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?

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Banking Business Safety Legislation 81

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. The American Bankers Association (ABA) hasb shared a new poll in conjunction with the Morning Consult showing that the majority of U.S.

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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.

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Cannabis Law Report

MAY 19, 2022

Impacts include risks to public safety and security, impacts on governmental regulatory agency access to banking and depository services, and impacts on small and minority cannabis businesses. CANNRA+Banking+Letter_FINAL.

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Banking Policy Safety Access 52

Cannabis Law Report

FEBRUARY 5, 2020

The “Roadmap to Cannabis Banking & Financial Services”, aims to increase the number of financial service providers in Colorado who serve the state’s legal marijuana and industrial hemp industries. Unbanked cannabis businesses often operate solely in cash, creating a significant risk to public safety,” said Treasurer Dave Young. ”By

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Banking Safety Business Cannabis 69

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 – Outdated federal barriers to banking services continue to severely impact the legal cannabis industry in Oregon and nationwide. Cannabis banking should be a priority,” stated OLCC Chair Paul Rosenbaum. The OLCC Press Release. Workers have been threatened at gunpoint, assaulted and tragically even killed.

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Banking Business Access Safety 52

Cannabis Law Report

OCTOBER 5, 2021

The House of Representatives has approved cannabis banking legislation for the fifth time. The Secure and Fair Enforcement (SAFE) Banking Act is legislation that “would allow marijuana-related businesses in states with some form of legalized marijuana and strict regulatory structures to access the banking system.” [1]

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Banking Legislation Environment Access 52

MassRoots

AUGUST 4, 2020

The California Cannabis Industry Association (CCIA) is calling for cannabis businesses to join them in imploring Speaker Pelosi to prioritize the Secure and Fair Enforcement Banking Act (SAFE Banking Act). What is the SAFE Banking Act? CCIA and The Liaison Group have been working tirelessly behind the scenes on SAFE Banking.

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Banking Access Business Programs 52

Greenspoon Marder Cannabis Law Group Blog

JUNE 14, 2019

Although this resolution is limited in scope, pending legislation on the horizon would definitively remedy this issue, specifically the Secure and Fair Enforcement (“SAFE”) Banking Act. As of June 5 th , 2019 the SAFE Banking Act has been placed on the Union Calendar (Calendar No. Victor Fox is not an attorney.

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Banking State Laws Cannabis Business 64

Canna Law Blog

MARCH 17, 2019

Great news: on March 7, 2019, the “ Secure and Fair Enforcement Banking Act of 2019 ” (or, the “SAFE Banking Act”) was officially introduced in the House of Representatives. If Congress fails to act, we are discouraging responsible, regulated markets and allowing a serious public safety threat to go unaddressed.”. Stay tuned.

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Banking Marijuana Safety Business 74

Cannabis Law Report

OCTOBER 21, 2021

Seattle-based cannabis banking startup Shield Compliance is beefing up its staff. Before her role at Shield, Cantrell spent more than 12 years at the Republic Bank of Chicago. She has 20 years of banking experience, the company said. Cantrell is the new executive vice president of payments and strategic alliances.

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Banking Compliance Compliance Safety 52

Canna Law Blog

JULY 11, 2020

On Wednesday, July 8, 2020, a bipartisan group of sixteen state treasurers, led by Oregon Treasurer Tobias Read, sent a letter to congressional leaders requesting that the next piece of COVID-19 relief legislation include the SAFE Banking Act.

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Banking Legislation Safety Business 62

Cannabis Law Report

JUNE 21, 2021

Here’s their letter to the Chair and Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee. MERKLEY, DAINES URGE COLLEAGUES TO BUILD PATHWAY FORWARD FOR BIPARTISAN LEGISLATION TO ENSURE THAT LEGAL CANNABIS BUSINESSES CAN ACCESS CRUCIAL FINANCIAL SERVICES. Thursday, June 17, 2021. Washington, D.C.

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Banking Legislation Safety Dispensary 66

Cannabis Law Report

SEPTEMBER 25, 2019

House of Representatives approved the Secure and Fair Enforcement (SAFE) Banking Act 321-103. Neal Levine of the Cannabis Trade Federation states … The bipartisan SAFE Banking Act ( H.R.1595 It aims to address the state-legal cannabis industry’s lack of access to banking and other financial services.

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Banking Safety Compliance Compliance 55

Cannabis Law Report

JUNE 11, 2022

Daines’ Safe Banking Act which would which would help improve public safety. Daines’ bill is not about the legalization of marijuana, it’s about public safety. A fifth-generation Montanan, Steve Daines brings 28 years of private-sector business experience to Washington, D.C. as he serves the people of Montana in the U.S.

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Banking Safety Access Business 52

Cannabis Law Report

MAY 25, 2022

Americans for Safe Access has even created a Robbery Preparedness Guide for cannabis businesses. That’s not by choice; rather, because cannabis businesses aren’t welcome in federally insured banks and can’t accept credit cards for payment, cash is the only way they can accept payment. But why is this happening?

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Business Law Banking Dispensary 52

NORML

APRIL 1, 2020

. “In this era of tremendous uncertainty, it is crucial that policymakers use every tool in their toolkit to promote public health and safety. By implementing these common-sense reforms, we can ensure a safer environment for those who work in this essential industry and those who they provide for,” said NORML’s Strekal.

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Cannabis Law Report

DECEMBER 16, 2021

The 2021-2022 State Budget Bill consolidated the three cannabis agencies – the Bureau of Cannabis Control, CalCannabis, and Manufactured Cannabis Safety Branch – into the DCC to try and streamline application processes. Cannabis banking was originally included in the federal defense spending bill but stripped from it at the last moment.

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Law Supply Chain Banking Cultivation 98

NORML

FEBRUARY 27, 2019

Currently, almost none of the businesses operating in the cannabis space can legally obtain a bank account, process a credit card, or take a standard business deduction on their federal taxes. “And when these businesses are forced to operate exclusively in cash, they create serious public safety concerns.”

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Banking Policy Business Safety 138

Cannabis Law Report

MAY 17, 2019

The Sacramento Bee reports……The survey found that 82 percent of surveyed bank executives support Congress passing a law allowing financial institutions to do business with cannabis companies, a practice that is restricted because marijuana is considered an illegal narcotic at the federal level.

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Access Banking Safety Events 55

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.

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Banking Safety Business History 45

Greenspoon Marder Cannabis Law Group Blog

AUGUST 26, 2019

The guidance offers reassurance to credit unions following the 2018 Farm Bill, which federally legalized hemp, but failed to address banking in the hemp industry, leaving the banking industry uncertain as to their capacity to legally serve the industry. I’ve seen dispensary employees have their bank accounts shut down.

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Banking Hemp Marijuana Events 40

SpeedWeed

FEBRUARY 15, 2019

Six years after introducing the Secure and Fair Enforcement (SAFE) Banking Act, a cannabis banking reform measure, co-author Denny Heck finally saw it enjoy its first committee hearing in Congress on Wednesday. Here’s How Cannabis Companies Are Banking Legally on the Down Low. “We are all late,” Rep. .

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Banking Dispensary Safety Seed-To-Sale 53

Veriheal

AUGUST 14, 2023

In a recent controversial move, Mastercard issued a directive to United States banks, ordering them to block cannabis purchases on its debit cards. This new mandate struck a chord because, unlike credit cards, debit cards are linked directly to an individual’s bank account.

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Banking Dispensary Cannabis Recreational 98

Canna Law Blog

SEPTEMBER 26, 2019

Last Thursday, a collation of twenty-six House members sent a letter to the FDA, urging the agency to develop a path for the lawful marketing of Hemp-CBD products. The spending reports mandates the FDA to clear a path for the lawful marketing of these products within 120 days. House of Representatives.

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Hemp Law CBD Banking 86

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. .

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Banking Cannabis Business Safety 40

NORML

JANUARY 19, 2020

At the state level, a new decriminalization law took effect this week in Hawaii involving the possession of up to three grams of marijuana, as well as a procedure for expungement of past convictions for the same amount. Send a message to your lawmakers in support of medical marijuana access. CO resident? IN resident? NH resident?

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Legislation Decriminalization Access Patients 245

Cannabis Law Report

SEPTEMBER 12, 2021

It is time for federal action to clarify and harmonize the laws and regulations surrounding the state-legal cannabis industry and marijuana-related businesses, so that this industry can take part in the legitimate financial services industry.”. Hood Remarks at the PBC Conference 2021: Payments, Banking, Compliance in the Cannabis Industry.

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Banking Law Legalization Hemp 89

Cannabis Law Report

SEPTEMBER 24, 2019

AG Racine Leads Bipartisan Coalition of 21 States In Urging Congress To Pass Cannabis Banking Bill. The STATES Act Would Increase Public Safety by Allowing Cannabis-Related Businesses to Access the Banking System without Fear of Prosecution. Here’s the introduction to the piece by Marijuana Moment.

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Programs Banking Marijuana Access 59

Cannabis Law Report

OCTOBER 28, 2021

Landlords tend to panic at the mere mention of cannabis due to higher insurance costs and most banks’ refusal to mortgage a property used for a cannabis business. Hard Truth 2: Your Business May Not Be Able to Open a Bank Account. Money that flows in will flow back out just as quickly. In the marijuana industry, cash is king.

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Banking Law Business Compliance 52

Cannabis Law Report

MAY 9, 2019

SACRAMENTO – California Attorney General Xavier Becerra, along with a bipartisan coalition of 38 Attorneys General, urged Congress to pass the federal Secure and Fair Enforcement (SAFE) Banking Act to give licensed cannabis businesses access to the federal banking system. This is simple: not incorporating an $8.3

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Banking Safety Access Collective 55

NORML

FEBRUARY 22, 2019

Arizona Governor Doug Ducey signed legislation into law this week permitting the production of industrial hemp in accordance with the new federal regulations. Legislation is pending, House Bill 2149, to amend the definition of “cannabis” under the 2010 voter-approved medical marijuana law. AZ resident? CA resident?

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Legislation Hemp Compliance Compliance 179

Cannabis Law Report

JUNE 28, 2021

Dan Roda is co-founder and CEO of Abaca, a digital financial platform connecting cannabis businesses with bank accounts, payment processing, lending, and more. Villanova Law School – JD. University of Alabama School of Law – LL.M., Full name: Daniel Jonathan Roda, however, he goes by Dan Roda. Title: CEO.

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Banking Access Hemp Business 66

NORML

MARCH 8, 2019

This week, 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. CO resident?

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Legislation Patients Access Seed-To-Sale 170

Veriheal

OCTOBER 12, 2020

The industry is saturated with regulations and restrictions, many of which lead to significant security risks such as having large sums of cash on site of dispensaries due to the lack of banking access within the industry. When putting together any safety & security plan, more is always better. Advice from the Experts.

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Dispensary Safety Banking Business 98

SpeedWeed

MARCH 6, 2021

Public safety at issue. Proponents of these THC caps—who are often the same politicians who stood against legalization and lost—contend that limiting THC levels will increase public safety. Such a cap would render the SAFE Banking Act all but useless, as most cannabis products contain far more than 2% THC. . In 2019, Sen.

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THC Patients Law Chronic Pain 52

Cannabis Chronicles

MAY 22, 2019

“This partnership with WSU and Qwibil will help us research the safety and efficacy of cannabis as medicine for our patients’ use.”. McDonell said research institutions are limited in their access to cannabis users by federal laws that could affect funding.

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