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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 Department of Justice on “Marijuana Related Financial Crimes” was rescinded in 2018 , the FinCen Memo has been the only game in town for federal banking guidance.

Banking 98
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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 66
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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 55
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Canopy Growth Completes Acquisition of Supreme

Cannabis Law Report

As Canopy continues to focus on the premium flower segment, the addition of 7ACRES and the 7ACRES Craft Collective enhances Canopy’s leading market share position and supplements its production capacity through the acquisition of Supreme’s low-cost, scalable cultivation facility in Kincardine, Ontario.

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Report: Federal Reserve Bank of Kansas City -“Is the Colorado Marijuana Industry Showing Signs of Maturation?”

Cannabis Law Report

Colorado, which opened recreational stores in January 2014, has the longest-running legalized marijuana market in the United States. Starting in 2020, farmers in states that have received USDA approval will be allowed to grow industrial hemp for production purposes as long as the final hemp cultivation contains less than 0.3

Banking 59
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Working in Cannabis: What You Should Know

SpeedWeed

When I first started my farm, I knew I could not access small business startup funding from my bank. I was pregnant when I planted my first state-legal cannabis plant in 2014, and my daughter was born one month before our first state-legal harvest. The value of having a background in agriculture as a cultivator. .

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Cannabis Business Times, Cannabis Dispensary, Hemp Grower Announce New Hires Anthony Lange and Andriana Ruscitto

SpeedWeed

When I first started my farm, I knew I could not access small business startup funding from my bank. I was pregnant when I planted my first state-legal cannabis plant in 2014, and my daughter was born one month before our first state-legal harvest. The value of having a background in agriculture as a cultivator. .