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Oregon's U.S. Senator Jeff Merkley along with Montana's U.S. Senator Steve Daines and U.S. Representatives Dave Joyce and Earl Blumenauer introduced the bipartisan, bicameral Secure and Fair Enforcement, SAFE Banking Act of 2023 . This bill would ensure that legal cannabis businesses would have access to critical banking and financial services. Most state legal medicinal or recreational cannabis businesses are denied access to traditional and secure banking systems and financial services because banks fear they may be prosecuted under federal law given the ongoing federal restrictions on cannabis. Due to the lack of access to financial services, state legal cannabis businesses are forced to operate their businesses solely using cash. This reality doesn't just open the door to potential tax evasion, but increases the potential of criminal activity."Forcing legal businesses to operate in all-cash is dangerous for our communities; it's an open invitation to robbery, money laundering, and organized crime-and it's way past time to fix it," said Senator Merkley. "For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate. Let's make 2023 the year that we get this bill signed into law so we can ensure that all legal cannabis businesses have access to the financial services they need to help keep their employees, their businesses, and their communities safe." Publicly traded companies in the space include Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), Goodness Growth (GDNSF), Green Thumb Industries (GTBIF), India Globalization Capital (IGC), Tilray (TLRY), Trees Corporation (CANN), Trulieve Cannabis (TCNNF), Zynerba (ZYNE) and Charlotte's Web (CWBHF). Reference Link

Charlotte's Web Holdings (CWBHF) announced it has formed a joint venture with AJNA BioSciences, a subsidiary of British American Tobacco (BTI), which is contributing $10M as the JV's initial investor. AJNA is partially owned and was co-founded by its president, Joel Stanley, the former CEO and Chairman of the board of Charlotte's Web, together with certain other founding members of CW. The JV was established to pursue FDA-approval for a novel botanical drug to target a neurological condition identified by the JV leadership team, which will be comprised of CW, AJNA and BAT representatives. This novel botanical drug will be developed from certain proprietary hemp genetics of CW. The JV plans to engage with the FDA to file an Investigational New Drug application and commence Phase I clinical development in 2023. BAT holds a 20% equity interest in the form of preferred units following its $10M investment and has the right to participate in future equity issuances to maintain its pro rata equity position. Charlotte's Web and AJNA each hold 40% of the JV's voting common units. This is in consideration of contribution by CW of a license permitting the JV to use certain proprietary hemp intellectual properties, including clinical and consumer data, and by AJNA of laboratory and regulatory services, clinical expertise and the provision of clinical services. The JV plans to use the initial $10M investment for the clinical development of a novel hemp botanical IND.

Charlotte's Web Holdings (CWBHF) announce the appointment of Andrew Shafer as its Chief Marketing Officer. In his most recent role as Executive Director and Head of Brand Marketing at Verizon (VZ), he spearheaded the development of positioning strategies that expanded brand leadership across consumer and business segments.In his new role at Charlotte's Web, Mr. Shafer will lead the Company's marketing initiatives in both traditional consumer retail, as well as digital and social channels to drive online sales. Near-term priorities will include cross-platform activations with Major League Baseball and sports verticals for the new Charlotte's Web NSF Certified for Sport broad spectrum CBD product line. He will also oversee the Company's corporate social responsibility and B Corp initiatives.