Canna Law Blog

FEBRUARY 28, 2022

Guidance on banking and MRBs. Department of Justice on “Marijuana Related Financial Crimes” was rescinded in 2018 , the FinCen Memo has been the only game in town for federal banking guidance. But banks don’t really use that. These businesses are lower risk for banks than Tier I. Allow me to explain. That’s wrong.

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Cannabis Law Report

JUNE 10, 2020

March 13 2020 Tulsa world reported… A Tulsa-area dispensary faces a federal lawsuit from Bank of Oklahoma alleging trademark infringement. In a Wednesday filing in … Read More.

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The Blunt Truth

MARCH 12, 2020

As for banking, banking associations around the country sent a letter to Sen. Sherrod Brown (D-OH), asking that the Senate Banking Committee vote on a cannabis banking bill. Nevertheless, advocates are confident they will be able to get the initiative on the November 2020 ballot. Mike Crapo (R-ID) and Sen.

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Cannabis Law Report

NOVEMBER 30, 2020

Short-term declines in the number of depository institutions actively providing banking services to marijuana-related businesses (MRBs) may … Read More.

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Cannabis Law Report

JULY 1, 2021

Cannabis banking options are still quite limited for marijuana entrepreneurs, despite 36 states legalizing medical marijuana and 17 states permitting recreational adult use, according to the National Conference of State Legislatures. Are there cannabis-friendly banks? Compare 5 cannabis-friendly banks and credit unions.

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The Blunt Truth

MAY 21, 2020

Senator Mitch McConnell (R-KY) criticized the cannabis banking provisions in the latest stimulus bill, while state Attorneys General wrote a letter supporting them. cannabis banking. The marijuana industry was optimistic about the inclusion of the SAFE Banking Act in the HEROES bill last week. massachusetts.

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Cannabis Law Report

JUNE 27, 2020

Short-term declines in the number of depository institutions actively providing banking services to marijuana-related businesses (MRBs) may be explained by filers exceeding the 90 day … Read More.

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Cannabis Law Report

MAY 20, 2020

THE PRICE – Free THE DATE – June 2, 2020 at 9:00 a.m. THE RATING – THE BLURB – A cannabis Safe Banking Act is … Read More.

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Cannabis Life Network

NOVEMBER 15, 2019

· Supreme Cannabis achieves 122% year-over-year net revenue growth, Q1 2020 gross margin of 62%, and reports Adjusted EBITDA of $(4.9 The post Supreme Cannabis Announces Q1 2020 Financial Results and $90 million Credit Facility led by Bank of Montreal appeared first on Cannabis News | Lifestyle Tips | Expert Opinions | Stocks.

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Cannabis Law Report

JANUARY 21, 2021

Now that the 2020 election is largely behind us and a new president prepares to enter the White House, what… Read More. The post What Could the Biden Administration Mean for Cannabis Banking? first appeared on Cannabis Law Report.

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Cannabis Law Report

AUGUST 18, 2021

OKLAHOMA CITY – Today, VICTOR NGO , 33, of Oklahoma City, and FRIENDLY MANAGEMENT GROUP, LLC (FMG) , an Oklahoma business, pleaded guilty in connection with a scheme to open a bank account under false pretenses to launder proceeds from marijuana sales, announced Acting U.S. Today, Ngo pleaded guilty to making a false statement to a bank.

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Cannabis Law Report

SEPTEMBER 14, 2020

THE PRICE – Free THE DATE – Thursday, September 17th, 2020 from 4:20 PM – 5:2 0 PM THE RATING – THE BLURB – Take … Read More. The post Take My Money Please…Issues Affecting Canna Banking & Merchant Services first appeared on Cannabis Law Report.

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Cannabis Law Report

DECEMBER 7, 2021

Congress is making another run at providing a safe harbor to the banking industry and companies that provide services to cannabis businesses. On September 21, 2021, the House voted to include the Secure and Fair Enforcement Banking Act of 2021 (SAFE Banking Act) 1 in the annual National Defense Authorization Act for Fiscal Year 2022 (NDAA).

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SpeedWeed

MARCH 24, 2021

Two businessmen indicted in 2020 for defrauding merchant banks on behalf of California cannabis delivery company Eaze have been convicted by a Manhattan jury. The post Pair convicted in bank fraud case related to cannabis transactions appeared first on SpeedWeed. View original article.

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The Blunt Truth

MAY 28, 2020

In federal news, the marijuana banking provisions in the latest relief bill may not be dead on arrival. We expressed some doubt last week as to the success of the SAFE Banking provisions in the latest pandemic relief bill. Oklahoma is having some medical marijuana issues. Massachusetts recreational shops reopened. Her reasons?

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Cannabis Law Report

NOVEMBER 28, 2020

In this week’s edition: New Senate Banking Committee leadership open to cannabis industry reforms. The post Cannabis Client Alert – Week of November 23, 2020 first appeared on Cannabis Law Report. New Jersey General Assembly moves forward on a recreational cannabis regulatory … Read More.

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Cannabis Law Report

OCTOBER 7, 2021

Read my op-Ed on Marijuana Banking [link]. Taking action to clarify banking rules for the legal cannabis industry now, rather than standing by while states construct an ad hoc system of conflicting banking rules, will go a long way toward easing that transition.”. — Rodney E. Hood (@Rodney_e_hood) October 8, 2021.

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Greenspoon Marder Cannabis Law Group Blog

JUNE 14, 2019

In a press release published by the House Committee on Appropriations on June 2, 2019, a 2020 Financial Services and General Government Funding Bill was announced. As of June 5 th , 2019 the SAFE Banking Act has been placed on the Union Calendar (Calendar No. By: Nabil Rodriguez, Esq. & & Victor Fox*.

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The Blunt Truth

SEPTEMBER 3, 2020

Assembly Bill 1525 allows cannabis banking under California state law. If CBD for humans is more your speed, Seyfarth will be hosting a webinar, “CBD News You Can Use: FDA’s Progress and Other Updates” on October 1, 2020. It’s been a busy week for the Golden State. The legislature approved two marijuana measures.

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Cannabis Law Report

JULY 8, 2021

In exclusive comments to Green Market Report , Jason Wilson, cannabis banking and research expert at ETFMG (NASDAQ: MJ), which issues the ETFMG Alternative Harvest exchange-traded fund, has given his opinion about the industry for the rest of 2021. The comments are overwhelmingly positive. In the U.S.,

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Cannabis Law Report

JANUARY 10, 2020

ILLINOIS STARTS 2020 ON A HIGH NOTE. by Akshita Singh and Douglas Sargent | Jan 10, 2020 | Legislation , Recreational Marijuana , Social Equity | Illinois. The IDFPR will issue up to 75 new dispensaries licenses on or before May 1, 2020. We are already beginning to work on those applications.

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Cannabis Law Report

FEBRUARY 5, 2020

The “Roadmap to Cannabis Banking & Financial Services”, aims to increase the number of financial service providers in Colorado who serve the state’s legal marijuana and industrial hemp industries. Roadmap to cannabis banking_January 2020. “As 1595, the Secure and Fair Enforcement Act of 2019 (SAFE Banking Act).

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Cannabis Law Report

JUNE 21, 2021

Here’s their letter to the Chair and Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee. The inability of these state-legal entities to bank their significant cash reserves is an issue of public safety. 1] Further, according to BDSA, legal sales in the United States in 2020 generated $17.5

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MassRoots

AUGUST 4, 2020

The California Cannabis Industry Association (CCIA) is calling for cannabis businesses to join them in imploring Speaker Pelosi to prioritize the Secure and Fair Enforcement Banking Act (SAFE Banking Act). What is the SAFE Banking Act? CCIA and The Liaison Group have been working tirelessly behind the scenes on SAFE Banking.

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Veriheal

SEPTEMBER 22, 2020

The Veriheal team is incredibly proud and moved to share that our Co-Founders, Joshua Green and Samuel Adetunji, have been named on The Root 100: The Most Influential African Americans in 2020 alongside top industry and cultural trailblazers like Colin Kaepernick, LeBron James, Beyoncé Knowles-Carter, Beatrice Dixon, and Issa Rae.

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Cannabis Law Report

APRIL 27, 2022

Cann Group has executed final documentation to enter into a A$15 million working capital facility with National Australia Bank (NAB) to help scale the business and fund its long-term growth strategy. Cann Group CEO Peter Crock.

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The Blunt Truth

JUNE 11, 2020

Speaking of New Jersey, it tops Motley Fool’s list of four states most likely to legalize cannabis in 2020. The Bank of Oklahoma filed a trademark infringement suit against the company, alleging it tarnished the good name of the bank and confused customers. This move comes ahead of a vote on legalization this November.

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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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The Blunt Truth

APRIL 23, 2020

marijuana banking. Ed Perlmutter (D-CO) is optimistic that cannabis banking could make its way into one of the next two relief packages. Because it’s hard to get money from the federal government if you have no bank account to receive it. See text of bill here. STATE ISSUES.

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Veriheal

FEBRUARY 18, 2021

Washington Makes Bank in Cannabis Tax Revenue. For the past four years, Washington has reliably earned more than $400 million in cannabis tax revenue, and as of 2020, its combined total since legalizing in 2012 is over $2 billion. In 2020, the state brought in almost $800 million in tax revenue. California is a special case.

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Veriheal

OCTOBER 7, 2020

COVID-19 and cannabis have been the tagline of many different media stories in 2020. COVID-19 has affected the relationships being cultivated between cannabis businesses and banks. So, while it may appear that banks are saying ‘no’ to cannabis, that isn’t exactly the case.

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MMJ Recs

JANUARY 27, 2020

What you need to know about Oklahoma medical marijuana in 2020. But perhaps one of the biggest factors that affects Oklahoma MMJ in 2020 is that doctors in the state are permitted to recommend MMJ products for whatever condition they deem fit. Are there new laws around Oklahoma medical cannabis in 2020? Up to 6 mature plants.

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Canna Law Blog

JULY 11, 2020

On Wednesday, July 8, 2020, a bipartisan group of sixteen state treasurers, led by Oregon Treasurer Tobias Read, sent a letter to congressional leaders requesting that the next piece of COVID-19 relief legislation include the SAFE Banking Act.

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The Blunt Truth

SEPTEMBER 22, 2023

We have some information on the SAFER Banking Act – will the “R” make all the difference? SAFER BANKING ACT “A rose, by any other name, would smell as sweet,” says Shakespeare. SAFER BANKING ACT “A rose, by any other name, would smell as sweet,” says Shakespeare. Does the same hold true for cannabis banking legislation?

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Cannabis Law Report

JUNE 22, 2019

Will hemp taint your banking relationship? . Many have setup legal entities and registered under their states’ regulatory programs as permitted growers but have hit a hurdle that most new businesses hop right over: opening a bank account. . If you wish to re-publish this story please do so with following accreditation.

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The Blunt Truth

MARCH 5, 2020

Treasury Secretary Steven Mnuchin painted a vivid picture of the IRS’ problems with the lack of banking services to the marijuana industry. “We have to build cash rooms to take in large amounts of cash where people owe us taxes, because we want to collect the taxes, and those entities are not banked,” Mnuchin said.

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Americans for Safe Access

NOVEMBER 2, 2020

The 2019-2020 congressional session has certainly provided some hope for the future of federal cannabis reform, with the 2019 House passage of the SAFE Banking Act ( HR 1595 ) and a 2020 vote still likely on the MORE Act (HR 3884 ) in the post-election lame duck session.

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