Attorneys General Push for Marijuana Banking Reform

NORML

In their letter , AGs opine: “The current predicament of a rapidly expanding national marketplace without access to the national banking systems has resulted in an untenable situation. 2020 Banking Congress Attorney Generals banking safe

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.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

Cannabis banking reform included in latest Congressional COVID relief bill

Leafly

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 Act

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.

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 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

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.

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.

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

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

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.

House COVID Package Includes Cannabis Banking Relief, But Not Small Business Support

NORML

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.

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.

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.

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

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.

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.

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

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.

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.

Banking Woes and Wins for Hemp-CBD

Canna Law Blog

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?”

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

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.

Louisiana Legislature Forges Ahead On Cannabis Banking

Cannabis Law Report

Not a headline we’d have predicted for 2020. Marijuana Moment reports Louisiana lawmakers advanced three marijuana reform bills on Wednesday, and that includes legislation that … Read More. Cannabis Law News

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.

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.

Cannabis sector eligible for $40B credit program from government bank

Cannabis Life Network

TORONTO — Devastated bars and lounges, as well as the country’s hard-hit cannabis sector, will finally have access to $40 billion in new credit being made available via the government’s business bank during the COVID-19 crisis, its CEO said on Sunday.

SAFE BANKING ACT INCLUDED IN LATEST COVID-19 RELIEF BILL

Cannabis Law Report

The SAFE Banking Act is perhaps the most important piece of federal marijuana legislation outside of bills for full legalization or decriminalization.

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.

The SAFE Banking Act – Progress on All Fronts

Canna Law Blog

Things are looking better and better for expanded cannabis banking prospects. As we’ve discussed on the blog previously , the SAFE Banking Act would allow financial institutions to serve state-legal marijuana businesses without fear of federal repercussions.

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.

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?

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.

California Cannabis Safe Harbor Banking Bill Advances

Cannabis Law Report

Banks and accountants wouldn’t be committing crimes under California law by providing services to cannabis clients under a bill that passed the state Assembly 60-1 on Monday. Bloomberg reports.

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.

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.