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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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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Banking Safety Cannabis Business 67

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

FEBRUARY 5, 2020

The “Roadmap to Cannabis Banking & Financial Services”, aims to increase the number of financial service providers in Colorado who serve the state’s legal marijuana and industrial hemp industries. Unbanked cannabis businesses often operate solely in cash, creating a significant risk to public safety,” said Treasurer Dave Young. ”By

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Banking Safety Business Cannabis 69

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. 68% support Congress passing legislation that allows cannabis businesses to access banking services and products in states where cannabis is legal.

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Banking Hemp Business Access 52

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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Banking Access Legislation Packaging 59

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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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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Banking Hemp Compliance Compliance 52

Cannabis Law Report

MAY 19, 2022

Impacts include risks to public safety and security, impacts on governmental regulatory agency access to banking and depository services, and impacts on small and minority cannabis businesses. CANNRA+Banking+Letter_FINAL.

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Banking Policy Safety Access 52

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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Banking Marijuana Safety Business 74

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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Banking Marijuana Patients Safety 52

Greenspoon Marder Cannabis Law Group Blog

JUNE 14, 2019

Although this resolution is limited in scope, pending legislation on the horizon would definitively remedy this issue, specifically the Secure and Fair Enforcement (“SAFE”) Banking Act. As of June 5 th , 2019 the SAFE Banking Act has been placed on the Union Calendar (Calendar No. Victor Fox is not an attorney.

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Banking State Laws Cannabis Business 64

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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Banking Legislation Environment Access 52

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? CCIA and The Liaison Group have been working tirelessly behind the scenes on SAFE Banking.

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Banking Access Business Programs 52

Canna Law Blog

JULY 11, 2020

On Wednesday, July 8, 2020, a bipartisan group of sixteen state treasurers, led by Oregon Treasurer Tobias Read, sent a letter to congressional leaders requesting that the next piece of COVID-19 relief legislation include the SAFE Banking Act.

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Banking Legislation Safety Business 61

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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Banking Compliance Compliance Safety 52

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. Cannabis banking should be a priority,” stated OLCC Chair Paul Rosenbaum. The OLCC Press Release. Workers have been threatened at gunpoint, assaulted and tragically even killed.

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Banking Business Access Safety 52

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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Banking Safety Compliance Compliance 55

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. The inability of these state-legal entities to bank their significant cash reserves is an issue of public safety. Thursday, June 17, 2021. Washington, D.C. Oregon’s U.S. Senator Jeff Merkley and U.S.

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Banking Legislation Safety Dispensary 66

Cannabis Law Report

JUNE 11, 2022

Daines’ Safe Banking Act which would which would help improve public safety. Daines’ bill is not about the legalization of marijuana, it’s about public safety. A fifth-generation Montanan, Steve Daines brings 28 years of private-sector business experience to Washington, D.C. as he serves the people of Montana in the U.S.

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Banking Safety Access Business 52

Cannabis Law Report

DECEMBER 16, 2021

The 2021-2022 State Budget Bill consolidated the three cannabis agencies – the Bureau of Cannabis Control, CalCannabis, and Manufactured Cannabis Safety Branch – into the DCC to try and streamline application processes. Cannabis banking was originally included in the federal defense spending bill but stripped from it at the last moment.

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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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Greenspoon Marder Cannabis Law Group Blog

AUGUST 26, 2019

The guidance offers reassurance to credit unions following the 2018 Farm Bill, which federally legalized hemp, but failed to address banking in the hemp industry, leaving the banking industry uncertain as to their capacity to legally serve the industry. I’ve seen dispensary employees have their bank accounts shut down.

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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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Banking Legislation Safety Business 45

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. Here’s How Cannabis Companies Are Banking Legally on the Down Low. “We are all late,” Rep. .

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Banking Dispensary Safety Seed-To-Sale 53

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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Banking Safety Business Cannabis 40

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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Banking Extraction Law Safety 52

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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Banking Cannabis Business Safety 40

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.

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Business Law Banking Dispensary 52

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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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.

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Banking Law Compliance Compliance 40

NORML

FEBRUARY 27, 2019

Currently, almost none of the businesses operating in the cannabis space can legally obtain a bank account, process a credit card, or take a standard business deduction on their federal taxes. “And when these businesses are forced to operate exclusively in cash, they create serious public safety concerns.”

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Banking Policy Business Safety 139

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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Canna Law Blog

SEPTEMBER 26, 2019

Last Thursday, a collation of twenty-six House members sent a letter to the FDA, urging the agency to develop a path for the lawful marketing of Hemp-CBD products. The spending reports mandates the FDA to clear a path for the lawful marketing of these products within 120 days. House of Representatives.

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