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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.
According to its sponsors and supporters, the Safe and Fair Enforcement (‘SAFE’) Banking Act would help address the challenges faced by small cannabis businesses that cannot currently accessbanking services or loans. Expand required federal guidance and reports to promote equity alongside diversity and inclusion.
That is why these businesses continue to face undue discrimination under federal law, including the lack of access to banking services and a prohibition of standard business tax deductions. Federal dollars are going to support state programs — not to dictate how they must use the money.
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.
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.
Our lead story addresses the ISO 17065 Accreditation of our PFC program and explains why PFC becoming the first cannabis certification body to have achieved this matters so much. You will also find out how to access the recorded panels from Unity 2021 to catch anything you missed.
These multi state operators (MSOs) need to take the specific requirements of each state into account in every aspect of their business, from product types offered to how they bank. What are some of the issues that impact an MSO’s ability to accessbanking? Why MSOs face unique banking challenges.
House Bill 1359 would create a 5 year medical marijuana pilot program, allowing patients to access their medicine from licensed dispensaries. Send a message to your lawmakers in support of medical marijuana access. Legislation is pending, Senate Bill 697, to expand access to medical marijuana. IN resident? NH resident?
Another hearing is scheduled for Thursday, where the Veterans Affairs Committee will discuss various bills that are pending regarding medical cannabis programs and veterans access. Click here to email your lawmakers in support of compassionate care programs. Click here to email your lawmakers in support of bankingaccess.
When I founded Illinois News Joint , I made a conscious choice to include an altruistic aspect to the publication but for the first year could not decide on a program that fit what we do. I collaborated with partners, built recourses, and officially launched the program in April 2022. For Illinois News Joint reviews, click here.
Unfortunately still the position for most banks and hemp. Shortly after the 2018 Farm Bill passed, legalizing industrial hemp, we predicted that banking services for hemp businesses would be slow going. We have consistently heard from lawful hemp producers about the lack of access to financial products. Senators, Sen.
TORONTO — Devastated bars and lounges, as well as the country’s hard-hit cannabis sector, will finally have access to $40 billion in new credit being made available via the government’s business bank during the COVID-19 crisis, its CEO said on Sunday.
Legislation has been reintroduced from last year, Senate Bill 34, which would exempt compassionate care programs from paying state cannabis taxes when they are providing free medical cannabis to financially disadvantaged people living with serious health conditions. Click here to email your lawmakers in support of compassionate care programs.
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. Therefore, it’s not yet clear whether banks will service clients engaged in those activities.
Since late December, we’ve had many clients come to us with frustrations about the ongoing lack of access post-Farm Bill, and questions about how things will play out in 2019. We represent a handful of banks (and a larger handful of credit unions), and we give those outfits advice on banking hemp and marijuana. Stay tuned.
This week, a bipartisan coalition of more than 100 co-sponsors has reintroduced legislation in Congress, The Secure and Fair Enforcement Banking Act (SAFE Banking Act), HR 1595, to allow state-licensed marijuana-related businesses to engage freely in relationships with banks and other financial institutions. CO resident?
House Financial Services Committee has passed The Safe Banking Act, HR 1595 out of committee this week. Governor Jim Justice (R) of West Virginia signed legislation into law that allows financial institutions to provide banking services related to the state’s medical marijuana program. House Judiciary Committee.
Click here to email your lawmakers in support of medical cannabis access at school. Legislation is pending, Senate Bill 34, which would exempt compassionate care programs from paying state cannabis taxes when they are providing free medical cannabis to financially disadvantaged people living with serious health conditions. CA resident?
CRCC’s paper, published by the Ohio State University (OSU) Moritz College of Law, is titled “Not a SAFE Bet: Equitable Access to Cannabis Banking, An Analysis of the SAFE Banking Act.”. Cannabis Program Manager, City of Portland, Oregon; Chair, Cannabis Regulators of Color Coalition; and Adjunct Professor, LIM College.
Louisiana has had a medical cannabis program for many years. However, for patients to qualify for access to medical cannabis, they must have received a diagnosis of at least one of the 14 qualifying conditions that were initially approved under the initial law. The Bill as Passed.
One of the most important pieces of cannabis related legislation, the Secure and Fair Enforcement Banking Act ( SAFE Banking Act ), has the chance to be included in the next round of COVID-19 relief legislation in the United States. Tell them to support the inclusion of the SAFE Banking Act. Don’t wait.
It looks like marijuana banking will not be part of the NDAA. Federal assistance with state expungement programs might be on the table. marijuana banking. Advocates of allowing the banking industry to serve cannabis businesses have seen many opportunities to enact legislation come and go. federal expungement.
Legislation is pending, Senate Bill 305, to permit qualified patients the ability to access medical cannabis preparations while in health care facilities. Click here to email your lawmakers in support of access in healthcare facilities. Click here to email your lawmakers in support of bankingaccess. California.
Legislation has been reintroduced from last year, Senate Bill 34, which would exempt compassionate care programs from paying state cannabis taxes when they are providing free medical cannabis to financially disadvantaged people living with serious health conditions. Click here to email your lawmakers in support of bankingaccess.
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. 1595, the Secure and Fair Enforcement Act of 2019 (SAFE Banking Act). Roadmap to cannabis banking_January 2020. “As
Legislation that would have significantly expanded patient access to medical cannabis in Rhode Island was held in a senate committee for further study, ultimately killing the bill. Legislation is pending, Senate Bill 236, to allow qualifying patients with certain debilitating conditions to use and safely access medical cannabis.
House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th. Senate Bill 34 would exempt compassionate care programs from paying state cannabis taxes when they are providing free medical cannabis to financially disadvantaged people living with serious health conditions.
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.
The House Financial Services subcommittee on Consumer Protection and Financial Institutions held a hearing Wednesday to address the lack of access to basic banking services by state-legal marijuana businesses. House Bill 324 seeks to expand and facilitate patients’ access to medical cannabidiol (CBD) products. GA resident?
21 State Attorneys General Urge Congress Protect State Marijuana Programs From Federal Interference. AG Racine Leads Bipartisan Coalition of 21 States In Urging Congress To Pass Cannabis Banking Bill. 1028) or similar measures that would allow legal cannabis-related businesses to access the banking system.
provide free electronic payments within-network, powerful integrated banking capabilities, and automated compliance. I started my professional career in finance, at an investment banking firm but quickly launched my own venture capital fund. The cannabis industry suffers from inefficient, overpriced, banking and transactional services.
Senator Ron Wyden and Congressman Earl Blumenauer introduced legislation to allow for interstate commerce when it comes to state-legal cannabis programs. Click here to email your lawmakers in support of compassionate care programs. Click here to email your lawmakers in support of medical cannabis access at school. California.
To access BTIG insights, contact a firm representative or log in to www.btigresearch.com. The conference is being produced by BTIG’s Corporate Accessprogram which hosts client events across the consumer, energy and infrastructure, financials, healthcare, real estate as well as technology, media, and telecommunications sectors.
Cannabis and Banking. banks and credit unions are reluctant to work with cannabis businesses because of concerns surrounding the federal illegality of cannabis. often scares away financial institutions, forcing the cannabis industry to either be sneaky about how they do their banking or deal mostly in dangerous amounts of cash. .
AUGUSTA – Today, the Office of Marijuana Policy announced the introduction of new applications intended to assist business owners operating within the State of Maine’s Medical Use of Marijuana Program. This milestone marks the first time in the medical program’s history that applications have been available electronically.
Banking regulations. Landlords were concerned that having a weed company as a tenant would cause issues with the banks that hold their mortgages, she said. Federally regulated banks hesitate to lend to businesses involved with a federally illegal substance. Landlords also wondered whether product would be handled in the office.
Some applicants may have been able to access the system early, which is a problem in a first-come, first-served process. For more on social equity issues, see our post from February that examines programs around the country. The marijuana industry has received on relief from federal relief programs. marijuana banking.
Verilife dispensaries provide access to a diverse selection of quality cannabis products,” a Verilife spokesperson said. Special features include VeriVIP Loyalty Program & Rewards, kiosk ordering, online ordering and pick up, and weekly discounts. Find Verilife on Instagram @verilifestores , Facebook , and X @verilifestores.
Senate Bill 34, which would exempt compassionate care programs from paying state cannabis taxes when they are providing free medical cannabis to financially disadvantaged people living with serious health conditions. Click here to email your lawmakers in support of compassionate care programs. CA resident? CA resident? CA resident?
Wayne-based Valley National Bank, a subsidiary of Valley National Bancorp, is creating a new digital payment platform designed specifically for cannabis-related businesses. The application will allow cannabis-related businesses to provide their customers access to a compliant, secure and streamlined mobile wallet payment system.
CBAI listed five key points, including increasing diversity, regulating intoxicating hemp, lowering taxes, regulatory changes, and expanding access. INCREASING DIVERSITY Illinois cannabis program is unique in that it centers diversity and equity. A major hurdle is securing capital, especially for social equity license holders.
Additionally, these past proposals also pushed for equal access to the economic opportunities arising from the legal cannabis market. In past years, the NAACP endorsed various measures aimed at decriminalizing cannabis. These past proposals called for the end of criminal penalties that disproportionately affect communities of color.
Sahar Ayinehsazian is based in VS’s Los Angeles office, where she focuses her practice on cannabis banking, corporate transactions, and regulatory compliance. He has developed community outreach programs, created impact plans, and negotiated host community agreements with over 60 cities and towns across Massachusetts.
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