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.

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

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.

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

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

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.

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.

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.

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

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.

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).

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.

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.

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.

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.

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.

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?

Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses

Cannabis Law Report

Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses. H.R. _ , “The Secure And Fair Enforcement Banking Act of 2019” [DRAFT]. Deckard , President, CEO and Chairman, State Bank Northwest, on behalf of Independent Community Bankers of America (ICBA).

McConnell & Wyden Pen Letters To US Federal Banking Finance Regulators Over Financial Services For Hemp Producers

Cannabis Law Report

McConnell-Wyden Letter to FCA re Hemp Banking 4.2.2019. McConnell-Wyden Letter to OCC re Hemp Banking 4.2.2019. McConnell-Wyden Letter to FDIC re Hemp Banking 4.2.2019. McConnell-Wyden Letter to Fed re Hemp Banking 4.2.2019. The letters were sent to the U.S.

SAFE Banking Act Should See Vote In Congress Early Next Week

Cannabis Law Report

“For six years, Congress has failed to act on the issue of cannabis banking, putting thousands of employees, businesses and communities at risk,” Perlmutter said in a statement emailed to Marijuana Moment.

Rep. Heck speaks on importance of SAFE Banking Act

Cannabis Law Report

Cannabis Law News

Marijuana Banking Bill Passed by West Virginia House of Delegates

The Joint Blog

Legislation that would protect banks who provide services to medical marijuana businesses has been passed by the full West Virginia House of Delegates. “The purpose of this section is to provide a solution to the banking problems encountered by the state in connection with the Act.”

Bloomberg Report Says 2 Major Canadian Banks Believe SAFE Doesn’t Provide Protections They Needed To Operate In The USA

Cannabis Law Report

counterparts, who have virtually no experience in the cannabis industry, some of Canada’s big banks already service Canadian pot companies. Bank of Montreal was the first to do a deal for the industry with a C$201 million ($150 million) equity financing for Canopy Growth Corp.

Laundered Chinese Money From Banks In Shanghai & Beijing Funding Black Market Grows In California

Cannabis Law Report

Inside the residence, agents found more than marijuana plants: pay ledgers, receipts and watering schedules written in Chinese, plus a number of suspicious bank statements and another $10,000 in cash, some of it hidden under a mattress.

DEA 65

Marijuana Moment Get Hold Of A Copy Of The Draft Federal Marijuana Banking Bill

Cannabis Law Report

Authored by Reps. Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers (R-OH) and Warren Davidson (R-OH), the draft bipartisan legislation contains several new provisions that didn’t appear in past bills on marijuana businesses’ access to depository institutions.

U.S. Banks Pushing for Access to Legal Marijuana Industry

WeedAdvisor

Banks Pushing for Access to Legal Marijuana Industry. In yet another unprecedented leap forward, United States banks are asking Congress to protect them from federal prosecution over dealing with legal marijuana businesses, according to U.S. This creates a problem for banks. While there is nothing officially stopping them from dealing with cannabis businesses, banks fear it exposes them to prosecution. Banking is an essential service for a variety of reasons.

Federal Legislation to Allow Banks to Work with State-Legal Marijuana Businesses Advances in the House

The Joint Blog

Federal legislation that would allow banks and other financial institutions to provide services to marijuana businesses that are legal under their state’s law has been passed by a key House panel.

Marijuana Legalization Measures Gaining Momentum In Several States

NORML

West Virginia: Legislation ( HB 2538 ) to facilitate banking access for the medical cannabis industry is awaiting action from the Governor. 2019 Banking Decriminalization Legalization LEGISLATION Legislative Update legalization legislation states

Fed Chair To Senate: “I think it would be great to have clarity,” On Cannabis

NORML

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.

Oregon’s Earl Blumenauer Issues Statement On SAFE Banking Act & Re-Introduction Of States Act

Cannabis Law Report

Last week, the most important step ever by any committee was taken in the Financial Services Committee after a three-day long mark-up on the SAFE Banking Act. Since Oregon became the first state to decriminalize cannabis in the 1970’s, I have been working to correct the disconnect between federal cannabis policy and the needs and wishes of the American people.

Banking for Marijuana Businesses on the Rise

Garvey Schubert Barer - Cannabis Business

FinCen reports that the number of depository institutions that are actively banking marijuana businesses increased to 368 by the end of March of 2017.

Enough Talk! Congress Takes Action on Key Cannabis Legislation

Leafly

Congress made progress on two of the most prominent cannabis reform bills this week, setting up key votes that could greenlight cannabis banking and OK state-level legalization. Industry Politics banking Congress legalizationThe post Enough Talk! Congress Takes Action on Key Cannabis Legislation appeared first on Leafly.

Fed Chief Says, “conflicting federal and state laws on the sale of marijuana and other cannabis products put bank supervisors in a “very difficult place.”

Cannabis Law Report

Senate Tuesday that conflicting federal and state laws on the sale of marijuana and other cannabis products put bank supervisors in a “very difficult place.” central bank said further regulatory guidance would be helpful for bank overseers. Federal Reserve Chairman Jerome Powell said before the U.S. ” Asked by Sen. Robert Menendez, D-N.J., about the Fed’s thoughts on the cannabis space, the leader of the U.S.

Rep Heck: We’re late to implement the SAFE Banking Act. Read his press release, the draft bill & full meeting package

Cannabis Law Report

FIRST CONGRESSIONAL HEARING HELD ON CANNABIS BANKING. Today the House Financial Services’ Subcommittee on Consumer Protection and Financial Institutions held the first-ever congressional hearing on the issue of cannabis banking. Because cannabis is considered illegal under the federal Controlled Substances Act, financial institutions providing banking services to legitimate and licensed marijuana businesses are subject to criminal prosecution.

The Week in Weed: March 29, 2019

The Blunt Truth

The breaking news on the federal level is that the SAFE Banking Act has been approved by the House Financial Services Committee (45-15) and will now move to the full House for consideration. In other marijuana banking news, an Illinois Senate panel advanced a bill that would prohibit penalizing or dissuading banks and credit unions from doing business with the cannabis industry. And in West Virginia , the governor has signed a medical marijuana banking bill.

The STATES Act, Rooted in Federalism, Would Address Systemic Risk in Cannabis-Related Banking

Dykema (Cannabis Law Blog)

For financial institutions interested in banking state-legal marijuana businesses, 2018 has been a rollercoaster. In January, Attorney General Jeff Sessions rescinded the Obama-era policy of lenient federal enforcement , creating new confusion for banks and credit unions about the future of marijuana-related banking. Coauthored by Dykema Summer Associate Shaun Sullivan-Towler.