Cannabis Life Network

SEPTEMBER 28, 2023

The SAFER Banking Act has passed a critical Senate Committee hearing with a vote of 14-9. The renamed bipartisan bill would allow banks to work with cannabis businesses without penalties from the federal government. cannabis industry has long been waiting for SAFER Banking to pass the Senate.

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NORML

MAY 12, 2020

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. Members of the House of Representatives voted 321 to 103 in favor of the Act in September.

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Packaging Banking Business Legislation 288

PrestoDoctor

AUGUST 1, 2022

Marijuana banking options are limited for many entrepreneurs despite the fact that several thirty-six states legalize medical marijuana use. Thanks to a recent cannabis banking bill that has passed in Pennsylvania, cannabis-related businesses now have the right to use financial institutions and insurance for their businesses.

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Cannabis Life Network

FEBRUARY 14, 2023

The cannabis industry is suing Canadian banks. Canada’s legal cannabis industry has launched a class-action lawsuit against Canada’s large cartel of banks. They allege the banks have discriminated against them by arbitrarily closing accounts and denying services and access to credit.

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Cannabis Law Report

AUGUST 5, 2021

Here’s the press release… National Law Journal’s 2020 Cannabis Trailblazer Katrina Skinner to Help Lead Company’s Legal Matters and Expansion into Banking, Financial and Payment-Related Services and Solutions for Cannabis Businesses and Related-Banking and Financial Sectors.

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Canna Law Blog

SEPTEMBER 12, 2023

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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Cannabis Law Report

APRIL 14, 2021

Marijuana possession and recreational use were legalized in New York, the banking capital of the United States. This has banks… Read More.

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Canna Law Blog

SEPTEMBER 18, 2023

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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Veriheal

APRIL 14, 2022

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. Ed Perlmutter (D-Colo.)

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Canna Law Blog

DECEMBER 6, 2022

As we blogged about last week, the SAFE Banking Act is trying to claw its way back from the dead during this lame duck session of Congress. Interestingly, on December 2, Punchbowl News reported that the Department of Justice (DOJ) issued a memo outlining its “issues” with the SAFE Banking Act.

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Cannabis Law Report

FEBRUARY 12, 2023

10, 2023 /CNW Telbec/ – Groupe SGF (Cannabis Legal Advisors and Consultants) announces the launch of a class action lawsuit on behalf of Mr. Gabriel Bélanger (Founder of Origami Extraction Inc.) against the Desjardins Federation, National Bank, Royal Bank, Bank of Montreal, TD Bank, and CIBC.

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Cannabis Law Report

AUGUST 17, 2022

Ohio State Legal Studies Research Paper No. Moritz College of Law. According to its sponsors and supporters, the Safe and Fair Enforcement (‘SAFE’) Banking Act would help address the challenges faced by small cannabis businesses that cannot currently access banking services or loans. Cat Packer. Independent.

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Cannabis Law Report

SEPTEMBER 28, 2021

National Law Journal’s 2020 Cannabis Trailblazer Katrina Skinner to Help Lead Company’s Legal Matters and Expansion into Banking, Financial and Payment-Related Services and Solutions for Cannabis Businesses and Related-Banking and Financial Sectors. Says the headline. Here’s the full press release.

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Cannabis Law Report

DECEMBER 2, 2021

The American Bankers Association and 51 state bankers associations today urged Senate leadership to include the SAFE Banking Act in the upcoming National Defense Authorization Act. Joint ABA SBA Letter to Senate SAFE Banking Act NDAA 12022021. ABA, State Associations Call for Inclusion of Cannabis Banking Bill in NDAA.

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Cannabis Law Report

JANUARY 21, 2021

The world of banking Cannabidiol (CBD) businesses is a chaotic one. Despite the legalization of hemp and hemp-derived products under… Read More. The post CBD Banking: Three Trends and Predictions for 2021 first appeared on Cannabis Law Report.

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NORML

OCTOBER 15, 2019

NORML Canada launches official Post-Legalization platform to focus advocacy efforts on reforming Canada’s legal Cannabis system. Our goal is to ensure consumers have ease of access to legal cannabis products, access to medical dispensaries, access to world-class product options, as well as access to affordable legal options.

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Cannabis Life Network

DECEMBER 7, 2022

United States Congress has declined to include cannabis banking in the NDAA (National Defense Authorization Act). The post Cannabis Banking Left out of NDAA appeared first on Cannabis | Weed | Marijuana | News. The NDAA is an annual congressional bill guiding policies and funding of federal military agencies.

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Cannabis Law Report

SEPTEMBER 8, 2021

A lot of people are unaware that cannabis businesses still have a hard time finding banking solutions. Banks don’t want to work with these businesses because the federal government has not legalized marijuana yet. This means that there can be difficulty with finding cannabis banking solutions for your business.

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Canna Law Blog

AUGUST 17, 2023

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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Cannabis Law Report

APRIL 27, 2023

SENATOR’S SAFE BANKING ACT WOULD ALLOW LEGAL CANNABIS BUSINESSES TO ACCESS BANKING SERVICES SUCH AS LINES OF CREDIT, SAVINGS AND CHECKING ACCOUNTS U.S.

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Canna Law Blog

MARCH 13, 2023

The Safe Banking Act , also known as the Secure and Fair Enforcement Banking Act (SAFE Banking Act), is sorely needed legislation to address the critical issue of financial services being denied to marijuana businesses that operate in the state-legalized industries. What is the SAFE Banking Act?

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Canna Law Blog

FEBRUARY 28, 2022

Guidance on banking and MRBs. Department of Justice on “Marijuana Related Financial Crimes” was rescinded in 2018 , the FinCen Memo has been the only game in town for federal banking guidance. But banks don’t really use that. These businesses are lower risk for banks than Tier I. Legal cannabis sales in the U.S.

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Canna Law Blog

DECEMBER 1, 2022

As we’ve written about over the past several years, there have been consistent rallying cries for common-sense banking reform for the cannabis industry. The SAFE Banking Act, which would allow federally regulated financial institutions to work with state-legal cannabis businesses, has been passed by the U.S.

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MJ Business Attorneys

MAY 31, 2019

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 Federal level SAFE banking Act was endorsed in a letter last week by all 50 State Banking Associations and the American Bankers Association.

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Cannabis Law Report

NOVEMBER 19, 2022

Bryant Gordon Harris Beach PLLC On the heels of two more states legalizing adult use of marijuana, Congress seems closer to passing a law allowing banks to service cannabis-related businesses without federal reprisal. Maryland and Missouri voters approved legalization on Tuesday. However, providing […].

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Cannabis Life Network

DECEMBER 22, 2022

Proponents weren’t aiming for a hat trick, but that’s precisely what they got when the SAFE Banking Act failed a third time in the US Senate. The SAFE Banking Act is legislation that aims to provide a framework for regulating financial institutions serving the cannabis industry.

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Cannabis Law Report

AUGUST 20, 2022

CRCC’s paper, published by the Ohio State University (OSU) Moritz College of Law, is titled “Not a SAFE Bet: Equitable Access to Cannabis Banking, An Analysis of the SAFE Banking Act.”. Ohio State Legal Studies Research Paper No. Drug Enforcement and Policy Center, August, 2022. 21 Pages Posted: 12 Aug 2022. Cat Packer.

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Veriheal

OCTOBER 30, 2023

In 2018, the leaders of 19 Caribbean nations decided that they would “review marijuana’s current status with a view to reclassification” The leaders emphasized the importance of these cannabis legalization bills as a tool for social justice and economic gain. Recently, The Bahamas’ made good on that 2018 promise.

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Canna Law Blog

NOVEMBER 8, 2023

One of the most common mistakes we see in new cannabis markets is businesses that rely too much on federal legalization happening. For example, lots of businesses back in 2018 in California took the view that they could expand at all costs and grab market share, because federal legalization (and investor capital) was inevitable.

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Canna Law Blog

DECEMBER 24, 2019

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?” And here’s why.

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Cannabis Law Report

JULY 1, 2021

Cannabis banking options are still quite limited for marijuana entrepreneurs, despite 36 states legalizing medical marijuana and 17 states permitting recreational adult use, according to the National Conference of State Legislatures. Are there cannabis-friendly banks? Compare 5 cannabis-friendly banks and credit unions.

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Cannabis Law Report

JUNE 6, 2022

adopted a resolution imploring Congress to pass a bill to safeguard banks that work with state-legal marijuana businesses from federal penalties. The latest resolution on banking also expresses support for federal legalization bills, including one that passed the House and another that’s being finalized by Senate leadership.

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WeedAdvisor

MAY 22, 2019

Banking and the cannabis industry have a somewhat hands-off relationship. banks are skittish about doing business with dispensaries in legal states. Even taxes cannot be paid electronically through a bank, forcing owners to literally hand massive amounts of cash to the IRS every year. Gavin Newsom to become law.”.

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Cannabis Law Report

DECEMBER 2, 2022

Department of Treasury) just released its latest report on cannabis banking information. Although the banking situation for legal cannabis businesses hasn’t necessarily gotten worse, things are still not looking great for the financial health of the cannabis industry. The takeaway?

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Canna Law Blog

MAY 26, 2019

Looks like marijuana banking is stuck, again. The banking associations from all 50 states and 1 U.S. territory sent a joint letter to leaders of the Senate Banking Committee on Monday, to urge advancement of bipartisan legislation that would protect financial institutions that service marijuana businesses.

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Cannabis Law Report

DECEMBER 7, 2021

Congress is making another run at providing a safe harbor to the banking industry and companies that provide services to cannabis businesses. On September 21, 2021, the House voted to include the Secure and Fair Enforcement Banking Act of 2021 (SAFE Banking Act) 1 in the annual National Defense Authorization Act for Fiscal Year 2022 (NDAA).

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Cannabis Law Report

APRIL 28, 2022

Banking associations representing all 50 states and one U.S. territory sent a letter to Senate leaders on Thursday, imploring them to include marijuana banking reform in a large-scale manufacturing bill that’s heading to bicameral conference. ABA and SBA Letter to the Senate Support SAFE Banking in America COMPETES Act 04282022.

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