NORML

MARCH 28, 2019

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.

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NORML

SEPTEMBER 20, 2019

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.

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NORML

JULY 23, 2019

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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NORML

MARCH 19, 2019

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.

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NORML

FEBRUARY 14, 2019

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

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NORML

MARCH 8, 2019

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.

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Leafly

SEPTEMBER 25, 2019

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.

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Leafly

AUGUST 5, 2019

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

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Leafly

SEPTEMBER 27, 2019

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 Congress

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Greenspoon Marder Cannabis Law Group Blog

JULY 19, 2019

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.

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NORML

FEBRUARY 13, 2019

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.

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Leafly

JUNE 3, 2019

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.

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Leafly

JULY 23, 2019

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

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Leafly

JULY 21, 2019

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.

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Greenspoon Marder Cannabis Law Group Blog

SEPTEMBER 26, 2019

Yesterday, the SAFE Banking Ac t passed the House receiving bipartisan support with a vote of 321 to 103! It makes it very difficult to be tax compliant if you don’t have a bank account. Now that the SAFE Banking Act has passed the House, it moves on to the Senate.

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MJ Business Attorneys

MAY 31, 2019

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.

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WeedAdvisor

OCTOBER 11, 2019

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. Up until now, he had a business account with Royal Bank of Canada, which he obtained prior to becoming licensed.

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Leafly

FEBRUARY 13, 2019

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

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SpeedWeed

FEBRUARY 18, 2019

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.

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Greenspoon Marder Cannabis Law Group Blog

MARCH 28, 2019

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.

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Cannabis Law Report

MAY 22, 2019

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.

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Cannabis Life Network

OCTOBER 11, 2019

Cannabis is Canada is legal, and was sold as being big business, but as we approach the one year mark of Canadian cannabis legalization, big banks across the country are turning away from weed money.

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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. By: Kristen Morris, Associate.

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Cannabis Law Report

DECEMBER 17, 2019

by Douglas Sargent | Dec 17, 2019 | Banking/Financial Services , Legislation | Federal. After passing the House in September with bipartisan support, the SAFE Banking Act seemed to have momentum. The SAFE Banking Act’s lead sponsor, Sen.

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MMJ Recs

OCTOBER 25, 2019

But there’s one big question that surrounds the medical marijuana industry in Oklahoma: how do banks and the cannabis industry come together for their mutual benefit? Here’s all you need to know about the future of cannabis banking in Oklahoma. What is Cannabis Banking in Oklahoma?

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Leafly

JULY 26, 2019

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.

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Cannabis Law Report

JULY 20, 2019

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.

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Cannabis Life Network

NOVEMBER 15, 2019

million) · Secures $90 million in corporate credit facilities with Bank of Montreal as Lead Arranger and Agent · 7ACRES wins “Brand of the Year” at the Canadian Cannabis Awards · Confirms forecasted net revenue for fiscal 2020 […].

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Canna Law Blog

DECEMBER 24, 2019

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?”

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Cannabis Life Network

SEPTEMBER 26, 2019

House of Representatives passed a bill Wednesday that would grant legal marijuana/pot businesses access to banking, a measure that would clear up a longstanding headache for the industry. The U.S.

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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. 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.

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Leafly

APRIL 1, 2019

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

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Greenspoon Marder Cannabis Law Group Blog

SEPTEMBER 25, 2019

House of Representatives is expected to vote on the Secure and Fair Enforcement Banking Act of 2019 (the “SAFE Banking Act”) today. As a recap, the SAFE Banking Act would shield banking institutions that serve cannabis-related businesses from federal penalties in states where the cultivation, production, manufacturing, sale, transportation, dispensing, and distribution of cannabis is legal. By: Nabil Rodriguez, Esq. & & Allen Paxton*. The U.S.

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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.

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WeedAdvisor

SEPTEMBER 21, 2019

With cannabis reform sweeping across the country, measures life the SAFE Banking Act are welcome by many financial institutions and members of the cannabis industry. If Schumer and his supporters are right, the SAFE Banking Act might need to be shelved for the time being.

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Cannabis Law Report

OCTOBER 31, 2019

The guidance also offers suggestions for banks, in the form of a questionnaire, on the compliance requirements of the Bank Secrecy Act (BSA) and the 2014 guidance by the Financial Crimes Enforcement Network (FinCEN) on cannabis banking.

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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. By: Nabil Rodriguez, Esq. &

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WeedAdvisor

OCTOBER 1, 2019

The Secure and Fair Enforcement Banking Act gained serious traction in recent months, recently passing by an overwhelming majority in the House. But while the SAFE Banking Act could be a huge boon for dispensaries in legal states, The Financial Post warns of potential negative effects on the Canadian marijuana industry. Furthermore, many major banks on both sides of the border are not as excited about the new law as their prospective customers. “A banks as well.”.

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WeedAdvisor

SEPTEMBER 28, 2019

In a ground-breaking – albeit unsurprising – decision, the SAFE Banking Act passed through the house on September 25 th , according to Rolling Stone. The act, which prevents banks from prosecution for engaging with cannabis retailers in legal states, sailed through with a vote of 321-103. Current Risks to Banks. . Although there is technically nothing stopping banks from taking the plunge, current laws make such a move extremely risky.

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WeedAdvisor

SEPTEMBER 18, 2019

According to Forbes , one third of the Senate now supports the SAFE Banking Act, a bill that would provide dispensaries access to critical financial services. Outside the walls of the House and Senate, banking industry insiders and advocates are clamouring to have the SAFE Banking Act passed. ” The group is massive, representing 52,000 banking locations across the country who want to provide services to the cannabis industry.

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420 Clinic

DECEMBER 4, 2018

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.

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WeedAdvisor

MAY 22, 2019

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.

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WeedAdvisor

JUNE 10, 2019

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.

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