Cannabis Law Report

AUGUST 30, 2021

Dispensaries and other marijuana industry companies continue to have difficult time getting cannabis banking services. Senate, at least for the moment, some lawmakers are turning their attention to dealing with weed-related banking issues. Why Marijuana Banking Changes Are Needed. It’s something he’s pushed for since 2013.

Banking 99

Banking Legalization Dispensary Legislation 99

NORML

MARCH 8, 2019

A bipartisan coalition of more than 100 co-sponsors has reintroduced legislation in Congress, The Secure and Fair Enforcement Banking Act (SAFE Banking Act), HR 1595 , to allow state-licensed marijuana-related businesses to engage freely in relationships with banks and other financial institutions. This situation is untenable.

Banking 181

Banking Access Business Safety 181

Canna Law Blog

SEPTEMBER 18, 2023

I’m pretty sure that more ink has been spilled on the Secure and Fair Enforcement Act (“SAFE Banking”), than any other proposed cannabis law. Specifically, SAFE Banking was introduced in 2017 and it passed the House seven times (seven times!) SAFE Banking will finally go to mark-up this week in the Senate Banking Committee.

Banking 82

Banking Access Business Compliance 82

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.”. Ohio State Legal Studies Research Paper No. Drug Enforcement and Policy Center, August, 2022. 21 Pages Posted: 12 Aug 2022.

Banking 52

Banking Access Research and Development Policy 52

Cannabis Life Network

FEBRUARY 14, 2023

The cannabis industry is suing Canadian banks. Canada’s legal cannabis industry has launched a class-action lawsuit against Canada’s large cartel of banks. They allege the banks have discriminated against them by arbitrarily closing accounts and denying services and access to credit.

Banking 75

Banking Access Cannabis Legalization 75

NORML

MAY 12, 2020

Included in the language of the bill is 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. Members of the House of Representatives voted 321 to 103 in favor of the Act in September.

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Packaging Banking Business Legislation 289

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

MMJ Recs

MAY 5, 2024

Its legal framework has evolved, and an understanding of California medical cannabis regulations is essential for patients, caregivers, and those who have an interest in the cannabis industry. However, recreational use has also recently been legalized in California but it remains illegal under federal law.

Law 52

Law Marijuana Cultivation Patients 52

Veriheal

APRIL 14, 2022

Banking has been a hurdle for cannabis businesses since the birth of the industry. Despite the fact that these businesses are state-legal, financial institutions have historically hesitated to work with them due to cannabis’ federally illegal status. A Long Road to Cannabis Banking Reform. Ed Perlmutter (D-Colo.)

Banking 116

Banking Business Cannabis Access 116

NORML

OCTOBER 15, 2019

NORML Canada launches official Post-Legalization platform to focus advocacy efforts on reforming Canada’s legal Cannabis system. 1) Increased Access. 1) Increased Access. 2) Transitioning “Unregulated Market” into the legal framework. 4) US relations – border & banking.

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Legalization Advocacy Banking Access 196

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. Section 280E.

Banking 81

Banking Compliance Compliance State Laws 81

MJ Business Attorneys

JANUARY 6, 2023

Although legal cannabis markets exist at some level in the majority of states in the country today, they fight to survive amidst a web of restrictive and confusing regulations that make it difficult for businesses to operate in the black. It’s an especially challenging time for cannabis businesses.

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Legalization Compliance Compliance Research and Development 246

Canna Law Blog

DECEMBER 9, 2021

The hopes for better and increased marijuana banking, which were tied up in the Secure and Fair Enforcement ( SAFE ) Banking Act (a serious and common sense federal marijuana banking bill), are currently dashed since the SAFE Banking Act has been left out of the Senate’s changes to the National Defense Authorization Act (“ NDAA “).

Banking 87

Banking Marijuana Business Access 87

Veriheal

DECEMBER 1, 2022

Historically, it has been difficult for cannabis-related businesses to access reliable financial services due to its illegal federal status. CRO Financial Services: The SAFE Banking Act. The SAFE Banking Act was introduced in 2019 and has passed the House seven times, but it still needs to make it to the Senate floor.

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Access Banking Policy Legislation 108

Cannabis Law Report

JULY 11, 2022

The governor of Pennsylvania on Monday signed a bill that includes provisions to protect banks and insurers in the state that work with licensed medical marijuana businesses. Pro-legalization Gov. Pennsylvania Governor Signs Marijuana Banking And Insurance Reform Bill Into Law. Marijuana Moment report. Full report at.

Banking 52

Banking Law Legislation State Laws 52

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.

Banking 52

Banking State Laws Law DEA 52

Canna Law Blog

DECEMBER 1, 2022

As we’ve written about over the past several years, there have been consistent rallying cries for common-sense banking reform for the cannabis industry. The SAFE Banking Act, which would allow federally regulated financial institutions to work with state-legal cannabis businesses, has been passed by the U.S.

Banking 73

Banking Safety Access Legislation 73

Canna Law Blog

AUGUST 17, 2023

Oregon’s governor recently vetoed an effort to create a state bank for marijuana businesses, in another blow to the struggling industry. The lack of consistent, equitable access to banking has been recurring issue for Oregon marijuana businesses and those in other states.

Banking 52

Banking Marijuana Legislation Business 52

Canna Law Blog

MARCH 13, 2023

The Safe Banking Act , also known as the Secure and Fair Enforcement Banking Act (SAFE Banking Act), is sorely needed legislation to address the critical issue of financial services being denied to marijuana businesses that operate in the state-legalized industries. What is the SAFE Banking Act?

Banking 81

Banking Business Safety Legislation 81

Canna Law Blog

MAY 13, 2022

The SAFE Banking Act has languished in Congress since early 2017, a victim of political gridlock and division, as well as political wrangling over broad approaches to cannabis legalization. We last covered the SAFE Banking Act in February , when it looked as though 2022 would be the sixth year in which this bill would die.

Banking 84

Banking Legislation Safety Decriminalization 84

Veriheal

OCTOBER 30, 2023

In 2018, the leaders of 19 Caribbean nations decided that they would “review marijuana’s current status with a view to reclassification” The leaders emphasized the importance of these cannabis legalization bills as a tool for social justice and economic gain. Recently, The Bahamas’ made good on that 2018 promise.

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Legalization Therapy Decriminalization Epilepsy 117

Cannabis Chronicles

MAY 8, 2019

banking system to the legal marijuana industry. Most Americans live in states where marijuana is legally available in some form. But most banks don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.

Banking 100

Banking Access Collective Business 100

Cannabis Law Report

MAY 2, 2023

Senator Bob Menendez, a senior member of the Senate Banking Committee and Chairman of the Subcommittee that oversees the insurance industry, today announced the reintroduction of the bipartisan Clarifying Law Around Insurance of Marijuana (CLAIM) Act, which would ensure legal marijuana and related businesses have access to comprehensive and affordable (..)

Business 105

Business Banking Legalization Marijuana 105

Canna Law Blog

FEBRUARY 3, 2022

The year 2021 was an emotional roller coaster for marijuana banking. It culminated in the death of the Secure and Fair Enforcement ( SAFE ) Banking Act in the Senate, when it didn’t make it into the National Defense Authorization Act (“NDAA”). In the end, it’s highly likely that SAFE Banking will die again.

Banking 84

Banking Supply Chain Legislation Access 84

SpeedWeed

MARCH 20, 2021

The US House just reintroduced the Secure and Fair Enforcement ( SAFE ) Banking Act, an act that if passed, would help the cannabis industry have access to financial services. Because cannabis is still federally illegal, cannabis businesses have difficulty accessing banking , credit card processing, and business deductions for taxes.

Banking 52

Banking Legalization Safety Access 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? Why MSOs face unique banking challenges.

Banking 87

Banking Supply Chain Dispensary Business 87

Cannabis Law Report

MARCH 8, 2022

consumers support all legal cannabis businesses — including hemp and CBD — having access to banking services. 65% support allowing cannabis businesses to access banking services (e.g. checking accounts, business loans) in states where cannabis is legal. Of the 2,210 adults interviewed for the survey — .

Banking 52

Banking Hemp Business Access 52

Cannabis Law Report

APRIL 28, 2022

Banking associations representing all 50 states and one U.S. territory sent a letter to Senate leaders on Thursday, imploring them to include marijuana banking reform in a large-scale manufacturing bill that’s heading to bicameral conference. ABA and SBA Letter to the Senate Support SAFE Banking in America COMPETES Act 04282022.

Banking 59

Banking Access Legislation Packaging 59

NORML

MARCH 8, 2019

Lawmakers in several states have recently moved forward legislative proposals to either legalize or decriminalize marijuana-related activities. LEGALIZATION. Chris Sununu, who has pledged to veto any legalization bill, “regardless of what the language looks like.” It now awaits action from the House.

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Legalization Decriminalization Marijuana Legislation 188

Veriheal

DECEMBER 1, 2021

A group of associations representing American credit unions recently submitted a letter to Congress urging members to pass critical cannabis banking reform legislation. Because of cannabis’ status as a Schedule I—aka federally illegal—substance, many banks and credit unions avoid hosting accounts for cannabis-related businesses.

Banking 67

Banking Decriminalization Business Legislation 67

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

Cannabis Life Network

SEPTEMBER 26, 2019

House of Representatives passed a bill Wednesday that would grant legal marijuana/pot businesses access to banking, a measure that would clear up a longstanding headache for the industry. The bill, called the SAFE Banking Act, passed 321-103 on the strength of near-unanimous support from Democrats and nearly half of Republicans.

Banking 40

Banking Access Business Legalization 40

Cannabis Law Report

JULY 28, 2021

With Democrats in control of the White House and Congress (at least until the 2022 midterm election), the question remains as to whether this is the year that the federal government enacts meaningful cannabis banking reform. As a refresher, in March 2019, the Secure and Fair Enforcement (SAFE) Banking Act, or H.R.

Banking 105

Banking Safety Business Legislation 105

Cannabis Law Report

DECEMBER 2, 2021

Treasury Secretary Janet Yellen said she supports allowing legal cannabis dispensaries to access the US banking system — where they’re now largely barred — to make it easier for the government to collect tax revenue. Yes, of course it would,” the Treasury secretary replied.

Collective 52

Collective Banking Access Dispensary 52

Cannabis Law Report

OCTOBER 7, 2021

Read my op-Ed on Marijuana Banking [link]. Most experts agree the ultimate legalization of marijuana at the federal level is a foregone conclusion—at this point it’s a matter of when, not if. The evolution of a legal marijuana industry over the last decade is among the most striking social and cultural changes in recent memory.

Banking 52

Banking Access Business Recreational 52

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

SpeedWeed

MARCH 24, 2021

senators attached their names to the Secure And Fair Enforcement (SAFE) Banking Act of 2021, legislation that was reintroduced March 23 in the upper chamber of Congress. The Senate version of the bill comes on the heels of SAFE Banking being refiled in the House on March 18, where it carries more than 100 co-sponsors. Thirty U.S.

Banking 52

Banking Access Safety Business 52