Canna Law Blog

MARCH 20, 2023

Why aren’t banks more involved? Despite adoption by a growing number of states, marijuana is (still) federally illegal. Federal laws preventing money laundering and other financial crimes create regulatory hurdles so significant for most major banks to service cannabis businesses that it just isn’t worth the compliance burden.

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Business Banking Compliance Compliance 73

NORML

MARCH 22, 2019

House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th. Activists in Oregon have filed a 2020 ballot initiative with the Secretary of State that, if approved, would allow social cannabis consumption sites and protect consumers from employment discrimination.

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Legislation Hemp Patients Compliance 135

Cannabis Law Report

JUNE 11, 2021

Cannabis cannot be lawfully prescribed by physicians; physicians can only “recommend” its use to patients based on individual state laws that identify who qualifies as a patient for its use. Cannabis faces an overall lack of access to financial institutions as well as IRC 280E, and ketamine certainly does not.

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Law Compliance Compliance DEA 104

NORML

MAY 17, 2019

Click here to email your lawmakers in support of banking access. LD 991 also seeks to expunge the records of those convicted of marijuana related offenses that are no longer defined as criminal under state law. Update : SB 51 was heard in the Senate Appropriations Committee on 5/13/19 and 5/16. CA resident? ME resident?

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Legislation Hemp Compliance Compliance 135

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

SMPL

AUGUST 14, 2019

Though ABA specified that it was not taking a position on marijuana legalization generally, it recognized that conflicting federal and state cannabis policies are untenable and have created complications for cannabis businesses operating in compliance with state law.

Policy 40

Policy Research and Development Marijuana DEA 40

Cannabis Law Report

JULY 22, 2019

In a joint op-ed in Fox Business today, American Bankers Association President and CEO Rob Nichols and Credit Union National Association President and CEO Jim Nussle called on lawmakers to resolve the existing conflict between federal and state law with respect to proceeds from cannabis-related businesses. Published July 18, 2019.

Banking 40

Banking Safety Business Legislation 40

Cannabis Law Report

JULY 14, 2021

The Company’s corporate strategy is to focus on opportunistic investments across a broad range of industries, and is seeking to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services, mentoring and access to the Company’s management expertise. federal law.

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Research and Development Clinical Trials Events Treatment 105

Cannabis Law Report

MAY 28, 2022

Despite progress over the past decade, the cannabis industry still struggles to access a fundamental piece of the U.S. Congress should either legalize cannabis or stop deputizing banks as drug enforcement investigators. The State of Banking. what is proposed in the SAFE Banking Act ), or enacting full legalization.

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Banking State Laws Law DEA 52

Cannabis Law Report

JUNE 26, 2022

Thirty-nine states allow the use of medical marijuana, while 18 states and the District of Columbia permit both medical and recreational marijuana. 1 Despite what would appear to be increasingly lawful access to cannabis, it is still classified by U.S. Department of Education or its representative. Annual Notification.

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Research and Development Education Programs Policy 52

Cannabis Law Report

SEPTEMBER 16, 2022

Georgia’s Hope Act, which was signed into law in April 2019, authorized qualified patients to obtain medical cannabis oil with up to 5% THC. The act created the Georgia Access to Medical Cannabis Commission to regulate the program, and the commission began accepting applications for medical cannabis “producers” in 2020.

Law 52

Law Programs Cultivation Dispensary 52

Cannabis Law Report

JUNE 4, 2021

These multi state operators (MSOs) need to take the specific requirements of each state into account in every aspect of their business, from product types offered to how they bank. What are some of the issues that impact an MSO’s ability to access banking? What are multi-state operators?

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Banking Supply Chain Dispensary Business 87

Otherside Farms

FEBRUARY 25, 2019

A few decades ago, you couldn’t open a cannabis dispensary in any state without facing the wrath of the state laws. This is now a thing of the past in most states, thanks to the legalization of the sale and use of cannabis in these states. You’ll now need to consider how you’re going to access capital.

Dispensary 72

Dispensary Legalization Business Law 72

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 187

Cannabis Law Report

AUGUST 8, 2019

investment community as to the boundaries of legal risk and compliance. Law Commission published a report, “Anti-money laundering: the SARs regime”, highlighting the need for guidance on transactions involving the legal cannabis industry in Canada and elsewhere. There is very little guidance for U.K. On 18 June 2019, the U.K.

Legalization 40

Legalization Banking Compliance Compliance 40

NORML

MARCH 29, 2019

House Financial Services Committee has passed The Safe Banking Act, HR 1595 out of committee this week. Governor Jim Justice (R) of West Virginia signed legislation into law that allows financial institutions to provide banking services related to the state’s medical marijuana program. House Judiciary Committee.

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Legislation Decriminalization Hemp Patients 166

Cannabis Law Report

JULY 27, 2019

It is impossible to ignore the serious legal and business complications of franchising a cannabis business due to marijuana being illegal under federal law. Banks, landlords, insurance companies and other service providers remain skittish about doing business with companies that are essentially breaking federal law.

Supply Chain 40

Supply Chain Programs Business Retail 40

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 187

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

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.

Business 80

Business Banking Compliance Compliance 80

Cannabis Law Report

OCTOBER 12, 2021

The brand is being created to represent a focused vision towards becoming a leading house of brands with a mission to empower consumers with access and a variety of trusted cannabis packaged goods. Since 2017, Jill has led the finance, administration and compliance oversight functions for Venom Extracts.

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Extraction Business Hash Events 52

SpeedWeed

MARCH 24, 2021

In the latest episode of the Cannacurio Podcast from Cannabiz Media, I speak with Tony Repanich, President and Chief Operating Officer of Shield Compliance , a comprehensive compliance management platform for banking cannabis-related businesses. I spent 25 years in community banking and I loved it. Welcome, Tony.

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Compliance Compliance Banking Data 52

NORML

APRIL 20, 2019

Click here to email your lawmakers in support of banking access. Legislation is pending, Senate Bill 19-220, to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations. CA resident? Click here to email your lawmakers in support of cannabis delivery services.

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Legislation Decriminalization Hemp Compliance 152

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.

Banking 52

Banking Safety Compliance Compliance 52

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.

Banking 45

Banking Dispensary Legislation State Laws 45

NORML

JUNE 28, 2019

Click here to email your lawmakers in support of medical cannabis access at school. 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 medical cannabis access in healthcare facilities.

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Legislation Access Decriminalization Patients 108

Canna Law Blog

DECEMBER 23, 2021

This includes promulgation of cannabis tax guidelines as well as webinars and public forums dedicated to tax compliance for marijuana businesses (together, the “Guidelines”). Specifically, the Guidelines recognize the challenges faced by the cannabis industry in gaining access to banking services.

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Compliance Compliance Business Cannabis 82

Cannabis Law Report

JUNE 15, 2022

In addition, the licensees must execute a management agreement with a third-party operator to manage and operate the remaining facilities that the department will continue to permit in compliance with state law. PSCs are categories on an RSF to classify business based on known areas of anti-money laundering compliance issues.

Business 52

Business Marijuana Safety Banking 52

Connor & Connor PLLC

NOVEMBER 27, 2019

For example, all 11 states that allow for recreational use restrict it to adults 21 years or age and older. Therefore, retail marijuana stores, and their operators, should be aware of the industry’s best practices for how to limit access to only those customers that meet the requirements within the state. 2] [link]. [3]

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Dispensary Retail Recreational Business 69

Marijuana Lawyer Blog

AUGUST 4, 2021

Controlled Substances Act, possession and sale for any reason remains a federal crime – and federal law supersedes state law. So if marijuana is still illegal in one state, it will remain so unless the state government opts to change that. Does it Have a Shot?

Legalization 52

Legalization Research and Development Banking Recreational 52

Cannabis Law Report

MAY 2, 2019

CCA’s data platform will provide local governments with a number of secure log-in connections to access clear, accurate and real-time data on cannabis activity within their jurisdiction. Institutions must make sure cannabis businesses are not violating state laws or engaging in any other illegal activities.

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Data Compliance Compliance Business 45

Cannabis Law Report

APRIL 24, 2019

Let’s begin with the following: STATES Act Becomes Law. The STATES Act passes in Congress, the President signs it and it becomes law which means that in the states where cannabis is legal : Banking system becomes available to cannabis businesses. See The Murky Part of the STATES Act: Tribal Rights ].

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Legalization Collective DEA Banking 58

NORML

APRIL 26, 2019

At the state level, Governor Doug Burgum of North Dakota signed a package of bills into law to expand the state’s medical cannabis access program. House Bill 243, as well as Senate Bill 236, would provide registered patients with regulated access to medical cannabis via licensed providers. AL resident?

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Legislation Compliance Compliance Hemp 145

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

Canna Law Blog

FEBRUARY 17, 2023

Employment Law Disputes: The legalization of marijuana has created unique challenges for employers who have to balance state laws that allow marijuana use with federal laws that still prohibit it. As a result, there has been an increase in employment law disputes, such as wrongful termination or discrimination claims.

Banking 80

Banking Legalization Business Cannabis 80

Cannabis Law Report

APRIL 5, 2019

Opportunities for Marijuana Establishments to Access Financial Services: Recent Advancements at the State and Federal Level. The result is that these businesses are cash-only businesses whose only access to capital is through private-equity. Authored By: Hannah King. Proposed Legislation in Maine.

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Access Marijuana Legislation Education 45

NORML

FEBRUARY 8, 2019

Senator Ron Wyden introduced legislation in the Senate — The Marijuana Revenue and Regulation Act — to permit states to establish their own marijuana regulatory policies free from federal interference. House Financial Services Committee is scheduled to hold a hearing on cannabis business banking issues next week.

Legislation 174

Legislation Decriminalization Patients Access 174