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Cannabis Banking: All Businesses are Marijuana Related Businesses

Canna Law Blog

Guidance on banking and MRBs. Over eight years ago, the Financial Crimes Enforcement Network published the FinCen Memorandum of February 14, 2014 (“FinCen Memo”). Department of Justice on “Marijuana Related Financial Crimes” was rescinded in 2018 , the FinCen Memo has been the only game in town for federal banking guidance.

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ICYMI: The New FinCEN Hemp Banking Guidance

Canna Law Blog

The FinCEN Guidance centers on due diligence requirements as related to the Bank Secrecy Act (BSA). Interestingly, the 2019 hemp banking statement, much like the recent NCUA guidance, did not address the legalities around financial institutions trying to bank hemp-CBD businesses. ” No surprises there.

Banking 54
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Federal Agencies Provide New Guidance for Hemp Banking

Canna Law Blog

The tides have been rapidly changing for hemp companies to gain access to banking, which has not traditionally been available to hemp companies due to the fact that hemp was (sort of) federally illegal until about a year ago. That has made it very difficult for many hemp and hemp-derived CBD (“Hemp-CBD”) businesses to access bank accounts.

Banking 64
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Cannabis and banking vets launch credit card for dispensaries

Cannabis Law Report

Since the United States classifies cannabis as a Title IV drug, the banking industry is unwilling and unable to provide services to cannabis operations. Retailers can reduce the amount of money on-site, and collect more data about their customers who are no longer cash transactions. Tsang has a long history in the banking world.

Banking 52
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The State of Cannabis Banking at a Pivotal Moment in the Industry: Q&A with Safe Harbor Services’ Amanda McComb

SpeedWeed

The SAFE Banking Act is back in Congress, and political momentum is swinging in favor of the cannabis industry’s need to normalize its relations with financial institutions. Here, we spoke with Safe Harbor Services Vice President Amanda McComb about some of the recent trends and changes that she’s seen in banking the cannabis industry.

Banking 52
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Kelley Drye & Warren: CBD and Hemp Legal and Regulatory Roundup – August 2021

Cannabis Law Report

This randomized controlled trial will collect data on 13 U.S. A memo from the Farm Credit Administration to farm credit banks and associations on hemp financing has The National Industrial Hemp Council concerned that growers could have difficulty obtaining loans to expand their operations. CStore Decisions.

Hemp 105
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The Worst Cannabis Hazards (Still) around in California

Canna Law Blog

The “collective hangover” Shockingly enough, our cannabis business attorneys in California still get calls from people who want to set up non-profit “collectives” under the Compassionate Use Act of 1996. No real banking options. Screwy M&A. We have written a lot about California M&A on the blog.