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Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses

Cannabis Law Report

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. Background. The Joint Statement.

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How to Get a Credit Union Account for Your Hemp Business

Canna Law Blog

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.

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Article – National Law Review: House Vote on Cannabis Industry-Related SAFE Banking Act Scheduled for September 2019

Cannabis Law Report

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.

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Delta-8: What Is and What Should Never Be

Cannabis Law Report

The United States Supreme Court once famously wrote that “[l]iberty finds no refuge in a jurisprudence of doubt.” There is perhaps no area of the law where doubt rules more than the cannabis industry, and perhaps no corner of that industry more shrouded in doubt than Delta-8 THC. What Is Delta-8 THC?

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Cosmetics, Hemp, and CBD: Legislative and Regulatory Update

The Blunt Truth

Plus, the USDA just issued an interim rule for hemp production. USDA Issues Proposed Rule for Hemp Production. The 2018 Farm Bill, which federally legalized hemp (formerly a Schedule I drug like its close cousin, marijuana), opened the gates for mass hemp production—well, almost. those with THC levels above 0.3%).

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Quick Guide to Cannabis Business Opportunities

Canna Law Blog

Note that licensing requirements for growing industrial hemp, which doesn’t contain significant concentrations of THC, are different from licensing requirements for THC-containing cannabis plants. For states where recreational use is still illegal, industrial hemp is a suitable substitute.

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Article: Jnl of Accountancy – Serving cannabis clients: Understand the risks

Cannabis Law Report

Before opening a cannabis practice area, it is important to understand the differences between the products that are derived from the cannabis plant family — marijuana and hemp. In the United States, the level of THC defines the difference between agricultural grade hemp and marijuana, Velazquez said.

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