Cannabis Law Report

OCTOBER 21, 2021

Seattle-based cannabis banking startup Shield Compliance is beefing up its staff. Before her role at Shield, Cantrell spent more than 12 years at the Republic Bank of Chicago. She has 20 years of banking experience, the company said. Potts, meanwhile, has joined the company as a business analyst.

Banking 52

Banking Compliance Compliance Safety 52

Cannabis Law Report

AUGUST 17, 2022

According to its sponsors and supporters, the Safe and Fair Enforcement (‘SAFE’) Banking Act would help address the challenges faced by small cannabis businesses that cannot currently access banking services or loans. Promote compliance with state and local regulatory requirements regarding business ownership.

Banking 98

Banking Access Research and Development Compliance 98

Canna Law Blog

DECEMBER 6, 2022

As we blogged about last week, the SAFE Banking Act is trying to claw its way back from the dead during this lame duck session of Congress. Interestingly, on December 2, Punchbowl News reported that the Department of Justice (DOJ) issued a memo outlining its “issues” with the SAFE Banking Act.

Banking 80

Banking Compliance Compliance State Laws 80

Cannabis Law Report

SEPTEMBER 28, 2021

National Law Journal’s 2020 Cannabis Trailblazer Katrina Skinner to Help Lead Company’s Legal Matters and Expansion into Banking, Financial and Payment-Related Services and Solutions for Cannabis Businesses and Related-Banking and Financial Sectors. Says the headline.

Banking 98

Banking Compliance Compliance Law 98

Cannabis Law Report

SEPTEMBER 30, 2021

–(BUSINESS WIRE)– #cannabisbanking –NatureTrak, the leading compliance and risk management solution for financial institutions serving the cannabis industry, today announces its newest customer, Southwest Capital Bank. SACRAMENTO, Calif.–(BUSINESS

Banking 52

Banking Compliance Compliance Business 52

Cannabis Law Report

NOVEMBER 23, 2021

Alliance offers cannabis-related businesses and financial institutions a safer way to process transactions while creating new revenue opportunities. POSaBIT puts compliance at the center of everything it does. POSaBIT puts compliance at the center of everything it does.

Compliance 52

Compliance Compliance Banking Seed-To-Sale 52

Veriheal

SEPTEMBER 1, 2022

introduced a never-before-seen bill—the Capital Lending and Investment for Marijuana Businesses Act (“the CLIMB Act”). banking and insurance). What Business Services Would the CLIMB Act Protect? Guy Reschenthaler (R-Pa.) The proposed legislation, H.R.

Business 138

Business Banking Legislation Cannabis 138

Cannabis Law Report

AUGUST 18, 2021

Local Business Also Pleads Guilty to Laundering More than $770,000 in Marijuana Proceeds through Account. On August 2, 2021, the United States charged Ngo by Information with one count of making a false statement to a bank and FMG with one count of structured money laundering. Here’s the DOJ release.

Banking 98

Banking Business Marijuana Compliance 98

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.

Banking 110

Banking Compliance Compliance Business 110

PrestoDoctor

AUGUST 1, 2022

Marijuana banking options are limited for many entrepreneurs despite the fact that several thirty-six states legalize medical marijuana use. Thanks to a recent cannabis banking bill that has passed in Pennsylvania, cannabis-related businesses now have the right to use financial institutions and insurance for their businesses.

Banking 52

Banking Law Marijuana Compliance 52

Cannabis Law Report

AUGUST 20, 2022

CRCC’s paper, published by the Ohio State University (OSU) Moritz College of Law, is titled “Not a SAFE Bet: Equitable Access to Cannabis Banking, An Analysis of the SAFE Banking Act.”. Raise evidentiary requirements and limit enforcement penalties for MDIs and CDFIs for servicing legitimate cannabis businesses. Cat Packer.

Banking 52

Banking Access Research and Development Policy 52

Cannabis Law Report

FEBRUARY 9, 2022

Well worth a read if you want to catch up on the state of British banking for cannabis / hemp products… it’s not good! Banks, insurance companies and payment providers are refusing to work with cannabis-related companies throughout the UK, hampering the growth of the industry and leaving many in financial limbo.

Banking 59

Banking Business Media Access 59

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

APRIL 2, 2021

Shield Compliance is a comprehensive compliance management platform for banking cannabis-related businesses. The company’s focus is on transforming the way cannabis banks and legal marijuana financial institutions manage risk, comply with regulations, and satisfy operational demands across the United States.

Compliance 52

Compliance Compliance Media Data 52

Cannabis Law Report

AUGUST 12, 2021

IndiNature says investment will help scale up production of its ‘carbon negative’ building material reports Business Green.com. IndiBreathe, an insulation material produced by sustainable construction materials business IndiNature, uses natural fibre made with UK-grown hemp.

Banking 105

Banking Hemp Business Patients 105

Cannabis Law Report

SEPTEMBER 14, 2021

Abrigo, the leader of compliance, credit risk, and lending solutions for financial institutions, today announced its partnership with Green Check Verified (GCV), the top provider of cannabis banking solutions for financial institutions. With this partnership, Abrigo can now assist institutions working directly with CRBs.

Banking 52

Banking Compliance Compliance Business 52

SpeedWeed

JULY 23, 2021

Most of us buy stuff digitally today, whether we are paying by card, banking app, or mobile payments app. . Most popular payment apps will not deal with legal, licensed cannabis businesses. Most banks will not do business with cannabis merchants, either. KindPay works through its partnership with Herring Bank.

Banking 52

Banking Compliance Compliance Retail 52

Canna Law Blog

JULY 7, 2020

Last week, the Financial Crimes Enforcement Network (FinCEN), issued new guidance (the “FinCEN Guidance”) for financial institutions working with hemp-related businesses. The FinCEN Guidance centers on due diligence requirements as related to the Bank Secrecy Act (BSA). ” No surprises there.

Banking 54

Banking Hemp Compliance Compliance 54

SpeedWeed

MARCH 18, 2021

A Michigan credit union just got penalized for working with cannabis businesses, despite the fact that this is a gray area for financial institutions. . This is notable because it is thought to be the first time US regulators have publicly called out a financial institution for compliance issues connected to the cannabis industry.

Banking 52

Banking Compliance Compliance Access 52

Canna Law Blog

MAY 26, 2019

Looks like marijuana banking is stuck, again. The banking associations from all 50 states and 1 U.S. territory sent a joint letter to leaders of the Senate Banking Committee on Monday, to urge advancement of bipartisan legislation that would protect financial institutions that service marijuana businesses.

Banking 90

Banking Marijuana Safety Legislation 90

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.

Banking 64

Banking Hemp Compliance Compliance 64

Cannabis Law Report

DECEMBER 2, 2021

–(BUSINESS WIRE)– #cannabisbanking — NatureTrak , the leading compliance and risk management solution for financial institutions serving the cannabis industry, today announces its newest customer, Northern Redwood Federal Credit Union. SACRAMENTO, Calif.–(BUSINESS About NatureTrak.

Compliance 52

Compliance Compliance Seed-To-Sale Banking 52

Canna Law Blog

FEBRUARY 27, 2019

Six years after it was initially introduced, the House Financial Services Committee released the latest draft legislation that would create a “safe harbor” for banks to serve the rapidly expanding cannabis industry on February 7, 2019. Specifies how businesses on tribal land could qualify; and.

Banking 91

Banking Marijuana Legislation Business 91

Cannabis Law Report

JANUARY 21, 2022

Business Cann reports it is a big blow for the UK sector as they were one of the few in the country that would accept CBD clients… METRO Bank, one of the few institutions in the UK open to working with cannabis-related companies, is now closing its doors to the sector. . Bank Refuses To Comment.

Banking 52

Banking CBD Business Conditions 52

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 73

Business Banking Compliance Compliance 73

Cannabis Law Report

OCTOBER 19, 2021

New Reference Guide Arms Cannabis and Cannabis-Related Businesses with Real-Time Comprehensive Regulatory Information for All 50 States, Delivering State Regulatory Profiles to Users’ Fingertips. Banking Guidance. Governing Authority. Local Opt-Out Option/Authority. Policy Movement. Tax Structure & Rates. License Caps.

Compliance 52

Compliance Compliance Supply Chain Banking 52

Cannabis Law Report

JANUARY 5, 2022

State/Federal agencies accept the certification model as the compliance standard, as well as for applying risk-mitigating strategies. Eagle Federal Credit Union earned a certification in safe monetary banking protocols that establishes high levels of compliance standards and risk-mitigating strategies for banking cannabis and hemp businesses.

Banking 111

Banking Compliance Compliance Hemp 111

Cannabis Law Report

OCTOBER 28, 2021

New mobile wallet app is the solution cannabis businesses have been waiting for. Wayne-based Valley National Bank, a subsidiary of Valley National Bancorp, is creating a new digital payment platform designed specifically for cannabis-related businesses. NJB News reports. ON OCT 27, 2021.

Banking 52

Banking Compliance Compliance Programs 52

Cannabis Law Report

JANUARY 20, 2022

18, 2022 /PRNewswire/ — Burns & Levinson announced today that Max Borg has joined the firm as a partner and Douglas Ginn has joined as an associate in its fast-growing, nationally-known Cannabis Business & Law Advisory Group. and abroad. He began his career as a corporate attorney at Debevoise & Plimpton LLP.

Law 98

Law Business Banking Cannabis 98

Burns Levinson (Cannabusiness advisory)

APRIL 20, 2022

Segall and Scott Moskol of Burns & Levinson, and Terry Neeley of West Coast AML Services, a top compliance advisor to cannabis lenders, will address how cashless ATMs and blockchain payment options may violate credit card company policies and expose dispensary operators, customers, and their banks to potential claims.

Events 89

Events Law Business Banking 89

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.

Banking 45

Banking Compliance Compliance Policy 45

Cannabis Law Report

OCTOBER 26, 2021

New mobile wallet app is the solution cannabis businesses have been waiting for. NEW YORK–(BUSINESS WIRE)– Valley National Bank , a subsidiary of Valley National Bancorp (NASDAQ:VLY), announced today that it is creating a new digital payment platform designed specifically for cannabis-related businesses.

Banking 52

Banking Business Programs Compliance 52

Cannabis Law Report

AUGUST 30, 2021

provide free electronic payments within-network, powerful integrated banking capabilities, and automated compliance. I started my professional career in finance, at an investment banking firm but quickly launched my own venture capital fund. Confia enables cannabis supply chains to flow efficiently.We Mark Lozzi.

Banking 105

Banking Compliance Compliance Supply Chain 105

Cannabis Law Report

DECEMBER 14, 2021

monetary banking protocols in banking cannabis and hemp operations. “ The marijuana industry will soon be exploding in New Mexico , and it is important to have banking safeguards to mitigate illicit and criminal conduct. ALBUQUERQUE, N.M. , Dec.

Banking 52

Banking Hemp Compliance Compliance 52

SpeedWeed

APRIL 2, 2021

The SAFE Banking Act is back in Congress, and political momentum is swinging in favor of the cannabis industry’s need to normalize its relations with financial institutions. Much of the work falls to the cannabis business, of course. We also started a national [cannabis] program back in 2017.

Banking 52

Banking Compliance Compliance Business 52

The Blunt Truth

SEPTEMBER 10, 2019

Citing growth in hemp-related commerce, the NCUA emphasized the need for credit unions to understand the gamut of regulation across jurisdictions in order to lend lawfully to hemp-related businesses. The NCUA instead stressed the need for robust compliance systems to detect unusual suspicious activities warranting such filings.

Hemp 78

Hemp Business Compliance Compliance 78

Canna Law Blog

MARCH 30, 2022

Increasingly, cannabis businesses, particularly dispensaries, are targets for robbery or other criminal activity. The reason that cannabis businesses are being hit particularly hard is not hard to fathom. Federal law still treats cannabis as a Schedule I narcotic, which means businesses have limited access to banking.

Business 82

Business Policy Events Conditions 82