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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. Senate Bill 1003 / House Bill 2273 to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations.
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. Actions to Take.
The alliance showcases the strengths of both organizations: Shield Compliance offers a purpose-built AML/BSA compliance management software solution that enables financial institutions to unlock new revenue and scale cannabis banking operations. POSaBIT puts compliance at the center of everything it does.
.–(BUSINESS WIRE)– #cannabisbanking –NatureTrak, the leading compliance and risk management solution for financial institutions serving the cannabis industry, today announces its newest customer, Southwest Capital Bank.
.–(BUSINESS WIRE)– #cannabisbanking — NatureTrak , the leading compliance and risk management solution for financial institutions serving the cannabis industry, today announces its newest customer, Northern Redwood Federal Credit Union. To learn more about NatureTrak, visit www.naturetrak.com. About NatureTrak.
Many legal cannabis suppliers and retailers are being forced to operate in a cash-intensive market due to federal laws that limit access to traditional banking. And this is particularly concerning for the legal cannabis market that’s expanding to $12 billion in sales this year, with projections to reach $30 billion in four years.
This burgeoning industry encompasses a wide range of activities, including cultivation, processing, distribution, and retail sales of medical cannabis products. The establishment of cultivation, processing, and dispensary facilities creates a diverse array of employment opportunities, spanning from agricultural roles to retail positions.
Banks typically don’t provide loans to cannabis ventures especially, those directly involved with the plant or its derivatives. Generally, the FDIC will not insure a bank that takes on “existential” risks, which include loans to companies in violation of federal law. Financing Options for Weed Businesses.
will be cleared by the DOA, and the permit holders may move forward with processing or sales. To address law enforcement or transporter questioning of transported materials, the DOA encourages delivering or shipping samples to laboratories to include hemp permit and any seed/transplant varietal documentation. .
The wholesale company’s CBD isolates are then sold to retail clients who turn them into CBD products approved for sale, which includes products both for humans and pets. That man is Jay Weightman who when contacted on his cell phone by CLR refused to confirm or deny the consulting position. Full Spectrum CBD. 3% or less of THC.
In the latest episode of the Cannacurio Podcast from Cannabiz Media, I speak with Kevin Hart, CEO and Founder of Green Check Verified , a leading provider of cannabis banking solutions and expert advisory services for financial institutions. They were actually on their third point of sale at that point in time. Kevin Hart: Thanks, Ed.
Cannabis lawyers are heading to Brussels next week to challenge a recent decision by the European Union to reclassify food products containing cannabidiol (CBD) and prohibit their sale. This applies to both the extracts themselves and any products to which they are added as an ingredient (such as hemp seed oil).”. AUTHOR: Mark Taylor.
Across the country, retail stores and medical dispensaries are seeing large revenues, despite the even larger burden of regulations and the persistent federal prohibition of the practice. One of the first states to legalize recreational marijuana was Colorado, followed by Washington and Oregon. 1] [link] ; [link]. [2] How do I start a dispensary?
Last Updated: July 3 2019. Article by Patrick J. Blaney McMurtry LLP. Your LinkedIn. Connections at Firm. From: Patrick Cummins, Blaney McMurtry LLP, Toronto, Ontario, Canada. To: Jonás Bergstein, Bergstein Abogados, Montevideo, Uruguay. Cummins: DO URUGUAYAN CANNABIS COMPANIES LIST BY WAY OF IPO? Bergstein : We refer to the above responses.
We also speak with Colton Griffin, CEO of Flourish Software , a seed-to-sale software solution for the cannabis and hemp industries. Press the Play button below to listen to the podcast. ? Follow the Link to Listen to Previous Episodes of the Cannacurio Podcast. Cannacurio Podcast Episode 28 Transcript. Welcome to the show.
For more details about each technology sector included in the report, check out my four-part series: Back Office Sector. Activity Sector. Transactional Sector. Advisory Sector. Press the Play button below to listen to the podcast. ? Follow the Link to Listen to Previous Episodes of the Cannacurio Podcast. Cannacurio Podcast Episode 19 Transcript.
CLR is pleased to announce we have a new correspondent reporting regularly from the front lines in Florida. We rarely see informed and investigative articles either from the Florida press or law firms so we’re very pleased indeed to have Heather onboard to guide us through the complexities of what’s happening in the state.
The changes in the cannabis industry in Southeastern United States represent some of the most surprising and remarkable changes in the history of the industry. Hunter Robinson. Whitt Steineker. Slates Veazey. The South is well positioned to be a leader in the cannabis industry, and in some ways, it should be expected. Existing Cannabis Regimes.
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. Welcome, Tony.
On July 21, 2021, NFL superstar wide receiver Julio Jones was named as the lead defendant in a 12-count civil fraud, conversion of assets, breach of contract, and breach of fiduciary duty lawsuit filed in Los Angeles Superior Court relating to a cannabis cultivation operation he co-owns. The case is titled Genetixs, LLC v.
On July 21, 2021, NFL superstar wide receiver Julio Jones was named as the lead defendant in a 12-count civil fraud, conversion of assets, breach of contract, and breach of fiduciary duty lawsuit filed in Los Angeles Superior Court relating to a cannabis cultivation operation he co-owns. The case is titled Genetixs, LLC v.
On July 21, 2021, NFL superstar wide receiver Julio Jones was named as the lead defendant in a 12-count civil fraud, conversion of assets, breach of contract, and breach of fiduciary duty lawsuit filed in Los Angeles Superior Court relating to a cannabis cultivation operation he co-owns. The case is titled Genetixs, LLC v.
On July 21, 2021, NFL superstar wide receiver Julio Jones was named as the lead defendant in a 12-count civil fraud, conversion of assets, breach of contract, and breach of fiduciary duty lawsuit filed in Los Angeles Superior Court relating to a cannabis cultivation operation he co-owns. The case is titled Genetixs, LLC v.
On July 21, 2021, NFL superstar wide receiver Julio Jones was named as the lead defendant in a 12-count civil fraud, conversion of assets, breach of contract, and breach of fiduciary duty lawsuit filed in Los Angeles Superior Court relating to a cannabis cultivation operation he co-owns. The case is titled Genetixs, LLC v.
Legislators seem both wary and weary of cannabis: the 2023 industry scandals implicating public officials are still fairly recent; and, after ten dynamic years and hundreds of adult use cannabis proposals, bills and laws, the program needs to breathe. Most of it will be scaffolding and maintenance. Just a clarification needed. Makes sense!
While these products are no longer illegal (notably a different definition than “legal”), most banks have been hesitant to jump in, citing the lack of framework from the compound’s new agencies of oversight: the USDA and the FDA. As a result, banks often require a website that sells CBD to meet several criteria to satisfy their guidelines.
of Tax and Fee Administration [“CDTFA”] is the administrative agency for business entities that are subject both to Sales Tax, and to Cannabis Cultivation TAX [“CCT”] and Cannabis Excise Tax [“CET”]. The predecessor to CDTFA, the Board of Equalization [“BOE”] was the agency that administered Sales Tax before CCT and CET.
As more countries legalize or decriminalize the cultivation, manufacture, sale, and use of cannabis, companies across a variety of industries are looking for opportunities to capitalize on this emerging market. Selinger cites software, point-of-sale systems, and packaging as areas that are thriving in the state.
But without the license, he said he couldn’t get a business bank account and retailers didn’t want to deal in cash. Camp said he didn’t try to conceal anything from the Washington State Liquor and Cannabis Board and resolved his banking issues after getting the license. There’s no due process here,” said Camp. Subjective enforcement’.
After many attempts to get the SAFE Banking Ac t through Congress, I can say that the industry feels a little defeated on the federal front. Dems had two years of control to get the SAFE Banking Act passed and politics basically kept it from going through. Hence, SAFE Banking made a lot of sense. Even if Rep.
The House Appropriations Committee approved the 2020 Financial Services and General Government bill, which includes a cannabis banking provision that would prohibit financial regulators from spending money to go after financial institutions that do business with lawful cannabis companies. Alabama Governor Kay Ivey (R) signed S.B.
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