Remove Banking Remove DEA Remove State Laws
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Cato Institute “Cannabis Banking: A Clash Between Federal and State Laws”

Cannabis Law Report

Congress should either legalize cannabis or stop deputizing banks as drug enforcement investigators. Although 18 states have fully legalized, cannabis is still a sticky issue for banks and other financial institutions because it remains illegal at the federal level. The State of Banking. That can prove costly.

Banking 52
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Weekly Cannabis Roundup October 22

Veriheal

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.

Banking 104
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The Week in Weed: September 4, 2020

The Blunt Truth

It’s been a busy week for the Golden State. Assembly Bill 1525 allows cannabis banking under California state law. In other news, a federal court ruled that the state must turn over information concerning three marijuana businesses to the DEA. The legislature approved two marijuana measures.

DEA 98
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American Bar Association Urges Congress To Let States Set Their Own Marijuana Policies

SMPL

Though ABA specified that it was not taking a position on marijuana legalization generally, it recognized that conflicting federal and state cannabis policies are untenable and have created complications for cannabis businesses operating in compliance with state law.

Policy 40
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Update: DOJ and SAFE Banking Act

Canna Law Blog

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 90
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Federal Legalization – Then What?

Cannabis Law Report

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 ].

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CPA Journal Article: “Providing Services to the Marijuana Industry”

Cannabis Law Report

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] ).