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Why guidelines regulating legal cannabis businesses may be doing more harm than good.

Matt Walstatter fell into the cannabis business like many people do; he got sick. Really sick.

In 2003, a bad case of flu and pneumonia turned into painful gastrointestinal symptoms that wouldn't go away. For 10 years he vomited every day. He lost 50 pounds in the first six months.

After trying everything and seeing multiple doctors, acupuncturists, and naturopaths, cannabis was the only thing that provided relief. He applied for the Oregon Medical Marijuana Program to grow cannabis for himself and soon started growing for others. For nearly three years, he's run Pure Green dispensary in Portland, Oregon.


A "budtender" helps a customer at Pure Green dispensary (left). Walstatter (right). Photos via Matt Walstatter, used with permission.

As much as he enjoys his new career, it's not without challenges.

"I liken operating a cannabis business to running with ankle weights," Walstatter says, "because everything is a little harder."

Medical and recreational marijuana are legal in Oregon but not at the federal level, putting businesses like Walstatter's at odds with the government and the financial industry.

Cannabis-related businesses operate in a challenging limbo, able to grow, produce, and sell products but bound by piecemeal rules and regulations. Since marijuana is still an illegal Schedule I substance at the federal level (grouped together with the likes of heroin, LSD, and ecstasy), providing banking services for these entrepreneurs violates multiple federal statutes and laws including the Controlled Substance Act, the Bank Secrecy Act, and even the Patriot Act.

A vendor weighs buds for card-carrying medical marijuana patients at Los Angeles' first-ever cannabis farmer's market. Photo by Frederic J. Brown/AFP/Getty Images.

This means cannabis businesses often have to operate without routine banking services like checking accounts, payroll assistance, or credit cards and instead work entirely in cash.

"The biggest hassle is paying bills. Instead of just writing a check and being done with it, you have to walk and drive somewhere," Walstatter says. "Money moves from place to place, but most of the time it happens electronically. But when you don’t have a bank account, if you want money to get from point A to point B, you’ve gotta bring it there yourself.”

But it's more than an issue of inconvenience, it's a matter of feeling safe.

"You’re always at risk," says Sally Alworth, co-owner of Luminous Botanicals, a Portland-based company that makes natural medicinal cannabis serums. "Anybody who looks around and sees where you’re located and that you’re a cannabis business knows that you likely have a stockpile of cash on site, and even if it’s in a safe, it just feels like you’re a target. There’s a big bull's-eye on you."

And while dispensary robberies are rare, they do occur. In Portland last August, a dispensary owner was robbed, bound, and held at gunpoint in his own store. It's enough to keep proprietors on edge.

Jars of medical marijuana at Sunset Junction medical marijuana dispensary in Los Angeles. Photo by Kevork Djansezian/Getty Images.

Though zoning varies from state to state and region to region, cannabis businesses and dispensaries are located in every corner of Portland, with 100 licensed medical dispensaries in the county alone. No one is immune to the potential criminality.

"It feels like it creates a real risk to us and our business and our assets but also to the neighborhoods our businesses are operating in," Alworth says. "Once you have thieves in the neighborhood, you just don’t know what else they’re gonna do."

Traditional banking is happening in the industry, if you know where to look.

Walstatter says it’s happening very quietly.

Two years ago, the Financial Crimes Enforcement Network (FinCEN) part of the Department of the Treasury, gave banks permission to work with cannabis businesses and professionals as long as certain guidelines and provisions were met. Most national banks (think Chase or Wells Fargo) are chartered, regulated, and insured at the federal level. But smaller, local banks and credit unions are chartered at the state level and answer to state and federal regulators.

Different strains of marijuana for sale on a digital board at a dispensary in Eugene, Oregon. Photo by Andrew Caballero-Reynolds/AFP/Getty Images.

Since the legality of cannabis is still a state-to-state issue, some community banks are willing to take the risk, follow FinCEN guidance, and offer accounts to marijuana-related businesses or, as they're called in the financial industry, MRBs.

Walstatter works with a community bank to manage his funds but declined to share which one. "They actually make most clients sign an NDA for some reason," he says, likely out of fear of drawing unwanted attention from regulators.

But not every financial institution is so secretive about its forays into the industry.

"We saw it as a really good opportunity and the way to advance the medical research behind cannabis. We do think it has some medicinal benefits, but unfortunately the testing has been limited due to its federal illegalities," says Carmella Murphy Houston, vice president of business services for Washington-based Salal Credit Union.

Salal works with more than 300 MRBs in Washington and Oregon, most of them larger producers, processors, and retail businesses.

Per FinCEN guidelines, financial institutions that elect to work with MRBs have to vet and monitor the businesses closely to ensure none of the money is going toward criminal enterprises.

"We have monthly, quarterly, and annual ongoing monitoring that we do on the businesses as well," Houston says. The hefty monthly fees for the MRB accounts help offset the cost of this additional due diligence.

While some banks are willing to take the chance, it's simply not enough to manage the needs of a nearly $7 billion industry.

Less than 3% of the country's 11,954 federally regulated banks and credit unions service the cannabis industry, a total of 301 in 2016.

Photo by Frederic J. Brown/AFP/Getty Images.

Seven additional states legalized medical or recreational marijuana during the last election, bringing the total up to 28. This is quickly becoming an issue of national concern, and it's finally getting some attention in Washington, D.C.

The first week of January, Sen. Elizabeth Warren of Massachusetts led a cadre of senators to push FinCEN to issue additional guidance to banks wishing to work with MRBs.

"You make sure that people are really paying their taxes. You know that the money is not being diverted to some kind of criminal enterprise," Warren said recently, The Associated Press reported. "And it’s just a plain old safety issue. You don’t want people walking in with guns and masks and saying, 'Give me all your cash.'"

Sen. Elizabeth Warren (D-Massachusetts) speaks in Las Vegas. Photo by Ethan Miller/Getty Images.

Those in the cannabis business say these changes can't come soon enough.

For retailers and producers like Walstatter and Alworth, the uncertainty and challenges of the business are worth it to provide a product they believe in. A fix would mean big changes for their businesses and might allow them to focus on other challenging regulations like the tax code, which doesn't allow cannabis businesses to deduct typical business expenses like marketing or administrative costs.

"We’re transitioning from the black and grey markets, so there’s just obstacles and bumps that most businesses don’t encounter," Walstatter says. "Sure, you have to pay taxes like everybody else, but you don’t get to deduct anything. You wanna pay bills, you probably don’t have a bank account. We’re in the hyper-regulated environment, and about two or three times a year, the rules just change in a way that often turns our business model upside down."

Rules may change. Policies may shift. And with the new administration, the way legal marijuana (medical or otherwise) exists in this country may change dramatically. But Walstatter's been through worse. And he's not giving up now.

"We’ve made it this far," he says. "And we’re not turning back."

A man shops at Farma, a marijuana dispensary, in Portland, Oregon. Photo by Josh Edelson/AFP/Getty Images.

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Three women, three MS journeys: How multiple sclerosis looks different for everyone

Gina, Nathalie and Helga share their reactions to being diagnosed with MS and how they stay informed and positive in the face of ever-changing symptoms.

Courtesy of Sanofi

Helga, Nathalie and Gina all have MS, and their experiences show how differently the disease can manifest.

True

It’s been 155 years since neurologist Jean-Martin Charcot gave the first lecture on a mysterious progressive illness he called “multiple sclerosis.” Since then, we’ve learned a lot. We know MS causes the immune system to attack healthy tissue, including damaging the brain and spinal cord. Resulting symptoms can be debilitating and include fatigue, blurred vision, memory problems and weakness. Huge advancements in our understanding of MS and its underlying causes, as well as treatment advances, have been made in the past few decades, but MS remains a complex and unpredictable reality for the 2.8 million+ people diagnosed around the world.

Ironically, the only real constant for people living with MS is change. There’s no set pattern or standard progression of the disease, so each person’s experience is unique. Some people with MS have mild symptoms that worsen slowly but sometimes improve, while others can have severe symptoms that drastically alter their daily lives.

All people with MS share some things in common, however, such as the need to stay informed on the ever-evolving research, find various lines of support and try to remain hopeful as they continue living with the disease.

To better understand what navigating life with MS really looks like, three women shared their MS stories with us. Their journeys demonstrate how MS can look different for different people and interestingly, how the language used to talk about the disease can greatly impact how people understand their realities.

woman with horse, woman riding horseGina loves riding her horse, Benita.Courtesy of Sanofi

Gina—Hamburg, Germany (diagnosed with relapsing multiple sclerosis in 2017)

When her youngest son was 4 months old, Gina started having problems with her eye. She’d soon learn she was experiencing optic neuritis—her first symptom of MS.

“Immediately after the diagnosis, I looked up facts on MS because I didn’t know anything about it,” Gina says. “And as soon as I knew what could really happen with this disease, I actually got scared.”

As her family’s primary income provider, she worried about how MS would impact her ability to work as a writer and editor. Her family was afraid she was going to end up in a wheelchair. However, for now, Gina’s MS is managed well enough that she still works full-time and is able to be active.

“When I tell somebody that I have MS, they often don't believe me the first time because I don't fulfill any stereotypes,” she says.

Overwhelmed by negative perspectives on living with MS, Gina sought support in the online MS community, which she found to be much more positive.

“I think it’s important to use as many positive words as you can when talking about MS.” It’s important to be realistic while also conveying hope, she says. “MS is an insidious disease that can cause many bad symptoms…that can be frightening, and you can't gloss over it, either.”

To give back to the online community that helped her so much, Gina started a blog to share her story and help others trying to learn about their diagnosis.

Though she deals with fatigue and cognitive dysfunction sometimes, Gina stays active swimming, biking, riding horses and playing with her sons, who are now 11 and 6.

Cognitive dysfunction is common in MS, with over half of people affected. It can impact memory, attention, planning, and word-finding. As with many aspects of MS, some people experience mild changes, while others face more challenges.

Gina says that while there’s still a lot of education about MS needed, she feels positive about the future of MS because there’s so much research being done.

woman in wheelchair holding medal, woman rowingNathalie is an award-winning rower with multiple international titles.Courtesy of Sanofi

Nathalie — Pennes Mirabeau, France (diagnosed with relapsing-remitting multiple sclerosis in 2002)

Nathalie was a teenager and a competitive athlete when she noticed her first symptoms of MS, but it would take four years of “limbo” before she was diagnosed.

“Ultimately, the diagnosis was more of a relief, than a shock,” she says. “Because when you have signs and you don’t know why, it’s worse than knowing, in the end, what you have.”

However, learning more about the disease—and the realities of disease progression—scared her.

“That glimpse of the future was direct and traumatic,” she says. Her neurologist explained that the disease evolves differently for everyone, and her situation might end up being serious or very mild. So, she decided to stop comparing herself to others with MS.

She said to herself, “We’ll see what happens, and you’ll manage it bit by bit.”

By 2005, Nathalie’s MS had progressed to the point of needing a wheelchair. However, that has not dampened her competitive spirit.

Nathalie began her international rowing career in 2009 and has won multiple world titles, including two Paralympic medals—silver in London and bronze in Tokyo. Now, at 42, she still trains 11 times a week. Fatigue can be a problem, and sometimes hard workouts leave her with muscle stiffness and shaking, but she credits her ongoing sports career for helping her feel in tune with her body’s signals.

“Over the years, I’ve learned to listen to my body, letting my body guide when I need to stop and take breaks,” she says.

Nathalie explains that she used to only look backwards because of the initial shock of her diagnosis. In time, she stopped thinking about what she couldn’t do anymore and focused on her future. She now lives in the following mindset: “Even when doors close, don’t miss out on those that open.” Instead of focusing on what she can’t do, she focuses on the opportunities she still has. Right now, this includes her training for the 2024 Paralympic Games in Paris, where she will compete for another rowing medal.

“I only go forward,” she says. “Well, I try, anyway…It’s easy to say, it’s not always easy to do. But that’s what I try to do.”

woman exiting water after swimming, woman with great daneHelga's Great Dane has become a helpful and beloved companion.Courtesy of Sanofi

Helga—Johannesburg, South Africa (diagnosed with relapsing multiple sclerosis in 2010)

When Helga first started having balance issues and numbness in her feet, she chalked it up to her training as a runner. But when the numbness moved to her face, she knew something was wrong. She never guessed it was MS.

“When I was diagnosed, I felt completely overwhelmed and clueless,” Helga says. “I felt that I had nowhere near enough information. I did not know anything about the disease…I had no idea that it was going to be a process of continually monitoring and adjusting your lifestyle.”

In the beginning, Helga’s symptoms developed slowly, and she didn’t appear ill to others. She was even able to run for a few years after her diagnosis, but she couldn’t do marathons anymore, and she began to fall frequently due to balance issues and right-foot dragging. Then her cognition issues became more problematic, especially in her job as a trainer in a printing company.

“My executive function, decision-making and short-term memory were affected to the point that I was eventually medically unfit for work,” she says. She stopped working in 2017.

However, she didn’t stop living life. Even though she could no longer run, she continued to swim competitively. She got a Great Dane puppy and trained him as a service dog to help her walk. She also serves as vice chair of the patient support organization Multiple Sclerosis South Africa, and she advises others who have been diagnosed to join a patient advocacy group as soon as possible to get reliable information and meet others with MS.

Helga says she is “hopeful” about the future of MS. “I must say that I am so grateful that we have all the new medications available, because my life would not be the same if it wasn't for that,” she adds.

Part of how she manages her MS is by looking at the positives.

“If I could tell the world one thing about MS, it would be that MS is an incurable disease of the nervous system, but it's also the greatest teacher of valuing your health, family, friends, and managing change in your life,” she says. “My life is diversified in a way that I never, ever thought it would, and MS has been honestly the greatest teacher.”

Each MS journey is unique – with each person impacted experiencing different struggles, successes, and feelings as they manage this unpredictable disease. But the common thread is clear – there is a critical need for information, support, and hope. We are proud to participate in World MS Day and share these incredible stories of living life while living with MS. To learn more about MS, go to https://www.sanofi.com/why-words-really-matter-when-it-comes-to-multiple-sclerosis.

MAT-GLB-2301642-v1.0-05/2023

This article was sponsored by Sanofi. Participants were compensated when applicable.

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