News & Analysis as of

Marijuana Department of Justice (DOJ) FinCEN

Morrison & Foerster LLP

DOJ Proposes Rescheduling Marijuana

On May 16, 2024, the U.S. Department of Justice (DOJ) announced a plan to reschedule marijuana under the Controlled Substances Act (CSA) from a schedule I to a schedule III controlled substance. The Attorney General and the...more

McGlinchey Stafford

Marijuana Reclassification Impacts Bank Servicing of Businesses

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The Department of Justice’s move to reclassify marijuana as a less dangerous drug, on which it began formal proceedings on May 16, won’t legalize state-level adult use and medical marijuana unless it’s produced, sold, and...more

McGlinchey Stafford

Rescheduling Marijuana FAQs: How Do I Submit Comments on DEA’s Proposed Rules?

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On May 16, 2024, the U.S. Drug Enforcement Administration (DEA) released the proposed rule (Proposed Rule) to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). The Office of Legal...more

McGlinchey Stafford

Marijuana & Banking: What’s the Hold Up? Part 2 – Compliance Challenges

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For financial institutions who engage in marijuana-related banking services, the primary compliance challenge remains the disconnect between federal and state law, as it is still illegal to manufacture, distribute, or...more

Venable LLP

Marijuana Banking in 2022: Lessons Learned and Best Practices

Venable LLP on

​​​​​​​As we pass the halfway mark of 2022, it's a good time to reflect on what has happened, or not happened, with respect to the legal framework for the provision of financial services to marijuana-related businesses...more

Moore & Van Allen PLLC

Will Congress Clarify Regulation of Marijuana-Related Business?

Moore & Van Allen PLLC on

President Trump piqued the interest of participants in and observers of the marijuana industry when he stated in early June that he would “probably” support recently proposed bipartisan legislation aimed at removing the...more

Buchalter

Cannabis, Cash, and Crime

Buchalter on

ON OCTOBER 2, 2012, kidnappers robbed and abducted a marijuana dispensary owner from his Newport Beach home. They then drove him to the Mojave Desert where they tortured him and demanded that he reveal where he had buried his...more

Burns & Levinson LLP

The Emergence of Cannabis Banking

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In the fast-growing legalized cannabis industry, one of the major obstacles for businesses has been—and continues to be—access to banking services. Because cannabis remains a Schedule I drug and unlawful at the federal level...more

Bradley Arant Boult Cummings LLP

Providing Banking Services to the Legal Marijuana Industry: Mitigating Risks to Maximize Potential Rewards

Since 1996, when California became the first state to legalize marijuana (at the time, for medicinal purposes only), 28 additional states and the District of Columbia have legalized marijuana to some extent. Public support...more

Cozen O'Connor

Federal Budget Deal Reaffirms Executive Legislative Branch Split in Legalized Medical Marijuana Policy

Cozen O'Connor on

On February 9, 2018, funding was restored to the federal government through March 23, 2018. The spending legislation is significant for the cannabis industry for two reasons. First, the budget deal extends the...more

Manatt, Phelps & Phillips, LLP

AG Kills the Buzz for Marijuana Businesses

Banks face even greater risks and are likely to back away from marijuana-related businesses after the U.S. Attorney General changed the federal government’s stance on legalized pot....more

Cozen O'Connor

Sessions Jeopardizes Safe Haven for Cannabis Industry

Cozen O'Connor on

On January 4, Attorney General Jeff Sessions rescinded the Obama-era protection that has allowed the cannabis industry to flourish despite marijuana being illegal under federal law. In 2013, then-Deputy Attorney General James...more

Fox Rothschild LLP

FinCen Confirms Marijuana Banking Guidance Remains In Place Despite DOJ Policy Reversal

Fox Rothschild LLP on

Reuters is reporting today that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) was caught off guard by Attorney General Jeff Sessions’ announcement last week that the Justice Department was reversing...more

Stinson LLP

Attorney General Sessions' Rescission of DOJ Marijuana Guidance Signals Uncertainty for the Marijuana Industry

Stinson LLP on

On January 4, 2018, U.S. Attorney General Jeff Sessions officially rescinded all of the prior Obama-era Department of Justice (DOJ) marijuana-related guidance, including the so-called “Cole Memo.” That guidance had provided...more

Husch Blackwell LLP

U.S. Attorney General Reverses Policy on Legal Marijuana

Husch Blackwell LLP on

On January 4, 2018, U.S. Attorney General Jeff Sessions rescinded, effective immediately, previous enforcement priorities of the Department of Justice (DOJ) on marijuana, including the Cole Memo. The move creates uncertainty...more

Husch Blackwell LLP

The Sessions Memo

Husch Blackwell LLP on

Attorney General Sessions rescinded, effective January 4, 2018, previous enforcement priorities of the DOJ related to marijuana – including the Cole Memo. The Sessions Memo dictates that federal prosecutors should follow the...more

Goodwin

DOJ Rescinds Obama-Era Guidance on Prosecutions of State-Legalized Marijuana Businesses and Service Providers

Goodwin on

The U.S. Department of Justice (DOJ) today issued a memorandum in which it rescinded guidance issued during the Obama Administration related to the enforcement of the Controlled Substances Act, and related money laundering...more

Ballard Spahr LLP

Marijuana Enforcement: DOJ Cole Memo Up in Smoke

Ballard Spahr LLP on

Attorney General Sessions Announces Rescission of Obama Administration Policies on Marijuana Enforcement; Financial Institutions Lose Grounds to Permit Financial Transactions with Marijuana Businesses....more

Kelley Drye & Warren LLP

Money Laundering Watch: Promotional Money Laundering and Marijuana-Related Businesses

Kelley Drye & Warren LLP on

The October 27, 2017 indictments of Paul Manafort and Richard Gates have put money laundering in the spotlight. Much of the press coverage and commentary on the indictments focused on the charge of money laundering...more

Baker Donelson

It's Not Reefer Madness, It's Risk Management: Providing Investment Services to the Marijuana-Related Industry

Baker Donelson on

Investment advisors and broker-dealers ask more and more whether they can safely provide investment services to prospective customers in the marijuana industry. The answer is still that there is a risk of liability under...more

Ballard Spahr LLP

Continued and Unexpected Roadblocks to Serving MRBs: Fourth Corner Credit Union v. Federal Reserve Bank

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Part Two of a Three-Part Series - In the second part of this series, we explore the practical effects of the FinCEN and DOJ guidance documents on industries attempting to serve marijuana related business (“MRBs”). On June...more

Ballard Spahr LLP

Banking and the Marijuana Industry

Ballard Spahr LLP on

Part One of a Three-Part Series - We begin this week with a three-part series on banking and the marijuana industry. States continue to pass medical and recreational use marijuana legislation despite that the fact that the...more

K2 Integrity

State Ballot Wins Only Amplify Questions About Pot Banking

K2 Integrity on

The 2016 election will be remembered not only for the memorable presidential race but also for what was effectively a national referendum on cannabis. Eight states passed laws allowing its use. Medical marijuana is now...more

Dorsey & Whitney LLP

Colorado Approves Financial Co-Op Plan for Marijuana Businesses

Dorsey & Whitney LLP on

Colorado, which was the first state to legalize the possession, production and sale of recreational marijuana, has now become the first state to establish a financial system for the marijuana industry. On May 7th, the...more

Davis Wright Tremaine LLP

Marijuana, Banking, and the “10-Foot Pole”

On February 14, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued guidance aimed at clarifying Bank Secrecy Act expectations for financial institutions interested in providing services to marijuana-related...more

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