Cannabis Law Report

SEPTEMBER 24, 2019

As early as September 23, 2019, the United States House of Representatives is expected to vote on the widely anticipated Secure and Fair Enforcement (SAFE) Banking Act. Today’s cannabis industry encompasses the growth, processing, distribution, and other ancillary services related to both hemp and marijuana.

Banking 40

Banking Law Compliance Compliance 40

The Blunt Truth

SEPTEMBER 10, 2019

Within its memorandum to members, the NCUA provided: 1) a summary of repercussions generated by the 2018 Farm Bill, 2) specific compliance program concerns with regard to the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AML), and 3) considerations under existing NCUA regulations for lending.

Hemp 78

Hemp Business Compliance Compliance 78

Cannabis Law Report

JANUARY 5, 2022

StandardC, a leader in cannabis & marijuana banking and financial services, announced today that its lending partner had closed the first $5 million loan from their newly established $200M fund for a leading marijuana cultivator using the StandardC platform.

Banking 52

Banking Marijuana Compliance Compliance 52

NORML

FEBRUARY 22, 2019

Legislation is pending, House Bill 2149, to amend the definition of “cannabis” under the 2010 voter-approved medical marijuana law. Senate Bill 1003 / House Bill 2273 to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations. AZ resident? Connecticut.

Legislation 179

Legislation Hemp Compliance Compliance 179

Cannabis Law Report

AUGUST 4, 2022

. §856 which states that it is unlawful to lease or lend money on any place involved in using, manufacturing, or distributing any controlled substance. The first question to ask a potential landlord is whether there is an institutional lender, like a Bank of America or U.S. Bank, with a mortgage on the property.

Compliance 52

Compliance Compliance Banking Business 52

Canna Law Blog

MARCH 20, 2023

Why aren’t banks more involved? Despite adoption by a growing number of states, marijuana is (still) federally illegal. Federal laws preventing money laundering and other financial crimes create regulatory hurdles so significant for most major banks to service cannabis businesses that it just isn’t worth the compliance burden.

Business 73

Business Banking Compliance Compliance 73

Cannabis Law Report

DECEMBER 14, 2019

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks 1 providing financial services to hemp-related businesses. JD Supra Release. The Joint Statement.

Hemp 59

Hemp Business Banking Agriculture 59

The Joint Blog

MARCH 5, 2020

Passage of the [Secure and Fair Enforcement] Banking Act or similar legislation will provide security for lawyers and firms acting to advise companies in the industry against having their accounts closed or deposits seized,” a report attached to the ABA resolution states.

Banking 52

Banking Marijuana Compliance Compliance 52

Otherside Farms

MAY 5, 2020

Banks typically don’t provide loans to cannabis ventures especially, those directly involved with the plant or its derivatives. Generally, the FDIC will not insure a bank that takes on “existential” risks, which include loans to companies in violation of federal law. Most banks are under the federal government.

Business 52

Business Banking Seed-To-Sale Compliance 52

Cannabis Law Report

AUGUST 6, 2019

Regulators won’t punish credit unions simply for working with marijuana businesses that are operating in compliance with state laws, the head of the federal agency that oversees the financial services providers said in a new interview. Read the full report at.

Banking 40

Banking Compliance Compliance State Laws 40

Cannabis Law Report

SEPTEMBER 10, 2019

Within its memorandum to members, the NCUA provided: 1) a summary of repercussions generated by the 2018 Farm Bill, 2) specific compliance program concerns with regard to the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AML), and 3) considerations under existing NCUA regulations for lending.

Hemp 45

Hemp Business Compliance Compliance 45

Canna Law Blog

OCTOBER 30, 2019

Earlier this month, on October 3, the California Department of Business Oversight (the “DBO”) issued a Cannabis Banking Guidance memorandum to its state-chartered financial institutions (banks and credit unions) to help them make appropriate risk assessments in serving cannabis-related businesses and comply with federal guidelines.

Business 43

Business Banking Programs Compliance 43

Cannabis Law Report

JUNE 11, 2021

Cannabis cannot be lawfully prescribed by physicians; physicians can only “recommend” its use to patients based on individual state laws that identify who qualifies as a patient for its use. This answer depends on state law. That’s about it though. Can anyone own and operate a ketamine clinic? Source: [link].

Law 104

Law Compliance Compliance DEA 104

NORML

MARCH 22, 2019

House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th. Activists in Oregon have filed a 2020 ballot initiative with the Secretary of State that, if approved, would allow social cannabis consumption sites and protect consumers from employment discrimination.

Legislation 136

Legislation Hemp Patients Compliance 136

NORML

MAY 31, 2019

Legislation is pending, Senate Bill 225, to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations. Click here to email your lawmakers in support of banking access. Click here to email your governor in support of medical cannabis access. AL resident? IL resident?

Legislation 111

Legislation Access Banking Hemp 111

NORML

MAY 24, 2019

Click here to email your lawmakers in support of banking access. This measure prohibits employers from arbitrarily discriminating against prospective employees who legally consume cannabis off-the-job in accordance with state law. Update : SB 51 was approved by the Senate on 5/21/19, and now heads to the Assembly. CA resident?

Legislation 169

Legislation Hemp Access Patients 169

NORML

MAY 17, 2019

Click here to email your lawmakers in support of banking access. LD 991 also seeks to expunge the records of those convicted of marijuana related offenses that are no longer defined as criminal under state law. Update : SB 51 was heard in the Senate Appropriations Committee on 5/13/19 and 5/16. CA resident? ME resident?

Legislation 137

Legislation Hemp Compliance Compliance 137

Cannabis Law Report

DECEMBER 12, 2019

Compliance with state laws is of little benefit when it comes to federal bankruptcy, banking, and tax codes. Cook Investments NW involved several real estate holding companies filing Chapter 11 in Washington State. Federalism questions also arise involving compliance with federal banking and tax laws.

Compliance 59

Compliance Compliance Chronic Pain Banking 59

Cannabis Law Report

NOVEMBER 6, 2021

. “Make sure your engagement letters are appropriately written to clearly describe your scope of services and include provisions requiring your client to affirm it is operating legally under applicable state laws,” she said. Because of that, there is a lot of cash flowing through the industry, Velazquez said.

Banking 52

Banking THC Hemp Cannabis 52

Cannabis Law Report

APRIL 23, 2019

Prior to getting involved in Tax Law, Dionne was a litigator for several years, representing Lenders, Banks and Servicers in Foreclosure actions. I lived in Colorado for a few years, and had the pleasure of working with a logistics company that legally transported money and products throughout the entire State.

Banking 45

Banking Marijuana Law Business 45

Canna Law Blog

AUGUST 23, 2019

Commercial marijuana activity remains a federal crime, and the Bank Secrecy Act (“BSA”) generally prohibits financial institutions from accepting marijuana-generated dollars. Financial institutions that work with marijuana businesses must conduct due diligence to ensure that marijuana businesses are complying with state law.

Hemp 68

Hemp Business Cultivation Banking 68

Cannabis Law Report

JULY 22, 2019

In a joint op-ed in Fox Business today, American Bankers Association President and CEO Rob Nichols and Credit Union National Association President and CEO Jim Nussle called on lawmakers to resolve the existing conflict between federal and state law with respect to proceeds from cannabis-related businesses.

Banking 40

Banking Safety Business Legislation 40

Cannabis Law Report

MARCH 17, 2020

As Congress is considering legislation to provide banks with a safe harbor for providing services to those in the cannabis industry, other areas, from financial services to soft drink manufacturers, are actively assessing how the explosion of this new market will impact their products and services. Compliance program.

Compliance 59

Compliance Compliance State Laws Law 59

Cannabis Law Report

MAY 28, 2022

Congress should either legalize cannabis or stop deputizing banks as drug enforcement investigators. Although 18 states have fully legalized, cannabis is still a sticky issue for banks and other financial institutions because it remains illegal at the federal level. The State of Banking. That can prove costly.

Banking 52

Banking State Laws Law DEA 52

SMPL

AUGUST 14, 2019

Though ABA specified that it was not taking a position on marijuana legalization generally, it recognized that conflicting federal and state cannabis policies are untenable and have created complications for cannabis businesses operating in compliance with state law.

Policy 40

Policy Research and Development Marijuana DEA 40

Cannabis Law Report

DECEMBER 16, 2021

The CDC promoted a policy that prohibits employees from using marijuana while on the job but recognized that a zero-tolerance policy for marijuana use may not be possible, depending on the relevant state law. Nevada Cannabis Compliance Board Takes Action for Tax Payment Failures. Loan applications will be available Feb.

Cannabinoids 52

Cannabinoids Retail Policy Cultivation 52

Cannabis Law Report

JULY 14, 2021

federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defence to any federal proceeding which may be brought against the Company.

Research and Development 105

Research and Development Clinical Trials Events Treatment 105

Cannabis Law Report

DECEMBER 23, 2019

It has been two years since California began licensing yet operators still struggle with compliance and are all still de facto, breaking one law or another. The Bureau of Cannabis Control (BCC) sent out 2,842 cease-and-desist letters to cannabis shops and businesses suspected of operating without state licenses.

Law 59

Law Banking Hemp Retail 59

Cannabis Law Report

FEBRUARY 4, 2019

WSLCB Enforcement officers will begin working with marijuana retailers to educate staff, check for violations, and take appropriate action to gain compliance. Licenses may apply for a payment waiver if they are able to show good cause by demonstrating they are: In the process of getting a bank account. Have lost their bank.

Topical 65

Topical Packaging Retail Legislation 65

Cannabis Law Report

JUNE 4, 2021

These multi state operators (MSOs) need to take the specific requirements of each state into account in every aspect of their business, from product types offered to how they bank. What are some of the issues that impact an MSO’s ability to access banking? What are multi-state operators?

Banking 87

Banking Supply Chain Dispensary Business 87

Marijuana Lawyer Blog

APRIL 15, 2019

Attorney General said he’d favor a new bill protecting cannabis businesses and users from federal prosecution as long as they were in compliance with federal law. This measure has broad bipartisan support, as does another that would shield banks doing business with these companies from federal money laundering charges.

Policy 45

Policy Programs Banking History 45

Cannabis Law Report

JUNE 26, 2022

There also exist certain requirements to demonstrate compliance with the Regulations. IHEs may also be subject to related requirements under state and federal law and judicial rulings. Colleges offering these programs would also be required to comply with any state laws regulating the use of hemp.

Research and Development 52

Research and Development Education Programs Policy 52

Cannabis Law Report

AUGUST 8, 2019

investment community as to the boundaries of legal risk and compliance. Law Commission published a report, “Anti-money laundering: the SARs regime”, highlighting the need for guidance on transactions involving the legal cannabis industry in Canada and elsewhere. There is very little guidance for U.K. On 18 June 2019, the U.K.

Legalization 40

Legalization Banking Compliance Compliance 40

Cannabis Law Report

MARCH 29, 2019

An-Chi Tsou is the principal at Tsou Consulting, LLC, specializing in state and local regulatory and legislative compliance, guidance, and advocacy. As most people know, state law provides very generous authority to local jurisdictions regarding operational requirements and standards. Authored By: An-Chi Tsou.

Law 45

Law Policy Programs Topical 45

The Blunt Truth

OCTOBER 29, 2019

USDA has also established specific compliance requirements for USDA licensees, including the USDA’s ability to conduct random audits and issue corrective action plans for producers’ negligent violations. The SAFE Banking Act May Help CBD Industry. Actions deemed violatory could result in a suspension or revocation of a USDA license.

Hemp 45

Hemp Legislation CBD Research and Development 45

Cannabis Law Report

SEPTEMBER 16, 2022

The opinion recognized the “need for clients to have assistance of Mississippi lawyers to assure compliance with complex state regulatory requirements in the medical cannabis industry” and that the program will “function more expeditiously and with closer adherence to state law if Mississippi lawyers can assist clients in complying with state law.”

Law 52

Law Programs Cultivation Dispensary 52

NORML

APRIL 5, 2019

Under state law, adults face civil penalties for minor marijuana possession offenses. 333, to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations. Click here to email your lawmakers in support of banking access. Send a DE resident? FL resident?

Legislation 188

Legislation Banking Hemp Compliance 188