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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.
Every day, hundreds and thousands of people walk into cannabis dispensaries in legal states to purchase cannabis. Many financial institutions seek to be a part of the cannabis banking movement. In the past year, 553 banks and 202 credit unions provided their services to cannabis-related businesses. However, change is coming.
Banking has been a hurdle for cannabis businesses since the birth of the industry. Despite the fact that these businesses are state-legal, financial institutions have historically hesitated to work with them due to cannabis’ federally illegal status. A Long Road to Cannabis Banking Reform. Ed Perlmutter (D-Colo.)
Here’s the press release… National Law Journal’s 2020 Cannabis Trailblazer Katrina Skinner to Help Lead Company’s Legal Matters and Expansion into Banking, Financial and Payment-Related Services and Solutions for Cannabis Businesses and Related-Banking and Financial Sectors.
“Given the tremendous amount of uncertainty in the broader economy, the hundreds of thousands of American workers who are employed by the state-legal marijuana industry must be respected and protected by the emergency actions being taken by elected officials,” said NORML Political Director Justin Strekal.
National Law Journal’s 2020 Cannabis Trailblazer Katrina Skinner to Help Lead Company’s Legal Matters and Expansion into Banking, Financial and Payment-Related Services and Solutions for Cannabis Businesses and Related-Banking and Financial Sectors. Says the headline.
Ohio State Legal Studies Research Paper No. 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 access banking services or loans. Ohio State Legal Studies Research Paper No.
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.
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 access banking? Why MSOs face unique banking challenges. What are multi-state operators?
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. Legal hemp businesses should be treated just like any other businesses and not discriminated against,” the letters urged.
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.
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.
Nearly four years ago, Illinois News Joint kicked off its A Friend Indeed program. As Illinois News Joint has expanded, the outreach for the A Friend Indeed program has, unintentionally, been pushed to the backburner, but we want to assure all Veterans and Veteran supporters that the program is still in full swing.
We have spilled a lot of ink on this blog related to the 2018 Farm Bill , which legalized hemp at the federal level. We represent a handful of banks (and a larger handful of credit unions), and we give those outfits advice on banking hemp and marijuana. We are optimistic that the hemp industry will have ample banking options.
This Act amends the Controlled Substances Act to reduce the number of instances in which federal law enforcement agencies could carry out legal actions against state-licensed cannabis businesses or other related enterprises. Governor Leon Guerrero (D) of Guam signed cannabis legalization legislation into law. CA resident? CT resident?
House Financial Services Committee has passed The Safe Banking Act, HR 1595 out of committee this week. Guam became the first US territory to send a bill legalizing the adult-use of marijuana to the governor’s desk in 2019. Click here to email your lawmakers in support of compassionate care programs. California.
Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. 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. marijuana banking. cbd regulation. and finally.
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.
Louisiana has had a medical cannabis program for many years. In late May, Louisiana lawmakers discussed a bill that would significantly expand the state’s medical cannabis program and offer access to thousands of more patients in the state that may benefit from cannabinoid therapies. The Bill as Passed.
Additionally, these past proposals also pushed for equal access to the economic opportunities arising from the legal cannabis market. They emphasize that these communities should have an active role in reaping the economic advantages that come with legalization. Last year, AFGE passed a resolution supporting cannabis legalization.
INCREASING DIVERSITY Illinois cannabis program is unique in that it centers diversity and equity. In the absence of federal banking standards for the cannabis industry, the Illinois Department of Commerce and Economic Opportunity (DCEO) has grant and loan programs to support small businesses, but its not sufficient to support needed growth.
Send a message to your lawmakers in support of legalization. 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 banking access. Send a message to your lawmakers in support of legalization.
House of Representatives just voted to restrict the Department of Justice from interfering with the states that have legalized adult-use marijuana. Click here to email your lawmakers in support of compassionate care programs. Click here to email your lawmakers in support of banking access. CA resident? CA resident? Update : S.
ARVADA – Governor Jared Polis and the Colorado Department of Regulatory Agencies (DORA) released a bold roadmap to provide clarity and guidance for state-chartered financial services industries that serve or seek to serve legal cannabis-related businesses. Roadmap to cannabis banking_January 2020. “As WATCH PRESS CONFERENCE.
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. MD resident?
Welcome to our weekly roundup of CBD and hemp-related legal and regulatory news: CBD. 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.
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.
Medical: legal Recreational: illegal. In July, 2017, a joint ministerial decision between the Ministers of Health and Justice legalized medical marijuana in Greece, and changed the classification of cannabis from a Table A drug to a Table B drug. For a first offense, a counseling program can be a substitute for incarceration.
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? Virgin Islands have enacted either medicinal or recreational legalization amendments.
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.”. Ohio State Legal Studies Research Paper No. Ohio State Legal Studies Research Paper No. Drug Enforcement and Policy Center, August, 2022.
House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th. Similarly, activists in Arizona are attempting to qualify a 2020 legalization ballot initiative. Click here to email your lawmakers in support of compassionate care programs. CA resident? CO resident?
Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, we report (with skepticism) on the chances of SAFE Banking making it into the omnibus bill. Staying in New England, we examine the potential for New Hampshire legalization. SAFE BANKING (SIGH).
On the same day, LegalizeND announced that they will try again with a 2020 legalization ballot initiative. The bill clarifies that products made from the resin of the cannabis plant are legal for medical purposes under state law, including extracts, concentrates, oils, tinctures, and edible products, amongst others. IL resident?
Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. No news is big news this week, as New Jersey failed to pass legislation legalizing recreational marijuana. It’s not just in New Jersey that setbacks to legalization happened this week. See you next week!
Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. The ACLU released a report on Monday that highlights the racial disparities in enforcement of cannabis laws, both in states were marijuana is legal and in states where it is not. marijuana banking. breaking news.
Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. The big news this week is that, for the first time ever, a cannabis bill, the SAFER Banking Act, got a markup in the Senate. The MORE Act has been re-introduced and it’s possible the HOPE Act will become part of SAFER.
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. WASHINGTON, D.C
Listen & Subscribe: Very few medical cannabis advocates are against the full legalization of the plant for all adults. But sometimes one unintended consequence of adult-use legalization is that the market no longer caters to medical patients. What is the relationship between medical and recreational legalization?
Former Eaze consultants get sentenced to jail time for committing bank fraud. Texas Governor Abbott allows a bill that will require the state to research psychedelic therapy for veterans, and Connecticut legalized recreational cannabis! Video Transcript: Former Eaze consultants land jail time for bank fraud. Next in news, .
Cannabis and Banking. banks and credit unions are reluctant to work with cannabis businesses because of concerns surrounding the federal illegality of cannabis. The gray area of cannabis being legal in certain states, but not the U.S., The gray area of cannabis being legal in certain states, but not the U.S.,
Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. Iowa votes to reform its medical marijuana program. We have a look at which states are most likely to legalize cannabis and there’s more on the Petsmart saga. where is legalization likeliest?
One of the biggest drivers of cannabis legalization has been the allure of tax revenue. California is spending the money on infrastructure, and on social programs whose overall goal is to benefit all its citizens. Could other states stand to see the same success that cannabis taxes are offering to states that have legalized?
Will hemp taint your banking relationship? . Many have setup legal entities and registered under their states’ regulatory programs as permitted growers but have hit a hurdle that most new businesses hop right over: opening a bank account. . PUBLISHER: CANNABIS LAW REPORT. THC when it is harvested and tested? .
Solomon’s primary contributions to date include the development and rollout of an industry-leading compliance program and the optimization of staff and assets to support rapid market expansion. As Solomon begins his new role as CEO, previous managing partner Robert Simpson will be moving into an advisory role on the Company’s Board.
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