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FinCEN Reports on Cannabis Banking and the SAFER Act

Veriheal

Many financial institutions seek to be a part of the cannabis banking movement. According to quarterly data presented by the US Treasury Department, over 800 banks and credit unions have filed paperwork with the United States government to state their relations with cannabis businesses. This marks a significant increase from last year.

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Louisiana Expands State Medical Marijuana Program

MassRoots

New laws expanding the medical marijuana program in Louisiana went into effect on August 1. The state’s medical marijuana program has been criticized for being too limited and too restrictive since the program was established in 2016, but the three laws that went into effect on Saturday aim to improve the situation.

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Cannabis Banking Today

Canna Law Blog

We are helping build out another cannabis banking program here in Oregon. We have also handled a good bit of hemp banking work – mostly in 2019 and 2020 before that industry cratered. That’s banking. Here is my shorthand: “ Direct Marijuana Business.” Indirect Marijuana Business.”

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Oregon Governor Vetoes Marijuana State Bank Bill

Canna Law Blog

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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How Important is the SAFE Banking Act, Anyway?

Canna Law Blog

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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Banks Get Exposed by New York’s Unlicensed Cannabis Dispensaries

Canna Law Blog

Major banks like JPMorgan Chase and Wells Fargo, as well as landlords such as BentallGreenOak and Ashkenazy Acquisition Corp., This situation arises due to the proliferation of unlicensed retail shops in the city, with as many as 2,000 of them now operating since New York legalized recreational marijuana in 2021. Wells Fargo & Co.,

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Pennsylvania Says Yes to Banking for Cannabis Businesses

Veriheal

Banking has been a hurdle for cannabis businesses since the birth of the industry. While the federal SAFE Banking Act —which seeks to provide banking protections for cannabis businesses—continues to hit road bump after road bump in the U.S. The Cole Memo, however, did not require banks to serve cannabis-related companies.

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