Cannabis Law Report

FEBRUARY 26, 2019

Senate Tuesday that conflicting federal and state laws on the sale of marijuana and other cannabis products put bank supervisors in a “very difficult place.” central bank said further regulatory guidance would be helpful for bank overseers. ” Asked by Sen. Robert Menendez, D-N.J.,

Banking 58

Banking State Laws Law Marijuana 58

Canna Law Blog

APRIL 14, 2019

The SAFE Banking Act just got a new, prominent supporter – on April 9, 2019, Treasury Secretary Steven Mnuchin pledged to take a look at the legislation that would allow financial institutions to service cannabis businesses. As we’ve previously written about, there have been several calls for clarity on this banking issue.

Banking 74

Banking Legislation State Laws Business 74

Greenspoon Marder Cannabis Law Group Blog

JUNE 14, 2019

Although this resolution is limited in scope, pending legislation on the horizon would definitively remedy this issue, specifically the Secure and Fair Enforcement (“SAFE”) Banking Act. As of June 5 th , 2019 the SAFE Banking Act has been placed on the Union Calendar (Calendar No. Victor Fox is not an attorney.

Banking 64

Banking State Laws Cannabis Business 64

NORML

MARCH 20, 2020

In short, federal anti-drug laws continue to define the state-authorized cannabis industry, and those who work in it, as drug felons. That is why these businesses continue to face undue discrimination under federal law, including the lack of access to banking services and a prohibition of standard business tax deductions.

Business 306

Business Legislation Access Policy 306

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.

Banking 67

Banking Hemp Compliance Compliance 67

NORML

MARCH 7, 2019

Drug Enforcement Administration and Congress still erroneously classify marijuana as a Schedule 1 drug, ignoring the fact that 33 states, including my home state of Hawai‘i, have already accepted the medical use of marijuana under state law.

Legislation 216

Legislation Marijuana Banking Safety 216

NORML

APRIL 5, 2019

Under state law, adults face civil penalties for minor marijuana possession offenses. The measure would protect registered medical cannabis patients from employment discrimination by prohibiting employers from arbitrarily discriminating against employees who legally consume medical cannabis off-the-job in accordance with state law.

Legislation 196

Legislation Banking Hemp Compliance 196

NORML

JUNE 23, 2019

Governor Kate Brown (D) signed legislation into law to to automatically conduct a review of past misdemeanor cannabis convictions, and to “set aside” offenses that are no longer a crime under state law. Click here to email your lawmakers in support of banking access. CA resident? DE resident? Update : S.

Legislation 197

Legislation Hemp Decriminalization Agriculture 197

NORML

JANUARY 19, 2020

The bill would prohibit employers terminating an employee for the employee’s lawful off-duty activities that are lawful under state law even if those activities are not lawful under federal law, such as consuming cannabis. Send a message to your lawmakers in support of banking access.

Legislation 249

Legislation Decriminalization Access Patients 249

Veriheal

OCTOBER 22, 2021

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 105

Banking DEA Recreational Packaging 105

Cannabis Law Report

DECEMBER 7, 2021

Congress is making another run at providing a safe harbor to the banking industry and companies that provide services to cannabis businesses. On September 21, 2021, the House voted to include the Secure and Fair Enforcement Banking Act of 2021 (SAFE Banking Act) 1 in the annual National Defense Authorization Act for Fiscal Year 2022 (NDAA).

Banking 52

Banking Compliance Compliance Business 52

Illinois News Joint

MAY 4, 2023

“We can’t celebrate pride without drag queens,” said Cooper, “and we’re proud to announce that this year’s event will be hosted by Bambi Banks Coulee, with other fabulous performances.” Performing will be Bambi Banks Coulee, ziggy banks, Sativa Feliciano Diamond, and Smokey Karmichael.

Events 98

Events Banking Seed-To-Sale Sativa 98

NORML

FEBRUARY 22, 2019

Legislation is pending, House Bill 2149, to amend the definition of “cannabis” under the 2010 voter-approved medical marijuana law. Click here to email your lawmakers in support of banking access. Click here to email your lawmakers in support of banking access. IL resident? NV resident? WV resident?

Legislation 190

Legislation Hemp Compliance Compliance 190

Cannabis Law Report

OCTOBER 31, 2019

Law Firm Manatt, Phelps & Phillips, LLP writes… The Cannabis Banking Guidance from California’s Department of Business Oversight (DBO) offers California-chartered financial institutions serving cannabis-related businesses assurances that the DBO will not bring enforcement actions based solely on such relationships.

Banking 45

Banking Compliance Compliance Policy 45

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.”

Banking 48

Banking Marijuana Collective State Laws 48

NORML

MARCH 29, 2019

House Financial Services Committee has passed The Safe Banking Act, HR 1595 out of committee this week. Governor Jim Justice (R) of West Virginia signed legislation into law that allows financial institutions to provide banking services related to the state’s medical marijuana program. House Judiciary Committee.

Legislation 185

Legislation Decriminalization Hemp Patients 185

Veriheal

DECEMBER 7, 2022

Due to the plant’s illegal status, banking cannabis business revenue can be tricky. “Financial institutions providing banking services to legitimate and licensed cannabis businesses under state laws are subject to criminal prosecution under several federal statutes,” reads a statement from the office of Perlmutter.

Business 103

Business Banking Advocacy Cannabis 103

Cannabis Law Report

JULY 1, 2022

Portland, OR. – Outdated federal barriers to banking services continue to severely impact the legal cannabis industry in Oregon and nationwide. Cannabis banking should be a priority,” stated OLCC Chair Paul Rosenbaum. The OLCC Press Release. Workers have been threatened at gunpoint, assaulted and tragically even killed.

Banking 52

Banking Business Access Safety 52

The Blunt Truth

JULY 30, 2019

Industry expert panels discussed market trends, private equity, venture capital, family offices, and banking, as well as commercial real estate, which I had the opportunity to moderate. Banking – here, too, experts caution that there won’t be advancements until the feds legalize.

Banking 78

Banking Hemp Cannabis Business 78

Cannabis Law Report

OCTOBER 26, 2019

The public safety concerns resulting from the dearth of cannabis banking has led dozens of state Attorneys General, the American Banking Association, and numerous other voices to urge the passage of legislation like the SAFE Banking Act so that the U.S. History of Marijuana Regulation and Banking Implications.

Banking 45

Banking Safety Business History 45

Greenspoon Marder Cannabis Law Group Blog

AUGUST 26, 2019

Last week, the National Credit Union Administration (NCUA) issued interim guidance stating that federally insured credit unions may provide certain financial services to legally operating hemp businesses. The need for cannabis businesses to have access to banking services continues to gain federal support.

Banking 40

Banking Hemp Marijuana Events 40

Cannabis Law Report

JUNE 8, 2021

Some of the biggest legal challenges that cannabis businesses face, such as the lack of access to banking, and merchant processing. The FDA’s role in the cannabis legal landscape, and how the lack of leadership and regulation has led to complex state-by-state laws CBD companies must navigate.

Hemp 105

Hemp CBD Legalization Banking 105

Cannabis Law Report

JULY 22, 2019

On Tuesday July 23, the Senate Committee on Banking, Housing, and Urban Affairs will discuss the growing need to provide banking services to cannabis businesses. Credit Union National Association President and CEO Jim Nussle illustrated this point by stating, “[a]t its heart, cannabis banking is a public safety issue.

Banking 40

Banking Safety Business Cannabis 40

Greenspoon Marder Cannabis Law Group Blog

JULY 26, 2019

On Tuesday July 23, 2019, the United States Senate Committee on Banking, Housing, and Urban Affairs hosted a hearing to discuss national safety implications relating to federal regulations that force cannabis businesses to operate on a cash basis. And that puts them and the Americans they do business with at risk. .

Banking 40

Banking Cannabis Business Safety 40

Cannabis Law Report

JULY 20, 2019

The banks actions will mean somebody at the FDIC will have to make some serious decisions that could lead to a number of ramifications for the cannabis sector not only in CA but also nationwide. A small California bank’s merger application could force the FDIC to take a firmer stand on marijuana banking.

Banking 40

Banking Data Media Business 40

MassRoots

FEBRUARY 11, 2019

The second, Responsibly Addressing the Marijuana Policy Gap Act , permits states to determine their own cannabis laws, thereby “reducing the gap between federal and state laws.” As long as individuals and businesses are operating under state law, this proposal would remove the risk of federal criminal penalties.

Legalization 111

Legalization Marijuana Legislation Policy 111

Cannabis Law Report

SEPTEMBER 20, 2019

Mj Biz report…… A bill that would create a federal safe harbor for financial institutions to serve state-lawful cannabis businesses and ancillary companies will be put to a landmark vote in the U.S. Hoyer, D-Maryland, announced on the House floor that he will schedule the SAFE Banking Act for a vote.

Banking 45

Banking Collective State Laws Policy 45

The Blunt Truth

SEPTEMBER 10, 2019

Within its memorandum to members, the NCUA provided: 1) a summary of repercussions generated by the 2018 Farm Bill, 2) specific compliance program concerns with regard to the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AML), and 3) considerations under existing NCUA regulations for lending.

Hemp 78

Hemp Business Compliance Compliance 78

The Blunt Truth

SEPTEMBER 3, 2020

It’s been a busy week for the Golden State. Assembly Bill 1525 allows cannabis banking under California state law. The legislature approved two marijuana measures. Assembly Bill 1827 freezes tax rate increases until July 2021. A bill which would have set new rules for the hemp industry, was not passed.

DEA 98

DEA Banking CBD Edibles 98

NORML

MAY 31, 2019

Legislation is pending, House Bill 2980 / Senate Bill 2023, to amend the Illinois Banking Act and the Illinois Credit Union Act in a manner that facilitates banks and other financial institutions to safely conduct transactions with licensed marijuana businesses. Click here to email your lawmakers in support of banking access.

Legislation 118

Legislation Banking Access Hemp 118

NORML

MARCH 22, 2019

House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th. Activists in Oregon have filed a 2020 ballot initiative with the Secretary of State that, if approved, would allow social cannabis consumption sites and protect consumers from employment discrimination.

Legislation 155

Legislation Hemp Patients Compliance 155

NORML

MAY 24, 2019

Click here to email your lawmakers in support of banking access. This measure prohibits employers from arbitrarily discriminating against prospective employees who legally consume cannabis off-the-job in accordance with state law. Update : SB 51 was approved by the Senate on 5/21/19, and now heads to the Assembly. CA resident?

Legislation 186

Legislation Hemp Access Patients 186

Cannabis Law Report

AUGUST 26, 2019

Yet the possession, distribution or sale of marijuana remains illegal under federal law, which means any contact with money that can be traced back to state marijuana operations could be considered money laundering and expose a bank to significant legal, operational and regulatory risk. End the Cannabis Banking Problem.

Banking 59

Banking Cannabis Events Law 59

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. His corporate practice focuses primarily in the areas of mergers and acquisitions, corporate finance, capital raising (debt and equity), and bank regulatory compliance.

Banking 40

Banking Law Compliance Compliance 40

Cannabis Law Report

OCTOBER 3, 2019

Colorado’s top federal prosecutor says that he would never tell banks working with legal marijuana businesses in the state that they are devoid of criminal liability. . “As As federal prosecutors,” Jason Dunn told The Colorado Sun on Tuesday, “we will never tell them that what they are doing is lawful under federal law.

Banking 40

Banking Retail State Laws Business 40

Cannabis Law Report

JUNE 30, 2021

Cash-based operations are understandably enticing to burglars and robbers.

Banking 78

Banking Strains Law State Laws 78

NORML

MAY 17, 2019

Click here to email your lawmakers in support of banking access. LD 991 also seeks to expunge the records of those convicted of marijuana related offenses that are no longer defined as criminal under state law. Update : SB 51 was heard in the Senate Appropriations Committee on 5/13/19 and 5/16. CA resident? ME resident?

Legislation 155

Legislation Hemp Compliance Compliance 155