Democrats’ Latest COVID Relief Package Includes Marijuana Banking Provisions

NORML

The latest COVID stimulus package proposed by House leadership maintains provisions permitting licensed cannabis businesses… The post Democrats’ Latest COVID Relief Package Includes Marijuana Banking Provisions appeared first on NORML. Banking COVID-19 News Releases Policy

Attorneys General Push for Marijuana Banking Reform

NORML

Attorneys Generals from 34 states and territories sent a letter today to Congressional leadership urging members to expeditiously pass The Secure and Fair Enforcement (SAFE) Banking Act so that state-licensed cannabis business can explicitly engage in relationships with banks and other financial institutions. Passage of the SAFE Banking Act would represent a significant step forward towards a rational and evidence-based national cannabis policy.”

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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

Senate Proposed Coronavirus Relief Legislation Does Not Include Marijuana Banking Protections

MassRoots

In addition to the dramatic cuts to the weekly enhancements of state unemployment benefits and safety net programs proposed in the House’s version (The HEROES Act), the Senate’s package does not include language that would protect banks who service the legal cannabis industry.

Congress To Vote On Cannabis Banking Bill Next Week

NORML

Majority Leader Hoyer on Friday announced that members of the House are anticipated to hold a floor vote next week on The SAFE Banking Act (HR1595), which explicitly permits banks and other financial institutions to work directly with state-legal marijuana businesses. “The upcoming banking vote is an important first step by Congress, but in no way should it be the last,” said NORML Political Director Justin Strekal. 2019 Banking Business GOVERNMENT

Cannabis banking reform included in latest Congressional COVID relief bill

Leafly

The SAFE Banking Act has been folded into the latest coronavirus relief measure. The post Cannabis banking reform included in latest Congressional COVID relief bill appeared first on Leafly. Politics cannabis banking Congress COVID-19 SAFE Banking ActThat's huge.

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. No industry can operate safely, transparently, or effectively without access to banks or other financial institutions. Send a message to your member of Congress in support of The SAFE Banking Act now!

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.

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

CCIA Calls For Help Supporting The SAFE Banking Act

MassRoots

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? SAFE Banking reduces cash motivated crimes.

Why Is The SAFE Banking Act So Important?

MassRoots

One of the most important pieces of cannabis related legislation, the Secure and Fair Enforcement Banking Act ( SAFE Banking Act ), has the chance to be included in the next round of COVID-19 relief legislation in the United States. Why is the SAFE Banking Act so important?

House Passes Cannabis Banking Bill in Historic Vote

Leafly

A strong vote, 321-103, moves cannabis banking reform over a major hurdle. The post House Passes Cannabis Banking Bill in Historic Vote appeared first on Leafly. Politics banking CongressNow it's the Senate's turn.

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.

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 scheduled hearing, titled “Challenges for Cannabis and Banking: Outside Perspectives” has surprised some in the industry considering that Idaho Senator and Senate Banking committee chairman, Mike Crapo, recently stated he would not consider giving this matter a hearing.

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 CongressThe post Holy Crapo!

A New FinCEN Report Shows a Decline in Banks Working With Cannabis Businesses

Veriheal

COVID-19 has affected the relationships being cultivated between cannabis businesses and banks. Banks love the green, they love businesses that grow and continue to bring in more green UNLESS that green has anything to do with a plant called cannabis.

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

LATEST SENATE CORONAVIRUS RELIEF BILL OMITS CANNABIS BANKING PROTECTION

Cannabis Law Report

Once again, the Senate appears to be punting on much-needed banking and insurance reform for the cannabis industry. The SAFE Banking Act would allow banks … Read More.

House COVID Package Includes Cannabis Banking Relief, But Not Small Business Support

NORML

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. Reform advocates , including NORML, had lobbied leadership to include banking reform in the latest COVID relief measure.

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.

THE CHALLENGES OF NAVIGATING BANKING IN THE CANNABIS INDUSTRY

Cannabis Law Report

Written by: Eric Singular To put it in no uncertain terms, every echelon of the cannabis industry is in desperate need of banking services. The post THE CHALLENGES OF NAVIGATING BANKING IN THE CANNABIS INDUSTRY first appeared on Cannabis Law Report.

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. million California residents, but will it be a powerful enough move to help sway the Senate Banking Committee and Chairman Michael Crapo to move forward on the SAFE Banking Act? The banking struggle is not limited to California.

Cannabis Industry Optimistic on Banking Despite Murky Senate Prospects

Leafly

The bill, which the House passed 321–103 on Wednesday, is seen as a major win for banks, investors, and much of the legal cannabis industry. The post Cannabis Industry Optimistic on Banking Despite Murky Senate Prospects appeared first on Leafly. Industry Politics banking CongressWhat's next?

California Cannabis Banking: Financial Institutions Get Some Cover

Canna Law Blog

As we reported a few times in the past two years, the SAFE Banking Act was a landmark cannabis banking bill that the House of Representative passed last year. The post California Cannabis Banking: Financial Institutions Get Some Cover appeared first on Harris Bricken

Congress looks into allowing banking for marijuana businesses

SpeedWeed

lawmakers are once again exploring efforts to allow legal cannabis businesses access to banks. The Democratic-controlled House Financial Services Committee on Wednesday held a hearing to discuss the Secure and Fair Enforcement Banking Act of 2019, also known as the SAFE Banking Act, reports Yahoo Finance. 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.

Cannabis Banking: Swissx Launches California Bank and Farming Program

Cannabis Law Report

Expanding on its hemp exchange, cryptocurrency and cooperative farming program, Swissx is offering microloans for land and equipment in the Golden State Malibu, CA, July … Read More. Press Release US

Louisiana Expands State Medical Marijuana Program

MassRoots

While cannabis remains illegal under the Controlled Substances Act, businesses licensed by the federal government, like those that provide banking services, are not able to work with any cannabis-related company without fear of federal prosecution. Federal Law: SAFE Banking Act.

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. Politics banking legislation Washington DC

U.S. Pressure Causing Major Canadian Banks to Reject Cannabis Clients

WeedAdvisor

While the SAFE Banking Act makes its way through the legislative process in the U.S., banks remain nervous about involving themselves in the industry. connections, major Canadian banks are starting to close their doors to cannabis clients, leaving many of them scrambling in a cash-only dilemma. Up until now, he had a business account with Royal Bank of Canada, which he obtained prior to becoming licensed. The Canadian cannabis industry is being treated like its U.S.

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 legislationSo today's hearing was aimed at swaying his vote.

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. Under the state legislation, private banks or credit unions can apply for a limited-purpose state charter so they can provide depository services to licensed cannabis businesses.

Banking Woes and Wins for Hemp-CBD

Canna Law Blog

Our firm represents a number of financial institutions and even a federal agency on banking state-legal cannabis. The number one question we have received lately is: “do you know a bank or credit union that will bank my hemp-CBD business?” And if a financial institution is indeed banking your hemp-CBD business, they’re certainly doing it at their own risk in the face of the Bank Secrecy Act and federal anti-money laundering laws.

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.

Take My Money Please…Issues Affecting Canna Banking & Merchant Services

Cannabis Law Report

The post Take My Money Please…Issues Affecting Canna Banking & Merchant Services first appeared on Cannabis Law Report. THE PRICE – Free THE DATE – Thursday, September 17th, 2020 from 4:20 PM – 5:2 0 PM THE RATING – THE BLURB – Take … Read More.

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