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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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

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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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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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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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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NORML

MARCH 7, 2019

Our archaic and outdated marijuana laws are turning everyday Americans into criminals. Every day, the economic and social impacts of marijuana prohibition are having devastating effects on communities across the country. Millions of people have been arrested for the possession or use of marijuana. SEND A MESSAGE NOW.

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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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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

JANUARY 5, 2022

StandardC, a leader in cannabis & marijuana banking and financial services, announced today that its lending partner had closed the first $5 million loan from their newly established $200M fund for a leading marijuana cultivator using the StandardC platform.

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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

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 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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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. Not to mention it would mark the end of the failed and shameful criminalization of cannabis possession by otherwise law-abiding adults.

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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.

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MassRoots

FEBRUARY 11, 2019

420, my bill to legalize and responsibly regulate and tax marijuana,” Wyden tweeted on February 8. It’s time to bring our country’s marijuana policies into the 21st century, and my legislation is the way to do it.”. 420, my bill to legalize and responsibly regulate and tax marijuana. “I introduced S.420, NEW: I introduced S.420,

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Cannabis Law Report

SEPTEMBER 20, 2019

Mj Biz report…… A bill that would create a federal safe harbor for financial institutions to serve state-lawful cannabis businesses and ancillary companies will be put to a landmark vote in the U.S. Hoyer, D-Maryland, announced on the House floor that he will schedule the SAFE Banking Act for a vote.

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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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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 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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The Joint Blog

MARCH 5, 2020

The American Bar Association (ABA), which was founded in 1878 a voluntary bar association of lawyers and law students, has approved two marijuana-related resolutions during its mid-year meeting. The post American Bar Association Passes Marijuana Resolutions appeared first on TheJointBlog.

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Banking Marijuana Compliance Compliance 52

Cannabis Law Report

JUNE 3, 2021

For decades, the marijuana industry has been fighting stigmatizing rhetoric, the war on drugs, the smuggler and back alley feel, varying state laws, continued federal prohibition, lack of access to traditional banking, and on and on. To say that marijuana has fought an uphill battle is an understatement.

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NORML

JANUARY 19, 2020

.” This marks the first time that members of the Energy and Commerce Committee will hear and debate issues specific to marijuana policy reform. Following are the bills that we’ve tracked this week and as always, check NORML’s Action Center for legislation pending in your state. CO resident? FL resident? IN resident?

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Canna Law Blog

JUNE 22, 2023

Their presentation will give an expert take on these topics: Summary of US federal cannabis (marijuana) laws and impact on state law Summary of US federal hemp laws Ethical issues for lawyers and other professionals Common regulatory disclosure pitfalls Common immigration and naturalization pitfalls Tax concerns and bank account access Finance and (..)

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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. Banking – here, too, experts caution that there won’t be advancements until the feds legalize.

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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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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. Medical marijuana will be on the ballot in Nebraska. Florida has legalized medical marijuana edibles. Governor Pete Ricketts recently declared that there is no such thing as medical marijuana. california.

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Cannabis Law Report

JUNE 30, 2021

But, if marijuana-related businesses, in recognition of this, hire armed guards for protection, the owners and the guards might run afoul of a federal law that imposes harsh penalties for using a firearm in furtherance of a “drug trafficking crime.” Cash-based operations are understandably enticing to burglars and robbers.

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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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Connor & Connor PLLC

MAY 11, 2018

There are generally a couple of routes marijuana establishments take to getting insured; owners may use insurance companies that specifically cater to the cannabis industry or, alternatively, they may secure insurance through more traditional insurers willing to carry the risk. Popular Marijuana Insurance Companies.

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NORML

FEBRUARY 22, 2019

Arizona Governor Doug Ducey signed legislation into law this week permitting the production of industrial hemp in accordance with the new federal regulations. New Jersey lawmakers have come to an agreement with Governor Murphy regarding retail marijuana tax rates, settling on charging sales tax by weight as opposed to a specific percentage.

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Cannabis Law Report

APRIL 23, 2019

Prior to getting involved in Tax Law, Dionne was a litigator for several years, representing Lenders, Banks and Servicers in Foreclosure actions. In Florida, operators of Medical Marijuana Treatment Centers (MMTCs) are required to handle all aspects of the cannabis trade, including growing, processing and dispensing.

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Canna Law Blog

OCTOBER 30, 2019

Earlier this month, on October 3, the California Department of Business Oversight (the “DBO”) issued a Cannabis Banking Guidance memorandum to its state-chartered financial institutions (banks and credit unions) to help them make appropriate risk assessments in serving cannabis-related businesses and comply with federal guidelines.

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Otherside Farms

MAY 5, 2020

As a refresher, in the United States, marijuana is illegal at the federal level. Still, it is legally approved for recreational use in many states and Washington, D.C., Banks typically don’t provide loans to cannabis ventures especially, those directly involved with the plant or its derivatives.

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Cannabis Law Report

JUNE 27, 2019

On June 11, 2019, the House Appropriations Committee passed spending legislation which provides new protection to financial institutions that provide banking services to marijuana businesses. There also is a parallel banking bill currently pending in the Senate that has 30 co-sponsors.

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Cannabis Law Report

AUGUST 4, 2022

We have been drafting and negotiating leases for about seven years for our marijuana clients. With psilocybin and marijuana both listed as Schedule 1 drugs under the Controlled Substance Act (21 U.S.C. The first question to ask a potential landlord is whether there is an institutional lender, like a Bank of America or U.S.

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Compliance Compliance Banking Business 52

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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