Canna Law Blog

DECEMBER 5, 2019

The tides have been rapidly changing for hemp companies to gain access to banking, which has not traditionally been available to hemp companies due to the fact that hemp was (sort of) federally illegal until about a year ago. That has made it very difficult for many hemp and hemp-derived CBD (“Hemp-CBD”) businesses to access bank accounts.

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Canna Law Blog

APRIL 14, 2019

The SAFE Banking Act just got a new, prominent supporter – on April 9, 2019, Treasury Secretary Steven Mnuchin pledged to take a look at the legislation that would allow financial institutions to service cannabis businesses. As we’ve previously written about, there have been several calls for clarity on this banking issue.

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Canna Law Blog

JULY 7, 2020

The FinCEN Guidance centers on due diligence requirements as related to the Bank Secrecy Act (BSA). The purpose of that statement was to to help financial institutions deal with BSA and anti-money laundering (AML) compliance in light of the fact that hemp is no longer a Schedule I controlled substance under federal law.

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Cannabis Law Report

JUNE 8, 2021

Rod Discusses Legal Challenges Facing Hemp and CBD with The CBD Guide. Some of the biggest legal challenges that cannabis businesses face, such as the lack of access to banking, and merchant processing. Some of the biggest legal missteps CBD businesses make, and how they can be avoided.

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MassRoots

AUGUST 3, 2020

Even though more than half of the states in America have legalized some form of cannabis use, whether medical or recreational, the plant and its derivatives remain federally illegal. House Bill 418 aims to provide extra protection for those businesses that operate within the parameters of Louisiana state law.

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Cannabis Law Report

OCTOBER 31, 2019

Law Firm Manatt, Phelps & Phillips, LLP writes… The Cannabis Banking Guidance from California’s Department of Business Oversight (DBO) offers California-chartered financial institutions serving cannabis-related businesses assurances that the DBO will not bring enforcement actions based solely on such relationships.

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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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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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MassRoots

FEBRUARY 11, 2019

420, my bill to legalize and responsibly regulate and tax marijuana,” Wyden tweeted on February 8. 420, my bill to legalize and responsibly regulate and tax marijuana. The first one, Small Business Tax Equity Act , proposes that legal cannabis businesses should be allowed to claim tax deductions just like any other small business.

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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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Veriheal

OCTOBER 22, 2021

Most New Yorkers can now safely indulge in cannabis without fear of being fired, Bank of America is under fire for closing the account of an authorized cannabis research institute, and proposed legislation could help Washington, D.C. Bank of America Closes Account of DEA-Approved Cannabis Researcher. if enacted.

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Cannabis Law Report

JULY 20, 2019

The banks actions will mean somebody at the FDIC will have to make some serious decisions that could lead to a number of ramifications for the cannabis sector not only in CA but also nationwide. A small California bank’s merger application could force the FDIC to take a firmer stand on marijuana banking.

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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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The Joint Blog

FEBRUARY 20, 2019

Legislation that would protect banks who provide services to medical marijuana businesses has been passed by the full West Virginia House of Delegates. “The purpose of this section is to provide a solution to the banking problems encountered by the state in connection with the Act.”

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Cannabis Law Report

JULY 6, 2022

Dafna Revah, co-founder and co-owner of cannabis dispensary CBD Kratom, had a lot of explaining to do when her bank referred her to a record keeper willing to provide her company with a 401(k) plan. ” None, she repeatedly explained, had Delta-9 THC, the cannabinoid that is illegal under federal law. ” Ms.

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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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Veriheal

DECEMBER 7, 2022

Operating cannabis-based businesses in The Golden State is no easy feat for retailers. With the plant’s legal status confined by the federal Controlled Substances Act (CSA ) boundaries, cannabis stores are still operating illegally. Due to the plant’s illegal status, banking cannabis business revenue can be tricky.

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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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NORML

MARCH 20, 2020

“Given the tremendous amount of uncertainty in the broader economy, the hundreds of thousands of American workers who are employed by the state-legal marijuana industry must be respected and protected by the emergency actions being taken by elected officials,” said NORML Political Director Justin Strekal.

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Cannabis Law Report

OCTOBER 3, 2019

Colorado’s top federal prosecutor says that he would never tell banks working with legal marijuana businesses in the state that they are devoid of criminal liability. . “As As federal prosecutors,” Jason Dunn told The Colorado Sun on Tuesday, “we will never tell them that what they are doing is lawful under federal law.

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NORML

MARCH 7, 2019

In a day and age when more than twenty percent of the population live in states which have legalized the marijuana market, and in an era where nearly every state has enacted some legal protections for the use of medical cannabis or its extracts, the time has come for federal lawmakers to end this senseless and cruel prohibition that ruins lives.

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The Blunt Truth

JULY 30, 2019

Industry expert panels discussed market trends, private equity, venture capital, family offices, and banking, as well as commercial real estate, which I had the opportunity to moderate. Institutional investors perceive too much legal risk and are prepared to wait. There was a real “don’t try this at home” attitude among the panelists.

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Cannabis Law Report

APRIL 14, 2022

Department of Justice agreed Wednesday to return all cash seized from an armored car company used by legal marijuana dispensaries during several traffic stops in California last year. Empyreal has always viewed ourselves as a partner to financial institutions and law enforcement,” said Empyreal CEO Deirdra O’Gorman. TOPEKA — The U.S.

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Canna Law Blog

JUNE 22, 2023

The presenters will examine the legal and regulatory issues relevant to international and domestic cannabis, including investment red flags, and how licensed professionals can navigate ethical responsibilities. These new markets create numerous opportunities for business and investment, but at a great cost: U.S.

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Veriheal

JULY 22, 2020

Whether veterans live in a state with a legal cannabis market or not has nothing to do with how medicine is obtained. Despite 33 states having legal, medical cannabis programs in the United States, the majority of veterans who utilize cannabis obtain it from the illicit and unregulated market. . The Federal Fog.

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Cannabis Law Report

AUGUST 26, 2019

Currently, thirty-three states, the District of Columbia, Guam and Puerto Rico have all legalized the use of marijuana to some degree. The rift between federal and state law has left banks trapped between their mission to serve the financial needs of their local communities and the threat of federal enforcement action.

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Cannabis Law Report

AUGUST 19, 2022

The recommendation was also made in light of the fact that access of legally produced cannabis to international markets is likely to be frustrated by numerous treaties established to curtail the illegal trade of cannabis. In the United States the SAFE Banking Act has been passed in the House of Representatives six times.

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Cannabis Law Report

JUNE 30, 2021

Calling the broader situation a “contradictory and unstable state of affairs,” Thomas wrote that the current legal landscape “strains basic principles of federalism and conceals traps for the unwary.” Cash-based operations are understandably enticing to burglars and robbers.

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The Blunt Truth

SEPTEMBER 3, 2020

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. Florida has legalized medical marijuana edibles. Nebraska Secretary of State Bob Evnen approved a medical marijuana initiative to appear on the November ballot late last week. There’s now CBD for elephants.

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Canna Law Blog

DECEMBER 5, 2023

Traditional lenders won’t work with cannabis companies Cannabis companies can’t just walk into a big bank and draw a commercial cannabis loan. Many banks (especially the big ones) and institutional lenders are still too skittish to do business with cannabis companies. You can read about that here.

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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. state and federal regulation of marijuana.

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Canna Law Blog

MARCH 13, 2024

While this kind of growth is promising, entrepreneurs looking to take advantage of these cannabis industry opportunities must be aware of their legal responsibilities before getting started. The legal requirements for each type are different, so it’s essential to research the laws around the company you want to start.

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The Joint Blog

APRIL 14, 2020

During the COVID-19 pandemic Colorado has temporarily made the online sale of recreational marijuana legal, “fulfilling one of the pot industry’s biggest wishes and fueling its argument for more concessions that could be made permanent when the crisis eases”, reports the Associated Press.

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Otherside Farms

MAY 5, 2020

It’s all about the understanding of the legal framework under which you are working and finding businesses that have arisen to solve their own financial problems. Legal Challenges in Cannabis Business Financing. The main issue with financing a cannabis business is in the complexity of the legal system.

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NORML

JANUARY 19, 2020

The bill would prohibit employers terminating an employee for the employee’s lawful off-duty activities that are lawful under state law even if those activities are not lawful under federal law, such as consuming cannabis. Send a message to your lawmakers in support of legalization. CO resident?

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NORML

FEBRUARY 22, 2019

At the state level, the North Dakota House of Representatives defeated a decriminalization bill on the House floor by a narrow 43-47 vote. On the same day, LegalizeND announced that they will try again with a 2020 legalization ballot initiative. Click here to email your lawmakers in support of banking access. IL resident?

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Cannabis Law Report

MAY 25, 2019

When the President signed the 2018 Farm Bill in December, which legalized industrial hemp for all intents and purposes, the federal government permanently removed industrial hemp from the Controlled Substances Act (CSA), resolving any lingering doubts. About Hoban Law Group. Hoban Law Group is the first U.S.

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