Expert insights. Personalized for you.
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. NORML Political Director Justin Strekal published on op-ed on the topic in The Hill Newspaper, entitled Businesses need bank accounts — marijuana shops included. ACTIVISM Advocacy Banking ECONOMICS GOVERNMENT INDUSTRY Policy MORE
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. MORE
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. MORE
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. MORE
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? MORE
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. MORE
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 MORE
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.” MORE
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. MORE
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. MORE
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. MORE
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. MORE
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 MORE
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? MORE
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. MORE
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! MORE
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. MORE
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 MORE
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. MORE
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. MORE
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 MORE
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 MORE
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! MORE
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. MORE
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. MORE
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 MORE
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. MORE
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. MORE
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 MORE
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 MORE
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. MORE
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 MORE
Banking Related Topics NORML
SEPTEMBER 28, 2020
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
NORML
MAY 19, 2020
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.”
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
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.
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
MassRoots
JULY 30, 2020
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.
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. “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
|
Leafly
MAY 12, 2020
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.
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. 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!
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.
NORML
JULY 17, 2019
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
MassRoots
AUGUST 4, 2020
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.
|
MassRoots
JULY 28, 2020
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?
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.
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.
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 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.
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 CongressThe post Holy Crapo!
Veriheal
OCTOBER 7, 2020
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.
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.
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
Cannabis Law Report
JULY 28, 2020
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.
NORML
MAY 12, 2020
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.
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.
Cannabis Law Report
OCTOBER 1, 2020
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.
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. 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.
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 CongressWhat's next?
Canna Law Blog
OCTOBER 16, 2020
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
SpeedWeed
FEBRUARY 18, 2019
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 Law Report
JULY 23, 2020
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
MassRoots
AUGUST 3, 2020
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.
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. Politics banking legislation Washington DC
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. 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.
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 legislationSo today's hearing was aimed at swaying his vote.
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. 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.
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?” 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.
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.
Cannabis Law Report
SEPTEMBER 14, 2020
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.
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
56 
Let's personalize your content