DC-based lobbying shop.

“I think when the Cole Memo was written, you’d be hard-pressed to find someone in the Justice Department who had contemplated MSOs or companies listing on Canadian exchanges.”

“I would be shocked if the DOJ just reupped the language word for word from the Cole Memo,” Mangone added.

“We’re in a different place now.”

For those reasons, it’s likely that Garland’s directions will do more than merely restate the decade-old Cole Memo’s eight tenets.

And there is existing federal policy that addresses cannabis banking that could easily be rolled into any policy document.

In February 2014, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its own guidelines for marijuana businesses.

The FinCEN guidelines told banks what “red flags” would trigger “suspicious activity report” filings to federal regulators.

Also in 2014, the DOJ’s Cole released another memo.

While it restated the August 2013 memo’s caveat that it was advisory and not binding, it also gave banks clear direction – noting “it is essential that financial institutions adhere to FinCEN’s guidance.”

The FinCEN guidelines’ provisions inform the SAFE Banking Act that passed the House of Representatives seven times before stalling out in the Senate, most recently in December when Senate leadership blocked the language from inclusion in two larger bills.

Thus, it would be an easy win for the Biden DOJ to fold both into an updated policy document, observers said.

“I think it would definitely be helpful to give even more clarity to banks that are considering” working with cannabis businesses, Vicente’s Sederberg said. “It could help them get around some of the concerns around risk.”

“It definitely would not hurt, and it would help.”

Unsafe behavior

Though some marijuana business interests would welcome a “new Cole Memo,” its long-term value is debatable.

It would not reschedule cannabis, and so it would not fix the marijuana industry’s ongoing headache over Section 280E of the IRS code, which prohibits businesses from deducting typical business expenses on their federal tax returns.

It’s also unlikely such a document would encourage more banks to serve cannabis businesses, according to Washington lobbies for both banks and marijuana interests.

“Banks, being much more risk averse than folks in the cannabis industry – or even state governments – are going to need much more than just a regurgitation of guidance from either (the) Treasury (Department) or DOJ,” said Morgan Fox, political director for NORML.

“They’re going to need to see something in law before they really start getting involved.”

Also, an “activist” Biden Justice Department could fuel more investigations from a GOP-controlled House of Representatives while also giving Republican senators pause if and when SAFE Banking is again introduced in the Senate.

It could also create what would amount to a false dawn.

Andrew Freedman, the executive director of the Coalition for Cannabis Policy, Education, and Regulation – a Washington DC-based lobby whose members include cannabis-involved liquor and tobacco conglomerates – called a new Cole Memo “a double-edged sword” that “could do more harm than good.”

It’s possible that some cannabis business interests overstated to their investors or to other interests when federal legalization might be coming.

For them, a DOJ memo might offer brief cover, Freedman said – but only in the short term.

“This is ultimately now just a question for Congress,” he said. “Everything else we do around the rescheduling debate just gives a lot of false hope.

“No matter what, that’s going to be a long haul.

“And I think things that detract from the sense of urgency that Congress has to act is not helpful.”

Source: https://mjbizdaily.com/justice-department-could-help-marijuana-industry-via-new-cole-memo/

Aviation

IndiGo Crisis Exposes Risks of Monopoly: What If Telecom or E-commerce Collapses Next?

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Airports across India witnessed scenes of distress and confusion as thousands of passengers were stranded due to IndiGo’s massive flight disruptions. Families with medical emergencies, funerals, and personal crises were left helpless as the airline cancelled hundreds of flights without adequate communication or support.

Passengers described desperate situations — a mother pleading for sanitary pads for her daughter, a woman unable to transport her husband’s coffin, and others stranded while trying to reach family funerals or hospitals. “It was like a lockdown at the airport,” one passenger said, describing the panic that unfolded as IndiGo’s mismanagement crippled operations nationwide.

Root Cause: IndiGo’s Market Monopoly

The turmoil, industry experts argue, stems from IndiGo’s monopolistic control over India’s domestic aviation market. The airline operates nearly 2,100 flights daily and holds around 60% market share — meaning every second plane flying within India belongs to IndiGo.

This dominance has given the company unparalleled influence. When IndiGo falters, the entire aviation system suffers. Passengers are left with few alternatives, as other airlines lack capacity to absorb stranded travellers. The result: skyrocketing ticket prices, chaos at terminals, and total dependence on a single private operator.

Aviation pioneer Captain G.R. Gopinath, founder of Air Deccan, criticised the government’s inaction, noting that on some routes, IndiGo’s economy fares surged to ₹1 lakh. He compared the situation to a hostage crisis, writing that the airline “held the system ransom” and forced regulators to defer new safety rules meant to protect pilots and passengers.

Government Intervention and Regulatory Weakness

The crisis erupted after IndiGo failed to comply with the Flight Duty Time Limitations (FDTL) — rules introduced by the DGCA in January 2024 requiring adequate rest for pilots. Despite having nearly two years to adapt, IndiGo blamed the rule for operational disruptions, citing a shortage of pilots.

Under mounting public pressure, the government stepped in, temporarily relaxing FDTL norms and capping airfare hikes. Officials claimed the move was to protect passengers, but analysts say it exposed the state’s vulnerability to corporate monopolies. “The government had no option but to yield,” said one aviation policy expert, pointing out that ignoring safety regulations for short-term relief could have long-term consequences.

The crisis also rekindled memories of the June 2025 Air India crash near London, which claimed over 240 lives. Experts warn that compromising pilot rest and safety standards to maintain flight schedules could risk another tragedy.

If Telecom Giants Fail: A National Paralysis

The article raises a troubling question — what if a similar crisis struck the telecom sector, where Jio and Airtel together control nearly 80% of subscribers and serve over 780 million users?

If both networks failed simultaneously, the repercussions would be catastrophic. Internet shutdowns would halt UPI transactions, online banking, OTP verifications, video calls, OTT streaming, and emergency communications. Critical services such as airports, hospitals, stock exchanges, and small businesses — many of which rely on WhatsApp and digital payments — would come to a standstill.

In essence, a telecom breakdown could paralyse India’s digital economy, exposing the nation’s dependence on a duopoly.

E-commerce Monopoly: Another Fragile Ecosystem

The same risk looms over the e-commerce sector, where Amazon and Flipkart dominate nearly 80% of the market. A disruption similar to IndiGo’s could cripple daily life — halting delivery of groceries, medicines, and essential goods, freezing refunds and customer support, and leaving small sellers without platforms to trade.

Local retailers, freed from competition, might exploit shortages by inflating prices. Such a scenario underscores the perils of market centralisation in sectors critical to everyday living.

A Wake-Up Call for Regulators

The IndiGo crisis, analysts say, is a warning shot for policymakers and regulators. A single company’s operational failure exposed systemic weaknesses in India’s infrastructure and consumer protection mechanisms.

As the aviation regulator DGCA investigates and IndiGo works to restore normalcy, the broader lesson remains clear: unchecked monopoly power in any essential service — whether air travel, telecom, or e-commerce — poses a direct threat to economic stability and citizen welfare.

Without stronger competition laws, redundancy frameworks, and regulatory oversight, India risks repeating this crisis across multiple sectors — each time with millions of citizens paying the price.

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Agriculture & Life Sciences

Canada’s Cannabis Industry Urges Government to Support Growing Export Market

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BuzzBuzz Cannabis Business News — 24 November 2025

Canada’s cannabis sector is calling on federal and provincial governments to recognize its fast-growing export potential and extend the same support other regulated industries receive. Industry leaders warn that Canada is losing its early global advantage due to slow regulatory processes, lack of trade promotion, and limited access to government-backed financing.

Canada’s medical-cannabis exporters now generate more than half a billion dollars annually and ship products to major markets including Germany, the UK, Australia, and Poland. Despite this, cannabis remains largely absent from Canada’s official trade and export strategies.

Industry Calls for Streamlined Export System

Paul McCarthy, President of the Cannabis Council of Canada, says the country has everything required to dominate the global medical cannabis trade—except government alignment.

“Our requests are simple,” McCarthy said. “Expedite Health Canada’s export-permit process, integrate cannabis into federal export programs like Global Affairs Canada trade missions and CanExport, and ensure provinces include cannabis in their export strategies.”

He stressed the need for mutual recognition agreements with importing countries to eliminate redundant testing and documentation. Access to Export Development Canada (EDC) and Business Development Bank of Canada (BDC) services also remains off-limits to cannabis exporters, placing them at a steep disadvantage.

“This industry does not just need permission to operate,” McCarthy added. “It needs to be treated like every other legitimate contributor to Canada’s trade objectives.”

Competitors Are Moving Faster

McCarthy warns that while Canada pioneered medical cannabis standards, other countries are rapidly advancing with more flexible and export-friendly systems.

“Faster approvals, lower compliance costs, and active government-backed strategies are helping other nations catch up,” he said. “Canada’s regulatory friction is already costing us global market share.”

Export permits currently must be issued for each shipment—a process that can take weeks—and Canadian testing standards often differ from international requirements, forcing companies to repeat expensive compliance checks.

High Tide CEO: Canada Needs a National Export Strategy

Raj Grover, CEO of High Tide Inc., says Canada risks surrendering its leadership if policymakers remain inactive.

“Canada developed the world’s most advanced cannabis regulatory system and contributed $76.5 billion to GDP since legalization,” Grover said. “But without a National Cannabis Export Strategy, we will lose ground to Australia, Israel, Portugal, and other emerging competitors.”

He noted that Canada’s industry table created by Innovation, Science and Economic Development Canada (ISED) has not met in more than a year—an opportunity wasted.

Grover urged the federal government to introduce domestic GMP certification and potency standards to streamline international market access. “Canadian producers must currently get GMP approval country by country. It’s duplicative and costly. Canada should be setting global benchmarks, not chasing them.”

Germany: A Key Market for Canadian Firms

High Tide recently expanded into Europe with its majority acquisition of Germany’s Remexian Pharma GmbH, giving the company a direct import and distribution channel in Europe’s largest medical-cannabis market.

“Our German strategy is already structured for success,” Grover said. “Through Remexian, we can supply premium medical cannabis at the lowest possible price, helping meet Germany’s quality and cost demands.”

Grover also warned that U.S. companies are already purchasing Canadian firms to stage their own international expansion—another sign that Canada’s leadership position is slipping.

Government Response Remains Limited

In response to industry concerns, a Global Affairs Canada spokesperson said the Trade Commissioner Service “continues to support exporters of cannabis for medical and scientific purposes that have obtained Health Canada permits.”

However, industry leaders argue that this support is minimal and does not include key tools such as trade missions, export credits, or bilateral agreements that other sectors routinely receive.

A Closing Window of Opportunity

With medical-cannabis exports already exceeding $500 million annually, industry executives say Canada must act quickly to preserve its competitive edge.

As McCarthy warns, without coordinated government support, Canada risks losing high-value pharmaceutical manufacturing, research investments, and thousands of skilled jobs.

And as Grover’s expansion into Germany demonstrates, the industry is moving forward—but whether Canada moves with it may determine if the country remains a global leader or becomes a pioneer that let others capitalize on its breakthroughs.

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A Tipping Point for Cannabis: President Trump Champions CBD & Cannabis Science on Truth Social

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When the President of the United States shares a video about the life changing potential of hemp derived CBD on his personal social media platform, it is more than news, it is a cultural shift.

For decades our government lied to us about cannabis. It demonized the plant, waged war on its users, and filled prisons while allowing pharmaceutical companies to flood the nation with addictive and deadly drugs. For over a century we have been fighting uphill, not just for legalization, but for truth, for science, and for the right to heal ourselves naturally.

Now in 2025, the most powerful political figure on Earth is using his own voice and platform to talk about the endocannabinoid system and the science backed benefits of CBD. That is monumental. It is validation for everyone who has fought, been arrested, been silenced, and been dismissed for telling this truth. The President’s video post is already being described as a pivotal moment in cannabis history, and President Trump CBD Cannabis Science Truth Social is trending across platforms as advocates celebrate the breakthrough.


The Science Behind the Endocannabinoid System

The video begins by introducing something most people, including many doctors, still know little about, the endocannabinoid system. Discovered in the 1990s, the ECS is a network of receptors and signaling molecules that works as the body’s master regulator, coordinating communication between major systems like the nervous, immune, cardiovascular, and digestive systems.

The roots of this discovery go back much further. CBD was first isolated in 1940 by American chemist Roger Adams, but it was Dr. Raphael Mechoulam, an Israeli organic chemist, who fully elucidated the chemical structure of CBD and identified its stereochemistry in the 1960s. His pioneering work not only opened the door to modern cannabinoid science but also earned him the title “Godfather of Cannabis Research.” It was this foundation that led to the identification of the endocannabinoid system itself decades later, revealing how cannabinoids interact with our physiology on a fundamental level.

The ECS is now widely recognized as a vital part of human biology, with extensive research supported by the National Institutes of Health. When functioning properly, the ECS acts like the conductor of an orchestra, ensuring every section plays in harmony. As we age, the system weakens. That imbalance is linked to inflammation, chronic pain, cognitive decline, sleep problems, and many other conditions associated with aging.

Mainstream medicine often addresses these issues with pharmaceutical band aids, dangerous and addictive drugs that treat symptoms rather than root causes. Lifestyle changes such as diet and exercise help, but they only partially support the ECS and do so slowly over time.


Hemp Derived CBD: A Game Changer for Aging

Here is where the science gets exciting. As the video explains, the ECS can be restored much more quickly with hemp derived CBD. Strengthening this system naturally helps the body regain balance, reducing pain, improving sleep, lowering stress, slowing disease progression, and even extending healthy lifespan.

It is not theoretical. One in five seniors is already using CBD to manage pain, arthritis, cancer symptoms, sleep disorders, Alzheimer’s, and more. Despite decades of research and acknowledgment from institutions like the National Institutes of Health, most physicians receive no training on the ECS. There are still no FDA standards for CBD products on the market. If that were the case for any other class of medicine, it would be considered malpractice.

The World Health Organization has confirmed CBD’s excellent safety profile and non addictive nature in its critical review report. The result is that millions of older Americans are suffering unnecessarily when a safe and natural solution exists.

Hemp derived CBD is a powerful first step in restoring balance to the endocannabinoid system, but it is only part of the picture. Research shows that full spectrum cannabis extracts, which include a broader range of cannabinoids and terpenes, can work even more effectively. Complete concentrated cannabis oil, containing the full spectrum of natural endocannabinoids, may deliver the most profound results for certain patients. Expanding access to these therapies will be essential if we want to unlock the full healing potential of this plant.


The Economic and Social Impact

The video cites a powerful figure. A PricewaterhouseCoopers analysis estimates that fully integrating cannabis into the healthcare system could save the United States nearly 64 billion dollars annually. These savings reflect reduced pharmaceutical dependency, fewer hospitalizations, improved chronic disease outcomes, and enhanced quality of life for aging Americans. You can read more about PwC’s research on healthcare innovation here.

It is a financial argument, but it is also a moral one. Why should our elders endure pain, anxiety, and cognitive decline when nature has given us tools to help them live longer, happier, and healthier lives?


A Call to Action: Finish What the Farm Bill Started

The message concludes by crediting the 2018 Farm Bill, championed by President Trump, for legalizing hemp and laying the groundwork for today’s CBD market. The Farm Bill was just the first step.

Now the call is for bold next moves.

  • Educate doctors about the endocannabinoid system
  • Include CBD under Medicare coverage
  • Provide clear federal standards for CBD quality and dosing

These steps would constitute the most significant senior health reform in modern history, one that would transform aging and cement a powerful legacy for any administration that makes it happen.


What This Means for Future Cannabis Medicine

For those of us who have been in the cannabis community for decades, this is not just another news story. It is a signal that our movement is winning. A conversation that was once criminalized and censored is now being amplified by the President of the United States on his own platform.

It means the science is undeniable. It means the truth can no longer be buried. It means the wall of prohibition is cracking, not just legally, but culturally, scientifically, and politically.

It also means that everything we have been fighting for at 420 Magazine since 1993, education, access, healing, and justice, is finally moving full steam ahead. The President Trump CBD Cannabis Science Truth Social moment is proof that science and policy are finally converging.

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