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FinCEN Reports on Cannabis Banking and the SAFER Act

Veriheal

The recent surge in the cannabis industry has brought many eyes to witness its potential to grow the American economy. Every day, hundreds and thousands of people walk into cannabis dispensaries in legal states to purchase cannabis. These purchases have contributed to a large growth in the cannabis economy.

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Cannabis Banking Today

Canna Law Blog

We are helping build out another cannabis banking program here in Oregon. We have also handled a good bit of hemp banking work – mostly in 2019 and 2020 before that industry cratered. That’s banking. Here is my shorthand: “ Direct Marijuana Business.” Indirect Marijuana Business.”

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Louisiana Expands State Medical Marijuana Program

MassRoots

New laws expanding the medical marijuana program in Louisiana went into effect on August 1. The state’s medical marijuana program has been criticized for being too limited and too restrictive since the program was established in 2016, but the three laws that went into effect on Saturday aim to improve the situation.

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Oregon Governor Vetoes Marijuana State Bank Bill

Canna Law Blog

Oregon’s governor recently vetoed an effort to create a state bank for marijuana businesses, in another blow to the struggling industry. The lack of consistent, equitable access to banking has been recurring issue for Oregon marijuana businesses and those in other states.

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Banks Get Exposed by New York’s Unlicensed Cannabis Dispensaries

Canna Law Blog

Major banks like JPMorgan Chase and Wells Fargo, as well as landlords such as BentallGreenOak and Ashkenazy Acquisition Corp., have found themselves indirectly involved with New York City’s unlicensed cannabis dispensaries, potentially exposing them to legal issues. Signature Bank, Bank of America Corp.,

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How Important is the SAFE Banking Act, Anyway?

Canna Law Blog

I’m pretty sure that more ink has been spilled on the Secure and Fair Enforcement Act (“SAFE Banking”), than any other proposed cannabis law. Specifically, SAFE Banking was introduced in 2017 and it passed the House seven times (seven times!) SAFE Banking will finally go to mark-up this week in the Senate Banking Committee.

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Pennsylvania Says Yes to Banking for Cannabis Businesses

Veriheal

Banking has been a hurdle for cannabis businesses since the birth of the industry. Despite the fact that these businesses are state-legal, financial institutions have historically hesitated to work with them due to cannabis’ federally illegal status. A Long Road to Cannabis Banking Reform.

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