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

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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.

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

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.

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

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.

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 Congress

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 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 post Another Step Forward for Cannabis Banking appeared first on Greenspoon Marder Cannabis Law.

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.

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.

What’s Next for the “SAFE Banking Act” After Passing the House?

Greenspoon Marder Cannabis Law Group Blog

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.

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 legislation

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.

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

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. The banking struggle is not limited to California.

Big banks seeing Canadian cannabis businesses as high risk

Cannabis Life Network

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.

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

Congress looks into allowing banking for marijuana businesses

SpeedWeed

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.

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.

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.

Cannabis Banking In Oklahoma: All You Need To Know

MMJ Recs

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?

Credit Union and Banking Update for Hemp and Marijuana Industries

Greenspoon Marder Cannabis Law Group Blog

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.

The Roll-Up #98: Super Sexy Banking Episode

Leafly

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.

US House passes landmark bill giving pot businesses access to banking

Cannabis Life Network

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.

Supreme Cannabis Announces Q1 2020 Financial Results and $90 million Credit Facility led by Bank of Montreal

Cannabis Life Network

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 […].

Cannabis Banking Committee To Meet 23 July

Cannabis Law Report

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.

House of Representatives Set to Vote on SAFE Banking Act Today

Greenspoon Marder Cannabis Law Group Blog

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.

California DBO Offers Guidance on Cannabis Banking

Cannabis Law Report

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.

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.

Democratic Senator Chuck Schumer Feels SAFE Banking Act is Not Enough

WeedAdvisor

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.

SAFE Banking Act is Good News for U.S. but Might Be Bad for Canada

WeedAdvisor

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.”.

SAFE Banking Act Passes the House, but Fate in the Senate Still Uncertain

WeedAdvisor

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.

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