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.

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Banking Legalization Safety Access 52

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.

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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.

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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.

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Banking Legislation State Laws Business 71

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.

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Banking Dispensary Legislation State Laws 45

Cannabis Law Report

FEBRUARY 14, 2020

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. We are a bipartisan group, with operations spread across the United States.

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Banking Safety Environment Business 59

Cannabis Law Report

JUNE 5, 2019

House Democrats have introduced bipartisan legislation to address the conflict between states that have legalized cannabis within their borders for medical and/or personal use, and federal law, under which cannabis remains a Schedule I controlled substance. The Secure and Fair Enforcement (SAFE) Banking Act of 2019 , H.R.

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Banking Compliance Compliance State Laws 40

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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Banking Hemp Safety Business 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.

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Banking Hemp Business Cannabis 77

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

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Banking Compliance Compliance Business 52

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.

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Programs Banking Marijuana Conditions 124

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.

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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.

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Banking Supply Chain Seed-To-Sale Data 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.

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Banking Data Media Business 40

NORML

FEBRUARY 27, 2019

Currently, almost none of the businesses operating in the cannabis space can legally obtain a bank account, process a credit card, or take a standard business deduction on their federal taxes. Not to mention it would mark the end of the failed and shameful criminalization of cannabis possession by otherwise law-abiding adults.

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Banking Policy Business Safety 135

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.

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Banking Safety Business History 45

NORML

MARCH 20, 2020

In short, federal anti-drug laws continue to define the state-authorized cannabis industry, and those who work in it, as drug felons. That is why these businesses continue to face undue discrimination under federal law, including the lack of access to banking services and a prohibition of standard business tax deductions.

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Business Legislation Access Policy 333

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.”

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Banking Marijuana Collective State Laws 48

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).

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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. .

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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. “These meetings have highlighted how important it is for these entrepreneurs to have access to financial services for their business operations.

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Banking Marijuana Legislation Business 35

Canna Law Blog

NOVEMBER 3, 2023

In short, state-legal marijuana businesses would be treated more like other businesses, outside of the frustrating prohibition on marijuana crossing state lines. They would get similar access to banking, SBA loans, and federal tax treatment, for starters.

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Topical DEA Cannabis State Laws 112

Canna Law Blog

JUNE 22, 2023

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

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Banking Access Topical State Laws 56

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. In other federal news, Democrats included the SAFE Banking Act in its latest stimulus bill.

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Decriminalization Banking Legislation Access 113

Veriheal

DECEMBER 7, 2022

Due to the plant’s illegal status, banking cannabis business revenue can be tricky. “Financial institutions providing banking services to legitimate and licensed cannabis businesses under state laws are subject to criminal prosecution under several federal statutes,” reads a statement from the office of Perlmutter.

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Business Banking Advocacy Cannabis 99

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.

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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.

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Legislation Decriminalization Access Patients 241

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.

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Banking Therapy Business Access 94

NORML

APRIL 5, 2019

Legislation is pending, Senate Bill 305, to permit qualified patients the ability to access medical cannabis preparations while in health care facilities. Click here to email your lawmakers in support of expanded medical access. Under state law, adults face civil penalties for minor marijuana possession offenses.

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Legislation Banking Hemp Compliance 183

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.

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Banking Research and Development Legislation Access 52

Cannabis Law Report

JUNE 8, 2021

Some of the biggest legal challenges that cannabis businesses face, such as the lack of access to banking, and merchant processing. The FDA’s role in the cannabis legal landscape, and how the lack of leadership and regulation has led to complex state-by-state laws CBD companies must navigate.

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Hemp CBD Legalization Banking 105

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, . “The In a letter published one day later, Sens.

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Banking Safety Compliance Compliance 52

Canna Law Blog

FEBRUARY 9, 2022

Cannabis, psychedelics, and banks. In fact, the feds haven’t even taken a clear position one way or another on whether or how they will enforce the Controlled Substances Act (CSA) in states that legalize psilocybin. There is just no way that financial institutions will bank psilocybin funds for the time being. Think again.

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Business Banking Compliance Compliance 80

The Blunt Truth

JULY 30, 2019

Industry expert panels discussed market trends, private equity, venture capital, family offices, and banking, as well as commercial real estate, which I had the opportunity to moderate. Banking – here, too, experts caution that there won’t be advancements until the feds legalize.

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Banking Hemp Cannabis Access 78

NORML

JUNE 23, 2019

Governor Kate Brown (D) signed legislation into law to to automatically conduct a review of past misdemeanor cannabis convictions, and to “set aside” offenses that are no longer a crime under state law. Click here to email your lawmakers in support of medical cannabis access at school. CA resident? Update : S.

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Legislation Hemp Decriminalization Agriculture 183

NORML

FEBRUARY 22, 2019

Legislation is pending, House Bill 2149, to amend the definition of “cannabis” under the 2010 voter-approved medical marijuana law. Legislation is pending, Senate Bill 305, to permit qualified patients the ability to access medical cannabis preparations while in health care facilities. California. CA resident? Connecticut.

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Legislation Hemp Compliance Compliance 175

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.

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