article thumbnail

Update: DOJ and SAFE Banking Act

Canna Law Blog

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. Section 280E.

Banking 80
article thumbnail

The Week in Weed: March 6, 2020

The Blunt Truth

The Department of Agriculture delayed a requirement that the DEA conduct all THC testing on hemp crops. He pleaded guilt y to ingesting marijuana and cocaine. FEDERAL NEWS. So what’s happening on the federal level? The requirement will take effect on October 21, 2021 or upon publication of a final rule, whichever comes first.

Banking 99
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

BVI Premier Andrew Fahie granted US$500 000 bail

Cannabis Law Report

Fahie and the mother and son Maynard duo are accused of agreeing to facilitate the safe passage through BVI ports of tons of Colombian cocaine headed to Miami, in exchange for millions which would be funneled through different businesses and bank accounts to hide the money’s source.

DEA 52
article thumbnail

Dentons Weekly Cannabis Update

Cannabis Law Report

They write… In this week’s edition: Plans to vote on cannabis banking legislation announced in both chambers of Congress, with predictions that House will pass the SAFE Act by the end of October. DEA increases the cannabis research quota. Idaho is the home state of Senate Banking Committee Chairman Mike Crapo.

Vaping 40
article thumbnail

Getting into the Cannabis Business? Here are Some Things you Need to Know

Otherside Farms

Due to cannabis businesses being considered high risk, banks will often not loan money. The community also offers start-up businesses the opportunity to become a part of a larger collective. Credit Card Processing and Banking. Find a legitimate credit card processor or bank that can support your business.

article thumbnail

What if Federal Marijuana Reform Doesn’t Happen Anytime Soon?

Canna Law Blog

The federal government collects vastly more money from the marijuana industry with IRC 280e in place than if 280e were excised from the tax code tomorrow. Then of course there is the DEA, which continues to maintain that marijuana is among the most dangerous substances known to humankind. (It So do many states.

article thumbnail

American Action Forum: Federal Taxation Of Cannabis : Primer

Cannabis Law Report

3] Further, notwithstanding the determination of the Drug Enforcement Administration (DEA), which is required to defer to the Department of Health and Human Services’ assessment that cannabis has no acceptable medical utility, 37 states and four territories have enacted laws allowing for the medical use of cannabis products. [4]

Policy 100