Cannabis Law Report

JULY 11, 2022

The governor of Pennsylvania on Monday signed a bill that includes provisions to protect banks and insurers in the state that work with licensed medical marijuana businesses. As a standalone measure, the cannabis banking reform passed the Senate earlier this year, and it also cleared a House committee last month.

Banking 52

Banking Law Legislation State Laws 52

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. Members of Congress have introduced the SAFE Banking Act or similar legislation in prior Congresses. Arnold & Porter. credit card companies). Protect all service providers (e.g.,

Banking 52

Banking Compliance Compliance Business 52

SpeedWeed

MARCH 20, 2021

The US House just reintroduced the Secure and Fair Enforcement ( SAFE ) Banking Act, an act that if passed, would help the cannabis industry have access to financial services. Because cannabis is still federally illegal, cannabis businesses have difficulty accessing banking , credit card processing, and business deductions for taxes.

Banking 52

Banking Legalization Safety Access 52

Greenspoon Marder Cannabis Law Group Blog

JUNE 14, 2019

Therefore, other governmental institutions with funds not appropriated under this resolution, including the Department of Justice, would still be allowed to pursue action against financial institutions providing financial services to marijuana businesses.

Banking 64

Banking State Laws Cannabis Business 64

SpeedWeed

APRIL 22, 2021

A bipartisan group of twenty-one state governors sent a letter to congressional leaders on Monday urging lawmakers to support a bill that would allow legal cannabis businesses to have access to traditional banking services. Green Wave Of Legalization Continues Beyond the SAFE Banking Act. states, four U.S.

Banking 52

Banking Safety Access Business 52

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. Therefore, it’s not yet clear whether banks will service clients engaged in those activities.

Banking 64

Banking Hemp Compliance Compliance 64

Canna Law Blog

APRIL 14, 2019

The SAFE Banking Act just got a new, prominent supporter – on April 9, 2019, Treasury Secretary Steven Mnuchin pledged to take a look at the legislation that would allow financial institutions to service cannabis businesses. As we’ve previously written about, there have been several calls for clarity on this banking issue.

Banking 71

Banking Legislation State Laws Business 71

Canna Law Blog

MARCH 20, 2023

We’ve written regularly about the plight of cannabis businesses not being able to secure traditional lending (and other financial services) from major, federally regulated institutions. Why aren’t banks more involved? Despite adoption by a growing number of states, marijuana is (still) federally illegal.

Business 74

Business Banking Compliance Compliance 74

MassRoots

AUGUST 3, 2020

The state’s medical marijuana program has been criticized for being too limited and too restrictive since the program was established in 2016, but the three laws that went into effect on Saturday aim to improve the situation. Federal Law: SAFE Banking Act. House Bill 211.

Programs 124

Programs Banking Marijuana Conditions 124

NORML

FEBRUARY 27, 2019

As the tentacles of the federal policy of cannabis prohibition run deep into nearly every sector of American public policy, a new voice emerged to call for clarity regarding state-legal cannabis marketplaces: Federal Reserve Chair Jerome Powell. Cannabis businesses ought to be held to the same standards as other commercial enterprises.

Banking 136

Banking Policy Business Safety 136

WeedAdvisor

SEPTEMBER 18, 2019

According to Forbes , one third of the Senate now supports the SAFE Banking Act, a bill that would provide dispensaries access to critical financial services. The fear of federal repercussions keeps major financial institutions for dealing with these businesses, despite their being compliant with state law.

Banking 45

Banking Dispensary Legislation State Laws 45

Cannabis Law Report

FEBRUARY 14, 2020

More than 1300 cannabis business owners, executives, and employees co-signed a letter to Sen. Mike Crapo urging him to support the SAFE Banking Act and hold a markup in the Senate Banking Committee. . The House of Representatives passed the SAFE Banking Act by a vote of 321-103 in September, with 91 Republicans voting in favor.

Banking 59

Banking Safety Environment Business 59

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.

Banking 40

Banking Hemp Safety Business 40

Cannabis Law Report

JUNE 5, 2019

The Secure and Fair Enforcement (SAFE) Banking Act of 2019 , H.R. Today there are very few financial institutions — around 500, according to the most recent reports from FinCEN — that have been willing to work with cannabis-related businesses, forcing billions of dollars a year in sales to be made with cash.

Banking 40

Banking Compliance Compliance State Laws 40

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

NOVEMBER 3, 2023

Here are some prominent examples: Wall Street Journal: Marijuana Businesses Seek to Make Federal Restrictions Go Up in Smoke Marijuana Business Daily: Marijuana companies suing US attorney general in federal prohibition challenge Reuters: Cannabis companies in Massachusetts challenge constitutionality of federal drug law Here’s the deal.

Topical 112

Topical DEA Cannabis State Laws 112

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

Greenspoon Marder Cannabis Law Group Blog

AUGUST 26, 2019

Last week, the National Credit Union Administration (NCUA) issued interim guidance stating that federally insured credit unions may provide certain financial services to legally operating hemp businesses. The need for cannabis businesses to have access to banking services continues to gain federal support.

Banking 40

Banking Hemp Marijuana Events 40

Cannabis Law Report

NOVEMBER 12, 2019

Many legal cannabis suppliers and retailers are being forced to operate in a cash-intensive market due to federal laws that limit access to traditional banking. Banks face four significant challenges when servicing the cannabis industry, according to a California state-backed report.

Banking 45

Banking Supply Chain Seed-To-Sale Data 45

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. businesses. businesses. at §§ 841(b), 853. . §

Banking 45

Banking Safety Business History 45

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.

Banking 40

Banking Data Media Business 40

Cannabis Law Report

JULY 31, 2019

Americans’ access to cannabis has also grown as states pass various laws allowing medical and adult use of the plant. As of today, a majority of states and U.S. With this federal classification, the cannabis industry is isolated from banking and, in many cases, reduced to a cash-only venture. Jeff Merkley (D-OR).

Banking 40

Banking Research and Development Safety Legislation 40

Greenspoon Marder Cannabis Law Group Blog

JULY 26, 2019

On Tuesday July 23, 2019, the United States Senate Committee on Banking, Housing, and Urban Affairs hosted a hearing to discuss national safety implications relating to federal regulations that force cannabis businesses to operate on a cash basis. And that puts them and the Americans they do business with at risk. .

Banking 40

Banking Cannabis Business Safety 40

The Joint Blog

SEPTEMBER 30, 2019

In a historic 321 to 103 vote, the United States House of Representatives has passed a bill to allow banks to work with marijuana businesses that are legal under state law. House Approves Marijuana Banking Bill appeared first on TheJointBlog. Don Young, R-Alaska, co-sponsor of HR 1595. ” The post U.S.

Banking 35

Banking Marijuana Legislation Business 35

The Joint Blog

FEBRUARY 20, 2019

Legislation that would protect banks who provide services to medical marijuana businesses has been passed by the full West Virginia House of Delegates. “The purpose of this section is to provide a solution to the banking problems encountered by the state in connection with the Act.”

Banking 48

Banking Marijuana Collective State Laws 48

Canna Law Blog

JUNE 22, 2023

These new markets create numerous opportunities for business and investment, but at a great cost: U.S. federal prohibition, for example, creates tax headaches, immigration and naturalization concerns, and limitations on access to financial institutions.

Banking 57

Banking Access Topical State Laws 57

The Blunt Truth

OCTOBER 1, 2020

Four members of Congress introduced a bill allowing the marijuana industry to access relief funds. Cannabis banking appears in the Democrats’ new stimulus bill. The Nebraska Supreme Court ruled in favor of CBD sellers in the state. The Small Business Disaster Relief Equity Act seeks to change that. cannabanking.

Decriminalization 113

Decriminalization Banking Legislation Access 113

Cannabis Law Report

JUNE 8, 2021

We discussed a number of topics, including: My first-hand experience with CBD and my path to representing businesses in the cannabis industry. Some of the biggest legal challenges that cannabis businesses face, such as the lack of access to banking, and merchant processing. June 8, 2021.

Hemp 105

Hemp CBD Legalization Banking 105

Cannabis Law Report

NOVEMBER 23, 2021

Mark Kelly – United States Senator. Rosen Leads Bipartisan Effort to Ensure SAFE Banking Act Included In NDAA. Letter from Senate Armed Services Committee Members Urges Committee Leaders to Keep House-Passed Bipartisan Bill Allowing Legal Cannabis Businesses to Access Critical Banking Services in Final Version of NDAA.

Banking 52

Banking Access Business Legislation 52

NORML

JANUARY 19, 2020

The bill would prohibit employers terminating an employee for the employee’s lawful off-duty activities that are lawful under state law even if those activities are not lawful under federal law, such as consuming cannabis. Send a message to your lawmakers in support of medical marijuana access.

Legislation 243

Legislation Decriminalization Access Patients 243

SpeedWeed

MARCH 1, 2021

For the small business owner, selling a private company to an SPAC can deliver a faster IPO process and increase the selling price point than working with an investment bank. State law protection may also be helpful, depending on your situation. 3 – Take it to the bank. Don’t stand out for all the wrong reasons.

Business 52

Business Banking Data Cannabis 52

MJ Business Attorneys

JUNE 20, 2018

” Although twenty-nine states have enacted laws permitting the use of medical marijuana, and nine states have legalized recreational marijuana use for adults, the clash with federal policy on cannabis has been a nightmare for marijuana businesses.

Banking 100

Banking Compliance Compliance Marijuana 100

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 95

Banking Therapy Business Access 95

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

DECEMBER 4, 2021

Passing the Secure and Fair Enforcement (SAFE) Banking Act through NDAA “would support a rapidly growing industry that creates jobs, supports small businesses, and raises revenue in states that have chosen to legalize cannabis, while reducing safety risks,” the letter goes on to say, . In a letter published one day later, Sens.

Banking 52

Banking Safety Compliance Compliance 52

Cannabis Law Report

AUGUST 19, 2022

The recommendation was also made in light of the fact that access of legally produced cannabis to international markets is likely to be frustrated by numerous treaties established to curtail the illegal trade of cannabis. In the United States the SAFE Banking Act has been passed in the House of Representatives six times.

Banking 52

Banking Research and Development Legislation Access 52

NORML

APRIL 5, 2019

This Act amends the Controlled Substances Act to reduce the number of instances in which federal law enforcement agencies could carry out legal actions against state-licensed cannabis businesses or other related enterprises. Click here to email your lawmakers in support of expanded medical access. CA resident?

Legislation 185

Legislation Banking Hemp Compliance 185