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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Cannabis Law Report

JANUARY 28, 2020

Banks and accountants wouldn’t be committing crimes under California law by providing services to cannabis clients under a bill that passed the state Assembly 60-1 on Monday. The measure, Assembly Bill 1525 , would help cities and counties collect taxes. Bloomberg reports.

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The Blunt Truth

JUNE 30, 2022

Congress removed marijuana banking from the COMPETES Act. Meanwhile, in Nebraska, signature collecting continues for a ballot initiative. safe banking. If sponsors of the SAFE Banking Act are feeling like Sisyphus right about now, one can hardly blame them. And finally, Major League Baseball welcomes CBD sponsors.

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Cannabis Law Report

JUNE 14, 2022

Massachusetts municipalities have collected more than $53 million in “impact” fees from cannabis companies since the launch of adult-use sales in 2018, according to a Northeaster University study published by the Massachusetts Cannabis Business Association outlined in a Boston Globe report. The Franklin Observer writes.

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Cannabis Law Report

DECEMBER 12, 2019

United States: Bank On Hemp: Federal Banking Regulators Loosen The Reins. On December 3, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network… United States: Feds Issue Badly Needed Hemp And CBD Banking Guidance.

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Cannabis Law Report

DECEMBER 1, 2021

Since the United States classifies cannabis as a Title IV drug, the banking industry is unwilling and unable to provide services to cannabis operations. Retailers can reduce the amount of money on-site, and collect more data about their customers who are no longer cash transactions. Tsang has a long history in the banking world.

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Cannabis Law Report

JUNE 22, 2021

2021 /CNW/ – Halo Collective Inc. (“Halo”) (NEO: HALO) (OTCQX: HCANF) (Germany: A9KN), a vertically integrated multinational cannabis company, today announced that its board of directors has unanimously approved the reorganization (the “International Reorganization”) of its non-U.S. About Halo Collective Inc.

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Cannabis Law Report

JULY 12, 2019

The California legislature is currently considering a first-of-its kind urgency bill, SB 51, the “Cannabis Limited Charter Banking and Credit Union Law.” The law would empower privately insured charter banks and credit unions to be licensed as “cannabis depository institutions”, or “CDIs”, to bank California cannabis money.

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The Blunt Truth

MAY 21, 2020

Senator Mitch McConnell (R-KY) criticized the cannabis banking provisions in the latest stimulus bill, while state Attorneys General wrote a letter supporting them. cannabis banking. The marijuana industry was optimistic about the inclusion of the SAFE Banking Act in the HEROES bill last week. massachusetts.

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Cannabis Law Report

MAY 21, 2019

Lacking banking services, many legal cannabis businesses operate solely in cash,” it says. The majority of states have legalized medical or recreational cannabis, and need to have safe banking options for these businesses. State Treasurers Group Endorses Marijuana Banking Legislation.

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Cannabis Law Report

JUNE 9, 2022

Treasury Department is proposing to start collecting data on marijuana businesses from banks—alongside industries it already tracks like liquor stores, convenience stores, casinos and car dealers—as part of its ongoing efforts to combat money laundering activities. Marijuana Moment reports. Read full report.

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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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Medical Marijuana Program Connection

MARCH 13, 2023

NYSE: HTGC) (“Hercules” or the “Company”) is working collectively with our. PALO ALTO, Calif.–(BUSINESS –(BUSINESS WIRE)–The team at Hercules Capital, Inc. Read More

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Cannabis Law Report

JULY 22, 2019

She emptied her 401(k) and plowed all of her late parents’ retirement savings into transitioning Fiddler’s Green, a former medical cannabis collective, into a licensed adult-use company. But because this is cannabis, bank loans are not an option. Instead, Hattan lives every day on edge.

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The Blunt Truth

MAY 12, 2023

This week, we have an update on the latest incarnation of the SAFE Banking Act. SAFE BANKING The Senate Banking Committee held a hearing late this week on the difficulties the cannabis industry faces due to a lack of access to the federal banking system. We look at the legalization signature drive in Ohio.

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Dykema (Cannabis Law Blog)

APRIL 1, 2020

In a vote of 321-103, the House of Representatives took the first steps to securing better access for the cannabis industry by passing the Secure and Fair Enforcement Act , “SAFE” Banking bill. SAFE generally prohibits federal banking regulators from penalizing an institution for providing banking services to legitimate cannabis businesses.

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Cannabis Law Report

FEBRUARY 13, 2019

FIRST CONGRESSIONAL HEARING HELD ON CANNABIS BANKING. Today the House Financial Services’ Subcommittee on Consumer Protection and Financial Institutions held the first-ever congressional hearing on the issue of cannabis banking. . From Rep Heck’s Office. Feb 13, 2019 . Press Release. Washington, D.C. Ed Perlmutter (CO-07).

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Cannabis Law Report

SEPTEMBER 20, 2019

Hoyer, D-Maryland, announced on the House floor that he will schedule the SAFE Banking Act for a vote. Full report: In historic move, US House to vote on cannabis banking bill next week. 1595, SAFE Banking Act of 2019, as amended. . House of Representatives next week, House Majority Leader Steny Hoyer said Friday.

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The Blunt Truth

MAY 6, 2022

On the federal level, cannabis banking may be part of the COMPETES Act. Regular readers will doubtless recall that we left proponents prepared to collect additional signatures to put legalization on the ballot after it appeared that the legislature would not take up the issue. New Hampshire’s Senate decided against legalizing.

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The Blunt Truth

MARCH 12, 2020

As for banking, banking associations around the country sent a letter to Sen. Sherrod Brown (D-OH), asking that the Senate Banking Committee vote on a cannabis banking bill. This means that the group will have to redraft the proposal, collect signatures and resubmit. Mike Crapo (R-ID) and Sen. ON THE LIGHTER SIDE.

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Cannabis Law Report

JANUARY 10, 2020

Tax Collections in the Marijuana Industry. Of the taxes collected from the special sales tax, 90 percent goes to the state government and the remaining 10 percent is redistributed to local governments. xxix Tax collections through September were 11.3 xxix Tax collections through September were 11.3

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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

AUGUST 20, 2021

Bophelo is being spun off by Canadian parent Halo Collective into a new, non-US, international entity, Akanda. CNW Group/Halo Collective Inc.). . … The suits have descended on Lesotho to start putting a value on Bophelo Bioscience and Wellness , which aspires to be the world’s biggest cannabis grow.

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Illinois News Joint

MARCH 1, 2023

For the community, Maribis Grand participates in a variety of programs, including children’s school supply drives, food drives for local food banks, holiday toy collections, as well as funds scholarships at two community colleges for students interested in cannabis careers, among other special events.

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Illinois News Joint

JANUARY 23, 2023

For the community, Maribis Westchester participates in a variety of programs, including children’s school supply drives, food drives for local food banks, holiday toy collections, as well as funds scholarships at two community colleges for students interested in cannabis careers, among other special events.

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Cannabis Law Report

AUGUST 10, 2021

The Hawthorne Collective to Invest $150 million in Canadian-based RIV Capital. To that end, The Hawthorne Collective will provide a $150 million convertible loan to Toronto-based RIV Capital (TSX: RIV) (OTC: CNPOF), a cannabis investment and acquisition firm currently listed on the Toronto Stock Exchange. MARYSVILLE, Ohio, Aug.

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The Blunt Truth

DECEMBER 19, 2019

The big news on Capitol Hill this week was the Senate’s lack of action on the banking bill. Senator Mike Crapo (R-Idaho), the chairman of the Senate banking committee, opposes legalization and seemed disinclined to move on the issue. And a Kentucky legislator is proposing that state legalize as well.

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Cannabis Law Report

JULY 25, 2022

Some questions still have not been answered, including whether GovGuam will be able to use banks for the money it collects from the cannabis industry, including application fees and taxes. Although cannabis is legal in Guam, it still is illegal under federal law, which limits the ability of banks to handle cannabis-related money.

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The Blunt Truth

APRIL 23, 2020

marijuana banking. Ed Perlmutter (D-CO) is optimistic that cannabis banking could make its way into one of the next two relief packages. Because it’s hard to get money from the federal government if you have no bank account to receive it. See text of bill here. STATE ISSUES. Further bulletins as events warrant.

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Cannabis Chronicles

MAY 22, 2019

Bills have been repeatedly introduced in Congress to end that classification, as more and more states move to legalize the drug for recreational and medicinal purposes and lawmakers push for other reforms, including allowing pot businesses access to banking services.

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Cannabis Law Report

MAY 9, 2019

SACRAMENTO – California Attorney General Xavier Becerra, along with a bipartisan coalition of 38 Attorneys General, urged Congress to pass the federal Secure and Fair Enforcement (SAFE) Banking Act to give licensed cannabis businesses access to the federal banking system. This is simple: not incorporating an $8.3

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Illinois News Joint

JULY 11, 2024

According to the report, compared to White men, racial and/or ethnic minorities and women are less likely to be business owners and have less access to capital through either hourly wages or bank loans. Black loan applicants face higher bank loan denial rates. Black, Hispanic, additional raced26, and women workers have lower wages.

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Cannabis Law Report

OCTOBER 19, 2021

Since 2016, Local 338 has secured collective bargaining agreements with six of New York’s 10 registered medical marijuana companies , she said, and the union represents about 70% of the overall workforce — or roughly 500 employees. Local 338 is banking on that experience to entice cannabis workers throughout the emerging market.

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NORML

JUNE 14, 2019

Activists in Mississippi have collected approximately two thirds of the needed signatures to qualify a medical cannabis ballot initiative in 2020. Update : SB 51 is scheduled for a hearing in the Assembly Banking And Finance Committee on 6/24/19. Click here to email your lawmakers in support of banking access. CA resident?

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Cannabis Law Report

JULY 22, 2022

It’s an area that has bedeviled the industry as the large banks and credit card companies won’t work with the cannabis industry. Sellers, on the other hand, can leverage Direct Payments to digitize manual cash collections, lower transaction costs, and expedite time-to-cash timelines. GMR reports.

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Cannabis Law Report

APRIL 12, 2019

California expects to collect more than $500 million in marijuana-related tax payments next year according to a report in The Sacramento Bee. Collecting those taxes is the responsibility of the state’s Department of Tax and Fee Administration which has 11 offices around the state where marijuana business owners can drop off their cash.

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Cannabis Law Report

AUGUST 9, 2021

This randomized controlled trial will collect data on 13 U.S. A memo from the Farm Credit Administration to farm credit banks and associations on hemp financing has The National Industrial Hemp Council concerned that growers could have difficulty obtaining loans to expand their operations. CStore Decisions.

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