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.

Collective 52

Collective Business Legislation Cannabis 52

Cannabis Law Report

JULY 31, 2019

With this federal classification, the cannabis industry is isolated from banking and, in many cases, reduced to a cash-only venture. This business model inherently creates several issues, such as higher rate of theft, difficulty assessing and collecting taxes properly, and allowing bad actors to pose as legitimate. Jeff Merkley (D-OR).

Banking 40

Banking Research and Development Safety Legislation 40

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.

Banking 40

Banking Law Compliance Compliance 40

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.

Collective 51

Collective Banking Legislation Business 51

Cannabis Law Report

FEBRUARY 4, 2019

Licenses are to report both the calculated tax amount and the amount of additional collected tax. When remitting the marijuana excise tax to the LCB, the greater of the collected vs. calculated is to be paid. The collected marijuana excise tax may be paid by check, cashier’s check, money order or electronic funds transfer. .

Topical 65

Topical Packaging Retail Legislation 65

Cannabis Law Report

JULY 7, 2021

“With cannabis sales on track to exceed last year’s historic levels, and several catalysts in place to drive future growth globally, it is exciting to launch an investment product that provides 2x exposure to this rapidly expanding industry,” says Jason Wilson, ETFMG Cannabis Research and Banking Expert. About ETFMG.

Research and Development 72

Research and Development State Laws Collective Concentrates 72

Cannabis Law Report

JUNE 24, 2019

Now — five-plus years and $1 billion in tax collections since recreational marijuana was legalized in Colorado — top Democratic budget writers say they want to change how pot tax revenue is appropriated, recommending new guardrails for a fund that will total $159 million next budget year.

Education 40

Education Banking Collective State Laws 40

Cannabis Law Report

DECEMBER 23, 2019

2019 Defining Moments in California Cannabis Law . The End of the Collective Era. 9, 2019, all cannabis collectives and cooperatives must be licensed, except for (a) individual patients and (b) caregiver gardens serving NO more than five (5) patients. January 2019. As of Jan. TOP 5 Defining Moments in Federal Cannabis .

Law 59

Law Banking Hemp Retail 59

Cannabis Law Report

APRIL 15, 2022

Ed Perlmutter’s (D-CO) Secure and Fair Enforcement Banking (SAFE) Banking Act , which was most recently passed by the House in 2021. Unlike the MORE Act or CAOA, the SAFE Banking Act does not remove marijuana from CSA’s Schedule I. Chuck Schumer (D-NY), and Rep. The Political Horizon. It is not clear whether Sen.

Marijuana 52

Marijuana Banking Research and Development Legislation 52

Cannabis Law Report

APRIL 24, 2019

Let’s begin with the following: STATES Act Becomes Law. The STATES Act passes in Congress, the President signs it and it becomes law which means that in the states where cannabis is legal : Banking system becomes available to cannabis businesses. See The Murky Part of the STATES Act: Tribal Rights ].

Legalization 58

Legalization Collective DEA Banking 58

Cannabis Law Report

JULY 14, 2021

“Closing the door on broadly supported incremental reforms like the SAFE Banking Act while the Senate seeks compromise on farther-reaching bills hurts the possibilities for consensus and ignores the very real needs of small business operators who have repeatedly said that access to banking services and traditional lending is an existential issue.

Legislation 71

Legislation Banking History Access 71

Cannabis Law Report

AUGUST 24, 2019

BANKING: The growth? The Republican-controlled US Senate hosted a hearing on cannabis banking on July 23, 2019. In Who’s Now Lobbying on the SAFE Banking Act? Financial institutions, even in states where cannabis is legal, are usually hesitant to serve cannabis businesses while cannabis remains illegal at the federal level.”

Banking 49

Banking Marijuana Media Patients 49

Cannabis Law Report

JULY 22, 2019

In a joint op-ed in Fox Business today, American Bankers Association President and CEO Rob Nichols and Credit Union National Association President and CEO Jim Nussle called on lawmakers to resolve the existing conflict between federal and state law with respect to proceeds from cannabis-related businesses.

Banking 40

Banking Safety Business Legislation 40

Connor & Connor PLLC

AUGUST 30, 2018

The IRS uses a variety of indirect methods of proof including: the bank deposits analysis (most common), net worth analysis, cash-t analysis, and the mark-up method. Department of Treasury that collects and analyzes information about financial transactions in order to combat money laundering and other financial crimes.

Business 49

Business Marijuana Banking Collective 49

Cannabis Law Report

JUNE 15, 2022

In addition, the licensees must execute a management agreement with a third-party operator to manage and operate the remaining facilities that the department will continue to permit in compliance with state law. California Steps Up Tax Collection Efforts. On June 8, 2022, the U.S. It remains to be seen how this will develop.

Business 52

Business Marijuana Safety Banking 52

Cannabis Law Report

JANUARY 13, 2020

So while the actual practice or use of a patented cannabis-related invention may be illegal under federal or some state laws, such illegality should not preclude issuance of a patent, if all of the requirements of patentability are met. a contractual falling out between bank robbers). Pure Hemp Collective, Inc.

Extraction 59

Extraction Collective Supply Chain Strains 59

Cannabis Law Report

APRIL 5, 2019

We suspect this omission was an oversight rather than an intentional exclusion, and Drummond Woodsum will submit testimony advocating for an amendment to the bill that would expand coverage to all marijuana establishments that have been authorized to operate under state law. . Progress is being made at the federal level as well.

Access 45

Access Marijuana Legislation Education 45

The Blunt Truth

OCTOBER 29, 2019

The SAFE Banking Act May Help CBD Industry. Because cannabis at the federal level is considered an illegal substance, most banks are not servicing cannabis businesses. In addition, there is major confusion surrounding the legalization of marijuana and CBD with growing state laws addressing these topics.

Hemp 45

Hemp Legislation CBD Research and Development 45

The Herb Collective

APRIL 29, 2019

A Cash-Only Industry The final California cannabis regulations still haven’t fixed the banking problem. Unfortunately, cannabis consumers in the state are still only able to pay for their purchases in cash or use an ATM-at-the-register payment system with high fees.

Law 45

Law Marijuana Banking Packaging 45

Cannabis Law Report

OCTOBER 6, 2021

It’s a privilege to be able to provide cannabis investors with a full suite of investment options, including the ability to achieve either long or short exposure to the sector,” says Jason Wilson, ETFMG’s Cannabis Research and Banking Expert. “We For more information on MJIN visit: etfmg.com/MJIN. About ETFMG ®.

Research and Development 40

Research and Development State Laws Collective Concentrates 40

Cannabis Law Report

DECEMBER 16, 2021

The CDC promoted a policy that prohibits employees from using marijuana while on the job but recognized that a zero-tolerance policy for marijuana use may not be possible, depending on the relevant state law. doing business as Silver State Cultivation, for allegedly failing to properly remit tax payments.

Retail 52

Retail Cannabinoids Policy Cultivation 52

Cannabis Law Report

AUGUST 8, 2019

Whilst English law presumes that English criminal statutes do not extend to acts wholly undertaken outside the U.K., to be paid into his Spanish bank account and allowed the fraudsters to withdraw money from that account. the sale of shares or assets and collection of dividends outside the U.K. Rogers, a U.K. In the U.S.,

Legalization 40

Legalization Banking Compliance Compliance 40

Cannabis Law Report

JANUARY 10, 2020

More and more states across the South are adopting medical marijuana regimes. One such pain for marijuana businesses is the tension between following state laws on a product that is still illegal at the federal level. Assistance Collective Corp. With this growth comes growing pains. Patients Mut.

Marijuana 45

Marijuana Business Decriminalization Legislation 45

Cannabis Law Report

JULY 27, 2019

It is impossible to ignore the serious legal and business complications of franchising a cannabis business due to marijuana being illegal under federal law. Banks, landlords, insurance companies and other service providers remain skittish about doing business with companies that are essentially breaking federal law.

Supply Chain 40

Supply Chain Programs Business Retail 40

Cannabis Law Report

APRIL 13, 2022

A couple of months earlier, the House passed a bill that would allow banks to offer various financial services to cannabis businesses. Query whether, at the end of the day, the principal beneficiaries of legalization will be the tax-collecting states and lower-priced illicit businesses. xx] [link].

Business 52

Business Cannabis Law Decriminalization 52

The Cannigma

MARCH 12, 2021

There are no payment systems, there’s no banking and cannabis. At some point we had, I had done so much research, and together, we had collected so much information, and my brother knew that there are a lot of other people out there who are going through the same problem that he’s going through as well.

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Legalization Patients Education Dispensary 128

Canna Law Blog

DECEMBER 6, 2022

As we blogged about last week, the SAFE Banking Act is trying to claw its way back from the dead during this lame duck session of Congress. Interestingly, on December 2, Punchbowl News reported that the Department of Justice (DOJ) issued a memo outlining its “issues” with the SAFE Banking Act. Section 280E.

Banking 98

Banking Compliance Compliance State Laws 98

SpeedWeed

MARCH 24, 2021

In the latest episode of the Cannacurio Podcast from Cannabiz Media, I speak with Tony Repanich, President and Chief Operating Officer of Shield Compliance , a comprehensive compliance management platform for banking cannabis-related businesses. I spent 25 years in community banking and I loved it. So what was that like for you?

Compliance 52

Compliance Compliance Banking Data 52

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.

Banking 63

Banking Hemp Compliance Compliance 63

SpeedWeed

APRIL 22, 2021

A bipartisan group of twenty-one state governors sent a letter to congressional leaders on Monday urging lawmakers to support a bill that would allow legal cannabis businesses to have access to traditional banking services. Green Wave Of Legalization Continues Beyond the SAFE Banking Act. states, four U.S.

Banking 52

Banking Safety Access Business 52

Cannabis Law Report

AUGUST 30, 2019

US Senator Mike Crapo (R-ID) , chairman of the Senate Committee on Banking, Housing and Urban Affairs, expressed interest in addressing banking issues facing cannabis businesses operating legally in their states. The SAFE Banking Act (H.R. The SAFE Banking Act (H.R. Governor Ducey (R-AZ) opposes legalization.

Banking 45

Banking Research and Development Legislation Programs 45

The Blunt Truth

JULY 14, 2022

We note the signing of a banking bill in Pennsylvania. They collected over 25,000 signatures, which gives them a more than 10,000 signature cushion in their bid to put adult-use on the ballot. Assuming the initiative goes up for a vote, will the Peace Garden State’s voters give it the thumbs up? unhappy senators. pennsylvania.

Banking 111

Banking Collective Events State Laws 111

SpeedWeed

JULY 17, 2021

Federal law enforcement would no longer be able to bust people for weed-related crimes, unless they were in violation of state law. Legal weed businesses would be able to open bank accounts, access loans, or list on the US stock market. Anyone wishing to comment can send an email to [email protected] by September 1.

Legalization 52

Legalization Collective Hash Legislation 52

Above The Law - Cannabis

AUGUST 21, 2017

215 (which is a terrible piece of law if you’re looking to be a real cannabis business) is that many self-proclaimed industry attorneys in and out of California abandoned any semblance of helping their clients comply with the corporations code, federal and state tax laws, and various basic transactional laws and standards.

Business 52

Business Legalization Collective Medicine 52

Above The Law - Cannabis

JANUARY 22, 2018

The below are the top 10 legal questions or industry hearsay our California attorneys are hearing most regarding Californias newly legalized cannabis industry: The current collective model will continue for another year. During the “transition period,” licensees can buy cannabis product from unlicensed collectives.

Marijuana 52

Marijuana Collective Packaging Events 52

Cannabis Law Report

DECEMBER 1, 2019

This conflict between federal and state law has raised concerns among CPAs providing services to the marijuana industry. States Legalizing Marijuana. Barr also noted that Congress needs to make a decision as to whether federal law should be changed or followed. 15, 2019, [link] ).

Marijuana 59

Marijuana Business State Laws DEA 59

Marijuana Lawyer Blog

APRIL 15, 2019

Attorney General said he’d favor a new bill protecting cannabis businesses and users from federal prosecution as long as they were in compliance with federal law. This measure has broad bipartisan support, as does another that would shield banks doing business with these companies from federal money laundering charges.

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Policy Banking Programs History 45