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

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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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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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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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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Banking Legalization Cannabis Law 83

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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Cannabis Law Report

MAY 15, 2019

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.

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Banking Safety Legislation Business 56

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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Cannabis Chronicles

MAY 8, 2019

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.

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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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Canna Law Blog

FEBRUARY 27, 2019

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.

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Banking Business Legislation Compliance 108

The Blunt Truth

MAY 8, 2019

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).

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Banking Legislation Business Law 48

Canna Law Blog

MARCH 17, 2019

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.

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Canna Law Blog

JANUARY 16, 2019

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.

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Canna Law Blog

APRIL 6, 2019

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.

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Cannabis Law Report

MAY 9, 2019

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

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Canna Law Blog

APRIL 14, 2019

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.

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Banking Legislation Business State Laws 79

Canna Law Blog

APRIL 1, 2019

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.

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Banking Legislation Data Business 79

Cannabis Law Report

JANUARY 30, 2019

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?

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Banking Hemp Business Data 84

Cannabis Law Report

FEBRUARY 15, 2019

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).

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Cannabis Law Report

APRIL 4, 2019

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.

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Cannabis Law Report

MARCH 21, 2019

“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.

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Banking Legislation Business Marijuana 69

Cannabis Law Report

FEBRUARY 13, 2019

Cannabis Law News

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Banking Law Cannabis 72

The Joint Blog

FEBRUARY 20, 2019

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.”

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Banking Collective Access State Laws 46

Cannabis Law Report

APRIL 8, 2019

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.

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Banking Business Legislation Law 56

Cannabis Law Report

APRIL 18, 2019

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.

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Cannabis Law Report

FEBRUARY 12, 2019

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.

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Banking Access Legislation Business 72

WeedAdvisor

FEBRUARY 20, 2019

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.

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The Joint Blog

MARCH 31, 2019

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.

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Banking Access Business Legislation 42

NORML

MARCH 8, 2019

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

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NORML

FEBRUARY 27, 2019

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.

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Banking Safety Access State Laws 163

Cannabis Law Report

APRIL 5, 2019

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.

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Banking Policy Decriminalization Legislation 53

Garvey Schubert Barer - Cannabis Business

JULY 3, 2017

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

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Banking Data Business Marijuana 52

Leafly

MARCH 28, 2019

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.

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Cannabis Law Report

FEBRUARY 26, 2019

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.

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Cannabis Law Report

FEBRUARY 13, 2019

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.

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The Blunt Truth

MARCH 28, 2019

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.

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Dykema (Cannabis Law Blog)

JUNE 28, 2018

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.

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