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Cannabis Banking Today

Canna Law Blog

We are helping build out another cannabis banking program here in Oregon. My law firm has done a series of these for credit unions (“CU”s) and other financial institutions (“FIs”) going back to 2014. We have also handled a good bit of hemp banking work – mostly in 2019 and 2020 before that industry cratered.

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Banking Woes and Wins for Hemp-CBD

Canna Law Blog

Our firm represents a number of financial institutions and even a federal agency on banking state-legal cannabis. We have practiced in the space ever since the 2014 FinCEN guidelines were issued and it’s been slow going for the most part. This is because the legal status of hemp-CBD federally is currently precarious at best.

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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. As of the last few months, that has been changing.

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ICYMI: The New FinCEN Hemp Banking Guidance

Canna Law Blog

Last week, the Financial Crimes Enforcement Network (FinCEN), issued new guidance (the “FinCEN Guidance”) for financial institutions working with hemp-related businesses. The FinCEN Guidance centers on due diligence requirements as related to the Bank Secrecy Act (BSA). ” No surprises there.

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 Department of Justice on “Marijuana Related Financial Crimes” was rescinded in 2018 , the FinCen Memo has been the only game in town for federal banking guidance.

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Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses

Cannabis Law Report

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks 1 providing financial services to hemp-related businesses. JD Supra Release. Background. percent on a dry weight basis.”

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Leading Colorado Craft Cultivator Veritas Fine Cannabis Appoints Exclusive Financial Adviser Ahead of Expansion

Cannabis Law Report

DENVER–(BUSINESS WIRE)– Veritas Fine Cannabis , Colorado’s first craft cannabis cultivator, today announced that veteran cannabis industry adviser Charles Womack has been appointed as the company’s exclusive financial adviser.