Cannabis Law Report

DECEMBER 14, 2019

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. state and federal regulation of marijuana. JD Supra Release.

Hemp 59

Hemp Business Banking Agriculture 59

The Blunt Truth

SEPTEMBER 10, 2019

Within its memorandum to members, the NCUA provided: 1) a summary of repercussions generated by the 2018 Farm Bill, 2) specific compliance program concerns with regard to the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AML), and 3) considerations under existing NCUA regulations for lending.

Hemp 78

Hemp Business Compliance Compliance 78

Cannabis Law Report

AUGUST 26, 2019

Yet the possession, distribution or sale of marijuana remains illegal under federal law, which means any contact with money that can be traced back to state marijuana operations could be considered money laundering and expose a bank to significant legal, operational and regulatory risk. End the Cannabis Banking Problem.

Banking 59

Banking Cannabis Events Law 59

Cannabis Law Report

SEPTEMBER 10, 2019

Within its memorandum to members, the NCUA provided: 1) a summary of repercussions generated by the 2018 Farm Bill, 2) specific compliance program concerns with regard to the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AML), and 3) considerations under existing NCUA regulations for lending.

Hemp 45

Hemp Business Compliance Compliance 45

Canna Law Blog

AUGUST 23, 2019

Commercial marijuana activity remains a federal crime, and the Bank Secrecy Act (“BSA”) generally prohibits financial institutions from accepting marijuana-generated dollars. Financial institutions that work with marijuana businesses must conduct due diligence to ensure that marijuana businesses are complying with state law.

Hemp 69

Hemp Business Cultivation Banking 69

Cannabis Law Report

APRIL 14, 2022

Soon after, the company filed a federal lawsuit detailing how a sheriff’s deputy in Dickinson County stopped one of their vehicles transporting cash from licensed marijuana dispensaries to banks and credit unions, seizing more than $165,000 on Interstate 70. In response, the U.S. It remains in effect. Source [link].

Legalization 52

Legalization Dispensary Banking Law 52

Cannabis Law Report

AUGUST 8, 2019

Whilst English law presumes that English criminal statutes do not extend to acts wholly undertaken outside the U.K., the Court of Appeal decision R v Rogers [2014] significantly (and somewhat surprisingly) extended the scope of POCA to conduct that occurs entirely outside the U.K., Territoriality. Rogers, a U.K. In the U.S.,

Legalization 40

Legalization Banking Compliance Compliance 40

Cannabis Law Report

APRIL 13, 2022

The use of cannabis for medical purposes has been permitted in New York since 2014. A couple of months earlier, the House passed a bill that would allow banks to offer various financial services to cannabis businesses. New York on Cannabis. Its recreational use was legalized only recently, in March of 2021.

Business 52

Business Cannabis Law Decriminalization 52

Canna Law Blog

JANUARY 31, 2022

While you still can’t register trademarks with the USPTO for cannabis goods, there is now all kinds of intellectual property and brand strategy that goes into state law registration and registration for ancillary goods and services classes. Intellectual property. It certainly can be done otherwise. 8.

Business 85

Business Compliance Compliance Banking 85

Canna Law Blog

SEPTEMBER 6, 2020

This Assembly Bill addresses cannabis banking on the state level. It’s admirable of California to make it official that financial institutions (and accountants) don’t commit any crimes under state law by virtue of servicing cannabis businesses. There’s one issue though: federal law.

Banking 63

Banking Pets Cultivation Cannabis 63

Cannabis Law Report

JULY 7, 2021

“With cannabis sales on track to exceed last year’s historic levels, and several catalysts in place to drive future growth globally, it is exciting to launch an investment product that provides 2x exposure to this rapidly expanding industry,” says Jason Wilson, ETFMG Cannabis Research and Banking Expert. About ETFMG.

Research and Development 94

Research and Development Collective State Laws Concentrates 94

Cannabis Law Report

DECEMBER 1, 2019

This conflict between federal and state law has raised concerns among CPAs providing services to the marijuana industry. States Legalizing Marijuana. Barr also noted that Congress needs to make a decision as to whether federal law should be changed or followed. 15, 2019, [link] ).

Marijuana 59

Marijuana Business State Laws DEA 59

The NM Political Report | Medical Cannabis Program

JUNE 14, 2022

He cited a 2014 New Mexico Court of Appeals decision that workers’ compensation is required to compensate injured workers for legal medical cannabis purchases. “As Health plan coverage is a determination appropriately made by the OSI based on all applicable state laws.”

Patients 40

Patients Banking Cannabis Treatment 40

Canna Law Blog

AUGUST 13, 2019

3. Change in local and state laws and rules. Since the state agencies began issuing licenses under MAUCRSA back in January of 2018, the state’s interpretation of its own rules has been unpredictable. Nonetheless, landlords still seem to misinterpret this state law mandate on a number of levels.

Banking 61

Banking Access Cultivation Cannabis 61

Cannabis Law Report

OCTOBER 6, 2021

It’s a privilege to be able to provide cannabis investors with a full suite of investment options, including the ability to achieve either long or short exposure to the sector,” says Jason Wilson, ETFMG’s Cannabis Research and Banking Expert. “We For more information on MJIN visit: etfmg.com/MJIN. About ETFMG ®.

Research and Development 52

Research and Development State Laws Collective Concentrates 52

Connor & Connor PLLC

AUGUST 30, 2018

The IRS uses a variety of indirect methods of proof including: the bank deposits analysis (most common), net worth analysis, cash-t analysis, and the mark-up method. If a bank account exists is all of the cash deposited into the bank account? multiple deposits totaling over $10,000 but divided up to avoid the $10,000 threshold).

Business 49

Business Marijuana Banking Collective 49

Canna Law Blog

OCTOBER 31, 2021

280E and banking reform. Banking reform is much more likely to happen before Congress decides to mess with 280E (despite the fact that certain law firms continue to try to pull off Hail Marys in tax court litigation to eliminate or reduce the draconian effect of 280E).

Banking 98

Banking Cannabis Business Legalization 98

Canna Law Blog

FEBRUARY 17, 2023

Employment Law Disputes: The legalization of marijuana has created unique challenges for employers who have to balance state laws that allow marijuana use with federal laws that still prohibit it. As a result, there has been an increase in employment law disputes, such as wrongful termination or discrimination claims.

Banking 80

Banking Legalization Business Cannabis 80

Cannabis Law Report

AUGUST 24, 2019

BANKING: The growth? The Republican-controlled US Senate hosted a hearing on cannabis banking on July 23, 2019. In Who’s Now Lobbying on the SAFE Banking Act? Financial institutions, even in states where cannabis is legal, are usually hesitant to serve cannabis businesses while cannabis remains illegal at the federal level.”

Banking 49

Banking Marijuana Media Patients 49

Canna Law Blog

MARCH 30, 2020

Unfortunately for marijuana businesses, SBA was quick to point out that: Because federal law prohibits the sale and distribution of cannabis, the SBA does not provide financial assistance to businesses that are illegal under federal law. even if the business is legal under local or state law.

Banking 68

Banking Hemp Policy Supply Chain 68

Cannabis Law Report

MARCH 25, 2019

Congress could pass a law that would legitimate marijuana activities, but only to the extent an individual or commercial enterprise acts within the letter of state law. State-compliant cannabis activity would no longer violate federal criminal law. Emphasis added). 1960), and the BSA.

Banking 45

Banking Law Marijuana State Laws 45

Canna Law Blog

FEBRUARY 12, 2019

However, now that Sessions is out at the helm of the DOJ, industry folks can breathe a little easier where new Attorney General nominee William Barr has gone on record stating that state-law abiding cannabis businesses will not be prosecuted by the DOJ and essentially that the 2013 Cole Memo will be back from the dead.

Policy 59

Policy Law Marijuana State Laws 59

Cannabis Law Report

JANUARY 30, 2019

European cannabis firms and investors enviously watching the rapid maturation of the multi-billion dollar North American industry may consider something both geographies have in common; the difficulty of getting banks onside. As of September 2018, Forbes reported just 30 percent of cannabis firms in the US had access to bank accounts.

Banking 77

Banking Hemp Business Cannabis 77

Canna Law Blog

FEBRUARY 18, 2020

attorneys shouldn’t really prioritize federally illegal cannabis activities in states that robustly regulated cannabis and cannabis businesses (so long as eight main enforcement priorities were honored by the states). The impact of the United States v. Cole opined in a memorandum that U.S. McIntosh cannot be overstated.

Business 124

Business Cannabis Law State Laws 124

SpeedWeed

MAY 14, 2021

The 14-page legislation isn’t as long-winded but puts the removal of cannabis as a controlled substance, banking protection, reform for veterans and mandated NIH studies at the forefront. Joyce and Young’s efforts come as Senate Majority Leader Chuck Schumer, D-N.Y., and fellow Sens. Jerrold Nadler, D-N.Y.,

Decriminalization 52

Decriminalization Legislation Banking Policy 52

SpeedWeed

MAY 13, 2021

The 14-page legislation isn’t as long-winded but puts the removal of cannabis as a controlled substance, banking protection, reform for veterans and mandated NIH studies at the forefront. Joyce and Young’s efforts come as Senate Majority Leader Chuck Schumer, D-N.Y., and fellow Sens. Jerrold Nadler, D-N.Y.,

Legislation 52

Legislation Banking Policy Advocacy 52

Canna Law Blog

NOVEMBER 13, 2020

Whether or not the federal government takes a position of non-enforcement, psilocybin contracts will face serious issues given the state of federal law. Federal (and possibly even state) courts may refuse to enforce contracts that involve a federally illegal substance, even if authorized by state law.

Banking 94

Banking Therapy Business Access 94

Cannabis Law Report

JULY 30, 2019

Instead, medical marijuana physicians will provide patients with a medical marijuana recommendation or “ order ,” in strict compliance with Florida state law. . then an out of state I.D., with proof of state residency such as bank statement, utility bill, etc. as proof of residency. is acceptable. .

Marijuana 40

Marijuana Patients Edibles Programs 40

Cannabis Law Report

OCTOBER 17, 2019

States may have made it legal or decriminalized it, but federal law trumps state law, and for both medical and recreational use cannabis remains illegal.”. The industry in Colorado, a pioneer that began allowing recreational use in 2014, is one of the most financially successful among US states. Securities.

Law 40

Law Seed-To-Sale Hemp Recreational 40

Cannabis Law Report

JULY 31, 2019

With this federal classification, the cannabis industry is isolated from banking and, in many cases, reduced to a cash-only venture. Senate Committee Holds Hearing on Cannabis Banking. The hearing examined concerns raised by the cannabis industry because of the lack of access to banking infrastructure on the federal level.

Banking 40

Banking Research and Development Safety Legislation 40

SpeedWeed

MARCH 21, 2021

in 2020, there were 515 banks and 169 credit unions providing services to cannabis-related businesses at the end of last year, according to Financial Crimes Enforcement Network’s (FinCEN) quarterly cannabis banking update. But those banks are not the “national associations” of the world. Helping motor more than $17.5

Banking 52

Banking Compliance Compliance Business 52

Cannabis Law Report

JULY 14, 2021

“Closing the door on broadly supported incremental reforms like the SAFE Banking Act while the Senate seeks compromise on farther-reaching bills hurts the possibilities for consensus and ignores the very real needs of small business operators who have repeatedly said that access to banking services and traditional lending is an existential issue.

Legislation 71

Legislation Banking History Access 71

Canna Law Blog

JANUARY 10, 2023

After many attempts to get the SAFE Banking Ac t through Congress, I can say that the industry feels a little defeated on the federal front. Dems had two years of control to get the SAFE Banking Act passed and politics basically kept it from going through. Hence, SAFE Banking made a lot of sense. Even if Rep.

Legalization 75

Legalization Banking Seed-To-Sale Compliance 75

SpeedWeed

MARCH 20, 2021

in 2020, there were 515 banks and 169 credit unions providing services to cannabis-related businesses at the end of last year, according to Financial Crimes Enforcement Network’s (FinCEN) quarterly cannabis banking update. But those banks are not the “national associations” of the world. Helping motor more than $17.5

Banking 52

Banking Compliance Compliance Cannabis 52

SpeedWeed

MARCH 18, 2021

in 2020, there were 515 banks and 169 credit unions providing services to cannabis-related businesses at the end of last year, according to Financial Crimes Enforcement Network’s (FinCEN) quarterly cannabis banking update. But those banks are not the “national associations” of the world. Helping motor more than $17.5

Banking 52

Banking Compliance Compliance Business 52

SpeedWeed

MARCH 19, 2021

in 2020, there were 515 banks and 169 credit unions providing services to cannabis-related businesses at the end of last year, according to Financial Crimes Enforcement Network’s (FinCEN) quarterly cannabis banking update. But those banks are not the “national associations” of the world. Helping motor more than $17.5

Banking 52

Banking Compliance Compliance Business 52

NORML

APRIL 2, 2019

NORML endorsed his reelection campaign to the House of Representatives in 2014 and his campaign for Senate in 2018. 1/4/19), SB 5131: Amends the state’s medical cannabis law so that qualified medical marijuana patients and designated providers can purchase immature plants, clones, or seeds from a licensed producer.

Marijuana 278

Marijuana Legislation Policy Legalization 278