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

Greenspoon Marder Cannabis Law Group Blog

JULY 19, 2019

Cannabis Banking. On Tuesday July 23, the Senate Committee on Banking, Housing, and Urban Affairs will discuss the growing need to provide banking services to cannabis businesses. Prior to the July 23 hearing, the SAFE Banking Act received widespread support among House members with 206 co-sponsors. It’s an $8.3

Banking 67

Banking Safety Cannabis Business 67

Canna Law Blog

DECEMBER 24, 2019

Our firm represents a number of financial institutions and even a federal agency on banking state-legal cannabis. The number one question we have received lately is: “do you know a bank or credit union that will bank my hemp-CBD business?” And here’s why.

Banking 74

Banking Hemp CBD Cultivation 74

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

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

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

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 73

Business Banking Compliance Compliance 73

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

MassRoots

AUGUST 3, 2020

Even though more than half of the states in America have legalized some form of cannabis use, whether medical or recreational, the plant and its derivatives remain federally illegal. House Bill 418 aims to provide extra protection for those businesses that operate within the parameters of Louisiana state law.

Programs 124

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.

Banking 40

Banking Hemp Marijuana Events 40

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. Last , when deciding whether to serve hemp-related businesses, credit unions also need to consider other applicable federal and state laws.

Hemp 78

Hemp Business Compliance Compliance 78

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 135

Banking Policy Business Safety 135

Otherside Farms

MAY 5, 2020

It is very challenging to manage finances in any business, especially when it comes to small businesses. Still, there is a lot of perplexity about cannabis business financing. Still, there is a lot of perplexity about cannabis business financing. Financing Options for Weed Businesses.

Business 52

Business Banking Seed-To-Sale Compliance 52

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 22, 2019

On Tuesday July 23, the Senate Committee on Banking, Housing, and Urban Affairs will discuss the growing need to provide banking services to cannabis businesses. Credit Union National Association President and CEO Jim Nussle illustrated this point by stating, “[a]t its heart, cannabis banking is a public safety issue.

Banking 40

Banking Safety Business Cannabis 40

Canna Law Blog

JULY 27, 2023

Today, I want to change gears and talk about some of the strategies we’ve seen work for distressed cannabis businesses in the past. What I’m about to talk about might not work for every cannabis business and certainly not for every problem they face. Yes, some of these strategies may seem obvious at first.

Business 52

Business Cannabis Supply Chain Banking 52

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

Cannabis Law Report

DECEMBER 14, 2019

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks 1 providing financial services to hemp-related businesses. state and federal regulation of marijuana.

Hemp 59

Hemp Business Banking Agriculture 59

Canna Law Blog

DECEMBER 17, 2019

It’s no secret many cannabis businesses can’t get bank accounts or loans or lines of credit from financial institutions because of the Bank Secrecy Act and federal anti-money laundering laws — despite current FinCEN guidance.

Business 64

Business Banking Events Cannabis 64

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

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

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

Canna Law Blog

OCTOBER 30, 2019

Earlier this month, on October 3, the California Department of Business Oversight (the “DBO”) issued a Cannabis Banking Guidance memorandum to its state-chartered financial institutions (banks and credit unions) to help them make appropriate risk assessments in serving cannabis-related businesses and comply with federal guidelines.

Business 43

Business Banking Programs Compliance 43

Cannabis Law Report

SEPTEMBER 20, 2019

Mj Biz report…… A bill that would create a federal safe harbor for financial institutions to serve state-lawful cannabis businesses and ancillary companies will be put to a landmark vote in the U.S. Hoyer, D-Maryland, announced on the House floor that he will schedule the SAFE Banking Act for a vote.

Banking 45

Banking Collective State Laws Policy 45

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

SpeedWeed

MARCH 10, 2021

The first topic we’ll cover is how to start a cannabis business, including tips on location, cost, and long-term success in cannabis. While it may seem like state legalization is a green light for cannabis businesses to open up on every corner, it’s not quite that simple. Which cannabis business model is right for me? .

Business 52

Business Banking Seed-To-Sale Research and Development 52

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.

Banking 40

Banking Law Compliance Compliance 40

Cannabis Law Report

OCTOBER 3, 2019

Colorado’s top federal prosecutor says that he would never tell banks working with legal marijuana businesses in the state that they are devoid of criminal liability. . “As As federal prosecutors,” Jason Dunn told The Colorado Sun on Tuesday, “we will never tell them that what they are doing is lawful under federal law.

Banking 40

Banking Retail State Laws Business 40

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. He represents businesses throughout the hemp industry.

Hemp 105

Hemp CBD Legalization Banking 105

Cannabis Law Report

JANUARY 5, 2022

StandardC, a leader in cannabis & marijuana banking and financial services, announced today that its lending partner had closed the first $5 million loan from their newly established $200M fund for a leading marijuana cultivator using the StandardC platform. Learn more at www.standardc.io and www.bankingcannabis.org.

Banking 52

Banking Marijuana Compliance Compliance 52

NORML

MARCH 7, 2019

Drug Enforcement Administration and Congress still erroneously classify marijuana as a Schedule 1 drug, ignoring the fact that 33 states, including my home state of Hawai‘i, have already accepted the medical use of marijuana under state law.

Legislation 233

Legislation Marijuana Banking Safety 233

Cannabis Law Report

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. Last , when deciding whether to serve hemp-related businesses, credit unions also need to consider other applicable federal and state laws.

Hemp 45

Hemp Business Compliance Compliance 45

Canna Law Blog

DECEMBER 5, 2023

Traditional lenders won’t work with cannabis companies Cannabis companies can’t just walk into a big bank and draw a commercial cannabis loan. Many banks (especially the big ones) and institutional lenders are still too skittish to do business with cannabis companies. You can read about that here.

Banking 94

Banking Cannabis Business Hybrid 94

Cannabis Law Report

AUGUST 19, 2022

He explains that local banks are afraid to do business with companies whose operations are related to cannabis, citing de-risking fears. State minister in the Ministry of Industry, Investment and Commerce, Norman Dunn has said that discussions are taking place at various levels to resolve these issues.

Banking 52

Banking Research and Development Legislation Access 52

The Blunt Truth

JULY 30, 2019

Last week, several members of Seyfarth’s cannabis practice attended CannaVest West and the Cannabis Business Summit & Expo. 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 78

Banking Hemp Cannabis Access 78

Canna Law Blog

JUNE 22, 2023

states have began to relax or repeal local cannabis prohibitions in spite of federal and international prohibitions. These new markets create numerous opportunities for business and investment, but at a great cost: U.S. In the last few decades, U.S.

Banking 56

Banking Access Topical State Laws 56