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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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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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

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

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

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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Cannabis Law Report

MARCH 8, 2022

consumers support all legal cannabis businesses — including hemp and CBD — having access to banking services. 65% support allowing cannabis businesses to access banking services (e.g. checking accounts, business loans) in states where cannabis is legal. checking accounts, business loans) in states where cannabis is legal.

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Greenspoon Marder Cannabis Law Group Blog

JULY 19, 2019

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. Prior to the July 23 hearing, the SAFE Banking Act received widespread support among House members with 206 co-sponsors. & Victor Fox*.

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Cannabis Law Report

FEBRUARY 5, 2020

ARVADA – Governor Jared Polis and the Colorado Department of Regulatory Agencies (DORA) released a bold roadmap to provide clarity and guidance for state-chartered financial services industries that serve or seek to serve legal cannabis-related businesses. Roadmap to cannabis banking_January 2020. “As WATCH PRESS CONFERENCE.

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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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Canna Law Blog

AUGUST 28, 2022

The Department of Treasury –through FinCEN –has slowly opened the door for banks to do business with those in the cannabis industry. There’s no mention of lawful commerce, just commerce, which leaves the door open for FTC enforcement against state-legal marijuana businesses. CBD consumer safety enforcement. FTC and CBD.

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Canna Law Blog

MARCH 17, 2019

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. If Congress fails to act, we are discouraging responsible, regulated markets and allowing a serious public safety threat to go unaddressed.”. Stay tuned.

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Cannabis Law Report

DECEMBER 14, 2021

monetary banking protocols in banking cannabis and hemp operations. This honor is part of a financial services certification program overseen by the Policy Center for Public Health & Safety (PH&S) in collaboration with state attorneys general. ALBUQUERQUE, N.M. , Dec. Department of Treasury and FinCEN.

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Cannabis Law Report

OCTOBER 5, 2021

The House of Representatives has approved cannabis banking legislation for the fifth time. The Secure and Fair Enforcement (SAFE) Banking Act is legislation that “would allow marijuana-related businesses in states with some form of legalized marijuana and strict regulatory structures to access the banking system.” [1]

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Cannabis Law Report

JUNE 30, 2022

The #PASenate Transportation Committee has approved my #SB167 to protect Pennsylvanians suffering from chronic illness from an inconsistency in the state’s DUI law that leaves them vulnerable to wrongful criminal conviction. My bill will protect this community without sacrificing the safety of our roads.”. Marijuana Moment.

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Cannabis Law Report

JULY 1, 2022

Portland, OR. – Outdated federal barriers to banking services continue to severely impact the legal cannabis industry in Oregon and nationwide. While cannabis may be legal in Oregon, criminal enterprises are very aware of this impediment and target cannabis businesses. The OLCC Press Release.

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Cannabis Law Report

OCTOBER 21, 2021

Seattle-based cannabis banking startup Shield Compliance is beefing up its staff. Before her role at Shield, Cantrell spent more than 12 years at the Republic Bank of Chicago. She has 20 years of banking experience, the company said. Cantrell is the new executive vice president of payments and strategic alliances.

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MassRoots

AUGUST 4, 2020

The California Cannabis Industry Association (CCIA) is calling for cannabis businesses to join them in imploring Speaker Pelosi to prioritize the Secure and Fair Enforcement Banking Act (SAFE Banking Act). What is the SAFE Banking Act? Virgin Islands have enacted either medicinal or recreational legalization amendments.

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Cannabis Law Report

JUNE 21, 2021

Here’s their letter to the Chair and Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee. MERKLEY, DAINES URGE COLLEAGUES TO BUILD PATHWAY FORWARD FOR BIPARTISAN LEGISLATION TO ENSURE THAT LEGAL CANNABIS BUSINESSES CAN ACCESS CRUCIAL FINANCIAL SERVICES. Thursday, June 17, 2021. Washington, D.C.

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Cannabis Law Report

DECEMBER 16, 2021

Though it wasn’t quite THE year we may have hoped for in cannabis news (hello, federal legalization?!), AB 45: California hemp legalization. As we’ve previously discussed ( here and here ), this bill legalized CBD in food, beverages, cosmetics, dietary supplements and pet food in California. it’s what we got. Trade Samples.

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Cannabis Law Report

SEPTEMBER 25, 2019

House of Representatives approved the Secure and Fair Enforcement (SAFE) Banking Act 321-103. Neal Levine of the Cannabis Trade Federation states … The bipartisan SAFE Banking Act ( H.R.1595 It aims to address the state-legal cannabis industry’s lack of access to banking and other financial services.

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Cannabis Law Report

JUNE 11, 2022

Daines’ Safe Banking Act which would which would help improve public safety. In Montana, and many states across the nation, legal cannabis businesses are unable to use financial institutions and are forced to operate in all cash, leaving communities vulnerable to crime. as he serves the people of Montana in the U.S.

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Banking Safety Access Business 52

NORML

FEBRUARY 27, 2019

As the tentacles of the federal policy of cannabis prohibition run deep into nearly every sector of American public policy, a new voice emerged to call for clarity regarding state-legal cannabis marketplaces: Federal Reserve Chair Jerome Powell.

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Veriheal

AUGUST 14, 2023

In a recent controversial move, Mastercard issued a directive to United States banks, ordering them to block cannabis purchases on its debit cards. This new mandate struck a chord because, unlike credit cards, debit cards are linked directly to an individual’s bank account.

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Greenspoon Marder Cannabis Law Group Blog

AUGUST 26, 2019

Last week, the National Credit Union Administration (NCUA) issued interim guidance stating that federally insured credit unions may provide certain financial services to legally operating hemp businesses. The need for cannabis businesses to have access to banking services continues to gain federal support.

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Cannabis Law Report

MAY 25, 2022

That’s not by choice; rather, because cannabis businesses aren’t welcome in federally insured banks and can’t accept credit cards for payment, cash is the only way they can accept payment. First, cannabis businesses must have access to banks, just like any other industry. How to Protect Your Cannabis Business. Aaron Pelley.

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SpeedWeed

FEBRUARY 15, 2019

Six years after introducing the Secure and Fair Enforcement (SAFE) Banking Act, a cannabis banking reform measure, co-author Denny Heck finally saw it enjoy its first committee hearing in Congress on Wednesday. Legal but not Bankable. Most Americans live in states where marijuana is legally available in some form.

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Greenspoon Marder Cannabis Law Group Blog

JULY 26, 2019

On Tuesday July 23, 2019, the United States Senate Committee on Banking, Housing, and Urban Affairs hosted a hearing to discuss national safety implications relating to federal regulations that force cannabis businesses to operate on a cash basis. And that puts them and the Americans they do business with at risk. .

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Cannabis Law Report

SEPTEMBER 12, 2021

NCUA’s Rodney Hood said at the PBC Conference that he’s “concerned that the legal and regulatory infrastructure surrounding the cannabis industry is not evolving quickly enough,” and congressional inaction is largely to blame. He also said that he feels legalization at the federal level is an inevitability. Read full article.

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Cannabis Law Report

MAY 21, 2019

The measure, which makes clear that the group “takes no position as to whether cannabis should be legalized under the laws of the United States or of any state,” highlights the public safety issues caused by current federal policy, which makes many financial services providers reluctant to work with the marijuana industry.

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NORML

MARCH 7, 2019

Our archaic and outdated marijuana laws are turning everyday Americans into criminals. Our outdated marijuana laws also target communities of color. Just this week, a new report found that there are over 211,000 full-time jobs in the legal cannabis sector. Medical Reforms.

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Cannabis Law Report

MAY 15, 2019

LOS ANGELES — The fate of a bill that would allow state-chartered banks and credit unions to provide services to California’s marijuana businesses could be determined Thursday when a key hearing is held on the legislation. Tracking: [link]. Read current version here. 20190SB51_97.

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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. While hemp and marijuana are both derived from the plant Cannabis sativa L, they are legally distinguished on both a federal and state level by their THC content.

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Canna Law Blog

SEPTEMBER 26, 2019

Back in March, former Food and Drug Administration (“FDA”) Commission, Scott Gottlieb, explained it would take several years for the agency to come up with rules that would legalize the use of hemp-derived cannabidiol (Hemp-CBD) in food products, unless Congress stepped in. House of Representatives. Overall, both of these effort by U.S.

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Cannabis Law Report

APRIL 5, 2022

But Nguyen made a desperate pitch to current private investors in Folium Bioscience and quickly raised around $700,000 to cover short-term expenses and debt, according to internal emails reviewed by Cannabis Law Report. Attorney David Olsky of Fortis Law told Cannabis Law Report they would not comment on the litigation.

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Cannabis Law Report

OCTOBER 26, 2019

The public safety concerns resulting from the dearth of cannabis banking has led dozens of state Attorneys General, the American Banking Association, and numerous other voices to urge the passage of legislation like the SAFE Banking Act so that the U.S. History of Marijuana Regulation and Banking Implications.

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Cannabis Law Report

JULY 22, 2019

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. Credit Union National Association President and CEO Jim Nussle illustrated this point by stating, “[a]t its heart, cannabis banking is a public safety issue.

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