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. On September 21, 2021, the House voted to include the Secure and Fair Enforcement Banking Act of 2021 (SAFE Banking Act) 1 in the annual National Defense Authorization Act for Fiscal Year 2022 (NDAA).

Banking 52

Banking Compliance Compliance Business 52

NORML

SEPTEMBER 25, 2019

Members of the House of Representatives voted 321 to 103 in favor, representing 79% of the vote of HR 1595: The SAFE Banking Act, which amends federal law so that explicitly banks and other financial institutions may work directly with state-legal marijuana businesses. What’s Next?

Legislation 278

Legislation Retail Banking Advocacy 278

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.

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Banking Hemp CBD Cultivation 74

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. & Victor Fox*.

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Banking Safety Cannabis Business 67

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

Cannabis Law Report

JULY 1, 2022

Portland, OR. – Outdated federal barriers to banking services continue to severely impact the legal cannabis industry in Oregon and nationwide. While cannabis may be legal in Oregon, criminal enterprises are very aware of this impediment and target cannabis businesses. The OLCC Press Release.

Banking 52

Banking Business Access Safety 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. 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

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

Canna Law Blog

JULY 7, 2020

The FinCEN Guidance centers on due diligence requirements as related to the Bank Secrecy Act (BSA). The purpose of that statement was to to help financial institutions deal with BSA and anti-money laundering (AML) compliance in light of the fact that hemp is no longer a Schedule I controlled substance under federal law.

Banking 54

Banking Hemp Compliance Compliance 54

Cannabis Law Report

JUNE 8, 2021

Rod Discusses Legal Challenges Facing Hemp and CBD with The CBD Guide. Some of the biggest legal challenges that cannabis businesses face, such as the lack of access to banking, and merchant processing. Some of the biggest legal missteps CBD businesses make, and how they can be avoided.

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Hemp CBD Legalization Banking 105

Canna Law Blog

JANUARY 10, 2023

After many attempts to get the SAFE Banking Ac t through Congress, I can say that the industry feels a little defeated on the federal front. Dems had two years of control to get the SAFE Banking Act passed and politics basically kept it from going through. Hence, SAFE Banking made a lot of sense. Even if Rep.

Legalization 75

Legalization Banking Seed-To-Sale Compliance 75

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.

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Programs Banking Marijuana Conditions 124

SpeedWeed

MARCH 21, 2021

State-legal cannabis companies aren’t stashing large stacks of cash behind walls or rubber-banded bankrolls in hidden vaults. billion of legal cannabis sales in the U.S. billion of legal cannabis sales in the U.S. But those banks are not the “national associations” of the world. Shannon Price | Adobe Stock.

Banking 52

Banking Compliance Compliance Business 52

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

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

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.

Banking 59

Banking Safety Environment Business 59

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. Skipping Ahead. .

Banking 45

Banking Dispensary Legislation State Laws 45

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

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

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.

Banking 136

Banking Policy Business Safety 136

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.

Banking 40

Banking Compliance Compliance State Laws 40

MassRoots

FEBRUARY 11, 2019

420, my bill to legalize and responsibly regulate and tax marijuana,” Wyden tweeted on February 8. 420, my bill to legalize and responsibly regulate and tax marijuana. The first one, Small Business Tax Equity Act , proposes that legal cannabis businesses should be allowed to claim tax deductions just like any other small business.

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Legalization Marijuana Legislation Policy 111

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

Veriheal

OCTOBER 22, 2021

Most New Yorkers can now safely indulge in cannabis without fear of being fired, Bank of America is under fire for closing the account of an authorized cannabis research institute, and proposed legislation could help Washington, D.C. Bank of America Closes Account of DEA-Approved Cannabis Researcher. if enacted.

Banking 104

Banking DEA Recreational Packaging 104

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

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

The Blunt Truth

JULY 14, 2022

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. We note the signing of a banking bill in Pennsylvania. A cannabis banking bill is now law! This piece of legislation comes courtesy of the state of Pennsylvania. unhappy senators. pennsylvania.

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Banking Collective Events State Laws 111

The Joint Blog

MAY 22, 2019

The Associated Press is reporting that California is quickly moving forward with a plan to establish a system of banks to work with the marijuana industry which is legal under state law, but illegal under federal law. statutes also prohibit banks from handling money that comes from criminal activity.

Banking 50

Banking Marijuana Retail Collective 50

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

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. ” 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

Cannabis Law Report

JULY 31, 2019

Polls show that about 65 percent of Americans support legalization of marijuana and 93 percent of Americans support medical marijuana. 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. anti-money laundering laws.

Banking 40

Banking Research and Development Safety Legislation 40

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.

Banking 45

Banking Safety Business History 45

Cannabis Law Report

JULY 6, 2022

Dafna Revah, co-founder and co-owner of cannabis dispensary CBD Kratom, had a lot of explaining to do when her bank referred her to a record keeper willing to provide her company with a 401(k) plan. ” None, she repeatedly explained, had Delta-9 THC, the cannabinoid that is illegal under federal law. ” Ms.

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Legalization Tincture Banking Edibles 52

Veriheal

DECEMBER 7, 2022

Operating cannabis-based businesses in The Golden State is no easy feat for retailers. With the plant’s legal status confined by the federal Controlled Substances Act (CSA ) boundaries, cannabis stores are still operating illegally. Due to the plant’s illegal status, banking cannabis business revenue can be tricky.

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Business Banking Advocacy Cannabis 99

Cannabis Law Report

JULY 29, 2022

And there is no dispute that “the federal government continues to lag woefully behind” in correcting the injustices caused by the existing federal drug law and policies, Booker acknowledged. For those twenty-one and older, the CAOA recognizes state law as controlling the possession, production, or distribution of cannabis.

Legislation 52

Legislation Legalization Marijuana Banking 52

Marijuana Lawyer Blog

AUGUST 4, 2021

Our Southern California cannabis lawyers have been carefully eyeing the legal developments happening at the federal level, with Senate Majority Leader Charles Schumer of New York recently releasing draft legislation that would legalize marijuana in the U.S. Marijuana is Legal in Many States – Why Does Federal Legalization Matter?

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Legalization Research and Development Banking Recreational 52