Marijuana Banking Passes Critical Committee

NORML

In the first of what is anticipated to be multiple Congressional votes to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee will today voted to advance The SAFE Banking Act, HR 1595 , 45-15. No industry can operate safely, transparently, or effectively without access to banks or other financial institutions. Our federal banking laws were designed to prevent illicit activity and help law enforcement do their jobs.

Marijuana Banking Bill Scheduled For Committee Markup

NORML

In the first in what are anticipated to be multiple Congressional hearings to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th.

Senate Banking Committee to Hear Testimony Regarding Need for Marijuana Reforms

NORML

Members of the United States Senate Committee on Banking, Housing, and Urban Affairs are scheduled to hear testimony next week regarding the need to provide greater access to financial services for state-licensed marijuana-related businesses. Federal law and regulations currently discourage banks and other financial institutions from working directly with state-licensed cannabis businesses. GOVERNMENT LEGISLATION banking Congress credit financial services SAFE Banking

Congressional Hearing On Marijuana Banking Held

NORML

The House Financial Services subcommittee on Consumer Protection and Financial Institutions held a hearing Wednesday to address the lack of access to basic banking services by state-legal marijuana businesses. ACTIVISM Advocacy Banking ECONOMICS GOVERNMENT INDUSTRY Policy

Another Step Forward for Cannabis Banking

Greenspoon Marder Cannabis Law Group Blog

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. The post Another Step Forward for Cannabis Banking appeared first on Greenspoon Marder Cannabis Law.

The SAFE Banking Act Reintroduced

NORML

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. If enacted, banks would no longer face the threat of federal sanction for working with marijuana-related businesses and entrepreneurs.

Businesses Need Bank Accounts; Marijuana Shops Included

NORML

Imagine operating a business without a bank account. Imagine being forbidden from letting your customers pay for purchases with a credit card, or being able to ask a bank for a small business loan. No industry can operate safely, transparently, or effectively without access to reliable banking solutions. ” Legislation introduced by Rep’s Perlmutter and Heck known as the SAFE Banking Act sought to address this issue in the 115th Congress.

Cannabis Banking Committee To Meet 23 July

Cannabis Law Report

Senate panel will meet next week to consider steps that could make it easier for marijuana companies to obtain banking services, a move that could pave the way for crucial MJ reform. The July 23 Senate Banking Committee hearing – which took industry officials by surprise – includes Sens.

What's Next for Cannabis Banking?

MJ Business Attorneys

The California Legislature passed Senate Bill 51 last week, allowing California state-chartered banks and credit unions to provide banking services for the states’ cannabis businesses. The banking struggle is not limited to California.

California Cannabis Banking

Cannabis Law Report

California Senate passes legislation to create state-chartered cannabis banks. The California Senate approves legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.

In Congress, a Changed House Finally Looks at Cannabis Banking

Leafly

After midterm elections that changed the cannabis equation in Congress, the US House is taking up a key issue: banking and other financial services for the new industry. The post In Congress, a Changed House Finally Looks at Cannabis Banking appeared first on Leafly. Industry Politics banking Congress laws legalization

Bank On It: One Step Closer to Cannabis Business Banking

Greenspoon Marder Cannabis Law Group Blog

The SAFE Banking Act is sponsored by Reps. and would allow banks and credit unions to work with growers, dispensaries and other marijuana-related businesses. Business owners and operators have struggled with the banking crisis since legalization in their respective states, and the pressure has increased recently with reports of banks shutting down cannabis- and hemp-related business bank accounts. By: Rachel Gillette , Partner and Cannabis Law Practice Chair.

Congress looks into allowing banking for marijuana businesses

SpeedWeed

lawmakers are once again exploring efforts to allow legal cannabis businesses access to banks. The lack of banking services has forced many business owners to risk getting robbed by stashing large amounts of cash, or to resort to money laundering.

California bank’s merger could force FDIC to rule on cannabis banking

Cannabis Law Report

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. The bank plans to continue with the merger anyway.

Cannabis Banking on the Horizon

Greenspoon Marder Cannabis Law Group Blog

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. The SAFE Banking Act of 2019 is primarily intended to protect banking institutions that provide financial services to cannabis-related businesses operating within the parameters of state law. As of June 5 th , 2019 the SAFE Banking Act has been placed on the Union Calendar (Calendar No.

Remembering Nevil Schoenmakers, Founder of the First Cannabis Seed Bank

Leafly

Nevil Schoenmakers is celebrated for creating the world's first cannabis seed bank and creating legendary hybrids. The post Remembering Nevil Schoenmakers, Founder of the First Cannabis Seed Bank appeared first on Leafly. Industry Netherlands

MRR Publish: Special Report: Banking & Security

Cannabis Law Report

The Top Concern For Cannabis Retailers : A look at Banking & Security as it related to retailers. WHAT’S INSIDE THIS FREE INTERACTIVE FLIP-BOOK REPORT? Exclusive Interviews: NUG CEO Dr. John Oram, Flower Company CEO Red Lichtenberger, The Clear & CCMG’s Rich Batenburg.

Article: California Poised to Empower Charter Banks to Bank Cannabis Money (SB 51)

Cannabis Law Report

The California legislature is currently considering a first-of-its kind urgency bill, SB 51, the “Cannabis Limited Charter Banking and Credit Union Law.” CDIs would otherwise be subject to all applicable requirements of the financial banking laws. Authors. Heather Canner.

Will hemp taint your banking relationship?  

Cannabis Law Report

Will hemp taint your banking relationship? . Many have setup legal entities and registered under their states’ regulatory programs as permitted growers but have hit a hurdle that most new businesses hop right over: opening a bank account. .

In Congress, a Changed House Finally Looks at Cannabis Banking

SpeedWeed

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.

Jamaican Government Urging Congress to Allow Banks into the Cannabis Industry

WeedAdvisor

If passed, this bipartisan bill would demolish an obstacle that has plagued banks and dispensaries alike. The SAFE Act will effectively solve both of these issues by giving banks the green light (no pun intended) to work with dispensaries in legal states, without fear of prosecution.

California Creates “Cannabis Banks” for Legal Marijuana Businesses

WeedAdvisor

Banking and the cannabis industry have a somewhat hands-off relationship. banks are skittish about doing business with dispensaries in legal states. Even taxes cannot be paid electronically through a bank, forcing owners to literally hand massive amounts of cash to the IRS every year. SAFE Banking Act of 2019”) to protect banks against such prosecution. Much like state legalization, the cannabis banks fly in the face of federal law.

Californian Cannabis Banking Bill , Key Hearing Thursday.

Cannabis Law Report

LOS ANGELES — The fate of a bill that would allow state-chartered banks and credit unions to provide services to California’s marijuana businesses could be determined Thursday when a key hearing is held on the legislation.

United States: Banking Marijuana And Industrialized Hemp

Cannabis Law Report

The world of marijuana banking has been rife with compliance risks for years. Bank Secrecy Act Compliance. The Bank Secrecy Act is a very important regulation that financial institutions will adhere to when offering products and services to hemp-related businesses. July 1 2019.

420 Clinic is supporting the Calgary Food Bank

420 Clinic

This holiday season, the Clinic is proud to be supporting the Calgary Food Bank. After a successful food bank drive last year, we are looking forward to continuing that impact. We will ensure all the items are delivered safely to the Calgary Food Bank at that time.

Food 52

Attorneys general from 33 states urge pot banking reform

Cannabis Chronicles

banking system to the legal marijuana industry. 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. billion industry into our banking system is hurting our public safety and economy,” said California Attorney General Xavier Becerra, whose state is the nation’s largest legal pot shop.

The Marijuana Banking Bill is Back and Stronger Than Ever

Canna Law Blog

Six years after it was initially introduced, the House Financial Services Committee released the latest draft legislation that would create a “safe harbor” for banks to serve the rapidly expanding cannabis industry on February 7, 2019.

US Senate to Hold Hearing Next Week on ‘Challenges for Cannabis and Banking;’ Cannabis Trade Federation Chairman Invited to Testify

Cannabis Law Report

WASHINGTON — The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing Tuesday, July 23, on “Challenges for Cannabis and Banking: Outside Perspectives.” The SAFE Banking Act ( S. Joanne Sherwood, CEO, Citywide Banks.

Industrial Hemp and the Banks: Slow Going

Canna Law Blog

We represent a handful of banks (and a larger handful of credit unions), and we give those outfits advice on banking hemp and marijuana. A few of these clients are relatively nimble and bold, but at the end of the day they are still banks.

The Marijuana Banking Bill Is Off To A Strong Start

Canna Law Blog

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.

Another Round of Rally Cries for the SAFE Banking Act

Canna Law Blog

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.

Will Banks be Able to Play it SAFE with Marijuana Related Businesses?

The Blunt Truth

Accordingly, financial institutions that handle proceeds from a transaction involving the distribution, manufacture or sale of marijuana would be handling illegal proceeds in violation of both federal money laundering statutes and banking regulations that prohibit such institutions from participating in any transaction or engaging in any relationship involving illegal proceeds. institutions interested in providing banking services to marijuana related businesses (MRBs).

CA Senate Votes 35-1 To Pass State Cannabis Banking Bill

Cannabis Law Report

Shut out of the traditional banking system by federal laws, the country’s largest legal marijuana market in California could benefit if the state approves a measure creating a special class of banks to handle pot money. SACRAMENTO, Calif.

Senators Wyden and McConnell Press for Hemp Industry Banking Services

Canna Law Blog

Unfortunately still the position for most banks and hemp. Shortly after the 2018 Farm Bill passed, legalizing industrial hemp, we predicted that banking services for hemp businesses would be slow going.

Federal Appropriations Bills Include Limited Cannabis Protections

NORML

SAFE Banking. As many who live in legal states know, cannabis businesses have a real banking problem – primarily that they do not have bank accounts. Advocacy Banking GOVERNMENT Policy

Everyone’s Asking: Why Isn’t the Marijuana Banking Act Moving in the Senate?

Canna Law Blog

Looks like marijuana banking is stuck, again. The banking associations from all 50 states and 1 U.S. territory sent a joint letter to leaders of the Senate Banking Committee on Monday, to urge advancement of bipartisan legislation that would protect financial institutions that service marijuana businesses. Despite this ever-growing voter preference, current federal law continues to prevent banks from safely banking these businesses without fear of federal sanctions.

The Marijuana Banking Act Is Going Down (To the Floor)

Canna Law Blog

After its introduction on Tuesday, March 26, 2019, the House Financial Services Committee has voted 45-15 to advance the SAFE Banking Act of 2019 to the House floor on a to-be-determined date.

US Bid To Ease Cannabis Banking Risks Shows Scale Of Challenge Facing Europe

Cannabis Law Report

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. Will the Farm Bill help US banks reap the windfall?

So. Who Are The Attorney Generals Asking For Cannabis Banking Legislation To Go Through Congress ?

Cannabis Law Report

The letter, scroll down to see each signatory… naag-letter-safe-banking-act-2019.

Article – Thompson Coburn LLP: United States: Congress Moves To Address Cannabis Banking Reform

Cannabis Law Report

The Secure and Fair Enforcement (SAFE) Banking Act of 2019 , H.R. The SAFE Banking Act would prohibit federal regulators from interfering with cannabis-related financial transactions in jurisdictions that have a legal regulated industry.