Canna Law Blog

DECEMBER 5, 2019

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.

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Cannabis Law Report

JUNE 25, 2021

Thanks to the passage of the 2018 Farm Bill , CBD products that meet certain federal criteria are no longer part of the U.S. Those banks that do agree to work with hemp-based CBD products have set up best practices and guidelines that all relevant operations need to follow. 1: Crops must remain compliant with THC guidelines.

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Canna Law Blog

APRIL 6, 2019

Unfortunately still the position for most banks and hemp. Shortly after the 2018 Farm Bill passed, legalizing industrial hemp, we predicted that banking services for hemp businesses would be slow going. Although some of our hemp clients are banked (and even have crop insurance) many others are still underserved.

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Canna Law Blog

JULY 7, 2020

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.

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Cannabis Chronicles

JANUARY 4, 2019

Brown said she also hopes that Congress will act to allow banks to do business with the marijuana industry. House is controlled by Democrats, including some who favor making marijuana legal at the federal level, such as Oregon Rep. Earl Blumenauer. This Congress can be of incredible use to us,” she said. Oregon State Sen.

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Canna Law Blog

JANUARY 16, 2019

We have spilled a lot of ink on this blog related to the 2018 Farm Bill , which legalized hemp at the federal level. In a recent post, we explained that “the 2018 Farm Bill modified the Controlled Substances Act (the ‘CSA’) to exempt hemp from the definition of marijuana. It’s huge news. So what does all of this mean? Stay tuned.

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Canna Law Blog

OCTOBER 5, 2019

In a pretty historic moment, the House of Representatives officially voted to pass the SAFE Banking Act (H.R. We’ve extensively covered the Act’s progress in past posts (the latest can be found here and here ), but just as a reminder, the Act would finally allow the cannabis industry to access banking and financial services.

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SpeedWeed

APRIL 20, 2021

The House of Representatives on Monday passed the SAFE Banking Act of 2021, which clears the way for financial institutions and banks to work with cannabis companies. Where Does The SAFE Banking Act of 2021 Go Next? The SAFE Banking Act of 2021, which was introduced last month by Democratic Rep. View original article.

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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.

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Cannabis Law Report

DECEMBER 30, 2019

If Nasdaq.com are re-distributing a Motely Fool piece on the state of cannabis banking then we’d suggest it is probably worth heeding what’s being said. In other words, it’d open the door for banks to offer lines of credit, checking and savings accounts, and traditional loans, to U.S. Here’s the piece.

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Cannabis Law Report

OCTOBER 31, 2019

Law Firm Manatt, Phelps & Phillips, LLP writes… The Cannabis Banking Guidance from California’s Department of Business Oversight (DBO) offers California-chartered financial institutions serving cannabis-related businesses assurances that the DBO will not bring enforcement actions based solely on such relationships. What happened.

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Greenspoon Marder Cannabis Law Group Blog

SEPTEMBER 25, 2019

House of Representatives is expected to vote on the Secure and Fair Enforcement Banking Act of 2019 (the “SAFE Banking Act”) today. In light of these concerns, most banks have denied cannabis-related businesses access to bank accounts and other financial services.

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The Blunt Truth

MAY 8, 2019

institutions interested in providing banking services to marijuana related businesses (MRBs). FinCEN also required banks providing such services to file suspicious activity reports (SARs) for transactions, including deposit transactions, involving MRBs. These financial institutions were mostly community banks and credit unions.

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Cannabis Law Report

DECEMBER 4, 2019

Despite the 2018 US Farm Bill clearly permitting financial transactions in the hemp industry, many banks and other financial institutions have been slow to participate, blaming their fear of the risk of federal regulatory crackdowns.

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Cannabis Law Report

JUNE 22, 2019

Will hemp taint your banking relationship? . Farmers across the country have started growing hemp under the 2014 farm bill while the regulations for the 2018 farm bill are sorted out by the USDA and state departments of agriculture. If you wish to re-publish this story please do so with following accreditation. AUTHOR: Shane Eloe.

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Greenspoon Marder Cannabis Law Group Blog

AUGUST 26, 2019

The guidance offers reassurance to credit unions following the 2018 Farm Bill, which federally legalized hemp, but failed to address banking in the hemp industry, leaving the banking industry uncertain as to their capacity to legally serve the industry. I’ve seen dispensary employees have their bank accounts shut down.

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MMJ Recs

OCTOBER 25, 2019

Since Oklahoma legalized medical marijuana in 2018, it’s been a boon to the economy as well as a boost to the health of the people who benefit from it. But there’s one big question that surrounds the medical marijuana industry in Oklahoma: how do banks and the cannabis industry come together for their mutual benefit?

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Canna Law Blog

NOVEMBER 8, 2023

I’ve been representing clients in California’s cannabis industry since 2018. For example, lots of businesses back in 2018 in California took the view that they could expand at all costs and grab market share, because federal legalization (and investor capital) was inevitable. Otherwise, not a lot will change.

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Cannabis Law Report

MAY 21, 2019

Shut out of the traditional banking system by federal laws, the country’s largest legal marijuana market in California could benefit if the state approves a measure creating a special class of banks to handle pot money. Marijuana has been legal in California since January 2018, but it’s still illegal under federal law.

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The Joint Blog

DECEMBER 10, 2019

On Tuesday a coalition of federal agencies released a joint statement noting that financial institutions including banks and credit unions may work with individuals and businesses involved in the hemp industry. “This statement provides banks with background information on the legal status of hemp, the U.S.

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SpeedWeed

SEPTEMBER 2, 2021

Shareholders whose 48North Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee regarding the receipt of the consideration. The post Massachusetts Adult-Use Cannabis Sales Top $2 Billion Since Dispensaries Launched in 2018 appeared first on SpeedWeed.

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Cannabis Law Report

APRIL 5, 2022

This included both the Porsche and Lamborghini that had to be turned over to David Brockway at 5star Bank by 2pm on February 15th. 5star Bank also issued Folium one of its $2 million PPP loans, which government records show Folium says was used to retain around 200 employees during Covid-19 lockdowns. . Kashif Shan. 5Star Stip.

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Cannabis Law Report

OCTOBER 26, 2019

The public safety concerns resulting from the dearth of cannabis banking has led dozens of state Attorneys General, the American Banking Association, and numerous other voices to urge the passage of legislation like the SAFE Banking Act so that the U.S. History of Marijuana Regulation and Banking Implications. businesses.

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Cannabis Law Report

JULY 20, 2019

The banks actions will mean somebody at the FDIC will have to make some serious decisions that could lead to a number of ramifications for the cannabis sector not only in CA but also nationwide. A small California bank’s merger application could force the FDIC to take a firmer stand on marijuana banking.

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Dykema (Cannabis Law Blog)

JUNE 28, 2018

For financial institutions interested in banking state-legal marijuana businesses, 2018 has been a rollercoaster. In January, Attorney General Jeff Sessions rescinded the Obama-era policy of lenient federal enforcement , creating new confusion for banks and credit unions about the future of marijuana-related banking.

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The Blunt Truth

JULY 14, 2022

We note the signing of a banking bill in Pennsylvania. In 2018, a similar measure went down to defeat, but that was then…. A cannabis banking bill is now law! The law allows banks to serve licensed medical marijuana businesses, without fear of penalty under state law. unhappy senators. pennsylvania.

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The Joint Blog

MAY 22, 2019

The Associated Press is reporting that California is quickly moving forward with a plan to establish a system of banks to work with the marijuana industry which is legal under state law, but illegal under federal law. Marijuana has been legal in California since January 2018, but it’s still illegal under federal law.

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Cannabis Law Report

FEBRUARY 3, 2022

The OLCC has not accepted producer applications since June 15, 2018, and the previous producer moratorium expired on January 3 of this year; so it is unclear whether there are producer licenses in the agency application queue that were filed on or before January 1, 2022. House Joint Resolution 205 – State Banking.

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Cannabis Law Report

APRIL 8, 2019

counterparts, who have virtually no experience in the cannabis industry, some of Canada’s big banks already service Canadian pot companies. Bank of Montreal was the first to do a deal for the industry with a C$201 million ($150 million) equity financing for Canopy Growth Corp. in early 2018 and has since done several others.

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SpeedWeed

MARCH 24, 2021

Like the opening bell on the trading floor of the Stock Exchange, the reintroduction in Congress last week of the long-awaited Secure and Fair Enforcement (SAFE) Banking Act and related Clarifying Law Around Insurance of Marijuana (CLAIM) Act was a call to action for carriers and insurance brokers across the country. SAFE Banking Act.

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Canna Law Blog

AUGUST 10, 2022

After a vote last week, the National Conference of State Legislators (NCSL) adopted a revised cannabis policy measure (the “ Directive “) which supports federally descheduling cannabis, as well as cannabis banking reform. A new section of the Directive charges Congress with passing legislation centered on cannabis banking reform.

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Cannabis Law Report

FEBRUARY 13, 2019

FIRST CONGRESSIONAL HEARING HELD ON CANNABIS BANKING. Today the House Financial Services’ Subcommittee on Consumer Protection and Financial Institutions held the first-ever congressional hearing on the issue of cannabis banking. . From Rep Heck’s Office. Feb 13, 2019 . Press Release. Washington, D.C. Ed Perlmutter (CO-07).

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Cannabis Law Report

JANUARY 28, 2019

Vote Hemp Releases 2018 U.S. WASHINGTON, DC —Vote Hemp, the nation’s leading grassroots hemp advocacy organization, has released its 2018 U.S. To view the complete 2018 U.S. The number of acres of hemp grown across 23 states totaled 78,176 in 2018—more than triple the number of acres from the previous year.

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Cannabis Law Report

AUGUST 16, 2019

Times of CBD reports…… Senator Michael Bennet (D-CO), who is presently working to secure the Democratic nomination for president, issued a letter to the financial authorities, requesting information on banking services for hemp businesses. Full Story At: [link].

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Veriheal

AUGUST 14, 2023

In a recent controversial move, Mastercard issued a directive to United States banks, ordering them to block cannabis purchases on its debit cards. This new mandate struck a chord because, unlike credit cards, debit cards are linked directly to an individual’s bank account. THC by dry weight.

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Cannabis Law Report

JULY 2, 2019

The world of marijuana banking has been rife with compliance risks for years. The passing of the 2018 Farm Bill provides new opportunities for financial institutions to legally serve a certain class of marijuana-related business. Bank Secrecy Act Compliance. July 1 2019. Article by Ann L. Rockswold , Linda A. Eide Bailly LLP.

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Cannabis Law Report

SEPTEMBER 24, 2019

As early as September 23, 2019, the United States House of Representatives is expected to vote on the widely anticipated Secure and Fair Enforcement (SAFE) Banking Act. Today’s cannabis industry encompasses the growth, processing, distribution, and other ancillary services related to both hemp and marijuana. Read the bill’s text here.

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