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.

Senate Banking Committee Holds Hearing On Cannabis Banking

NORML

Earlier today, the Senate Banking Committee held a hearing on the SAFE Banking Act, which would allow financial institutions to engage in activities with state-legal cannabis businesses. The hearing was entitled, “Challenges for Cannabis and Banking: Outside Perspectives.” Senator Jeff Merkley, the lead sponsor of the SAFE Banking Act. ” 2019 Banking GOVERNMENT

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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.

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

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

Holy Crapo! Cannabis Banking Reform Makes Surprise Headway

Leafly

Mike Crapo, the Senate banking committee chair, signals an openness to cannabis financial reform. Cannabis Banking Reform Makes Surprise Headway appeared first on Leafly. Politics banking Congress

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.

Banks Are Redlining the 99% Out of the Legal Cannabis Industry

Leafly

And not a bank in the nation will offer a small business loan. The post Banks Are Redlining the 99% Out of the Legal Cannabis Industry appeared first on Leafly. Industry Politics banking diversity legalizationIt can cost $2 million to open a licensed cannabis store.

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.

Courting Crapo: Today’s Senate Banking Hearing Was All for One Man

Leafly

The SAFE Banking Act won't pass until Senate banking chair Mike Crapo allows it. The post Courting Crapo: Today’s Senate Banking Hearing Was All for One Man appeared first on Leafly. Industry Politics banking Congress legalization legislation

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.

Congress Eyes New Way to Allow Cannabis Banking, DC Sales

Leafly

Provisions in a proposed federal spending bill would protect banks that work with the cannabis industry and would finally allow Washington, DC, to greenlight retail cannabis sales. The post Congress Eyes New Way to Allow Cannabis Banking, DC Sales appeared first on Leafly.

Credit Union and Banking Update for Hemp and Marijuana Industries

Greenspoon Marder Cannabis Law Group Blog

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. By: Kristen Morris, Associate.

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.

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.

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.

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

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.

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.

Senate Committee Hearing Report – Challenges for Cannabis and Banking

Greenspoon Marder Cannabis Law Group Blog

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. By: Nabil Rodriguez, Esq. &

Industry Insiders Predict SAFE Banking Act Could Pass as Early as October

WeedAdvisor

Over the past few months, we covered the progress of the SAFE Banking Act as the fate of financial services to dispensaries hung in the balance. Consequently, cannabis businesses were denied loans, basic banking services and other critical tools that enterprises and individuals take for granted. Regardless, federal banks remain fearful of prosecution for their involvement with legal cannabis businesses. SAFE Banking Act Will Likely Pass. .

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

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.

The Roll-Up #98: Super Sexy Banking Episode

Leafly

The Senate holds a hearing on cannabis banking and it is super super hot. The post The Roll-Up #98: Super Sexy Banking Episode appeared first on Leafly. Also, Kamala Harris and Kirstin Gillibrand win the week in cannabis and social justice.

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.

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.

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. .

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.

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.

LOCKE LORD ARTICLE: SENATE BANKING COMMITTEE HOLDS HEARING ON BANKING REFORM; NOW WE WAIT

Cannabis Law Report

The Senate Committee on Banking, Housing, and Urban Affairs yesterday hosted a hearing titled “Challenges for Cannabis and Banking: Outside Perspectives.” As expected, the Secure And Fair Enforcement Banking Act (“SAFE Banking Act”) was a main focus of attention.

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

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.

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.

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.

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 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.

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.

Big News: The SAFE Banking Act is Getting A Senate Hearing!

Canna Law Blog

Tomorrow, a Republican-controlled Senate Banking Committee hearing will examine cannabis businesses’ lack of access to banking services to further consider the SAFE Banking Act.

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.

Greenspoon Marder Article: Another Step Forward For Cannabis Banking

Cannabis Law Report

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.