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Medical Marijuana Anti-Money Laundering

Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite... more +
Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite state laws to the contrary, Federal law still prohibits the use or possession of marijuana. The conflict between state and federal law on this issue has created interesting enforcement issues and significant legal hurdles for medical marijuana providers.  less -
McGlinchey Stafford

Marijuana & Banking: What’s the Hold Up? Pt. 1 – Conflicting Legal Landscapes

McGlinchey Stafford on

Today, nearly four-fifths of the United States have regulated medical marijuana markets. Nearly half of the United States, consisting of twenty-one states along with Washington, D.C. and Guam, have acted to legalize...more

Bradley Arant Boult Cummings LLP

CannaBanking in Alabama: Will Financial Institutions See Green?

Medical cannabis is on the way in Alabama. What does that mean for Alabama banks? The implications of this development are enormous for the financial services industry in Alabama, as each institution will soon have to...more

Bradley Arant Boult Cummings LLP

CannaBanking in Mississippi: Weeding Through the Rules

Medical cannabis has arrived in Mississippi. What does that mean for Mississippi banks? The implications of this development are enormous for the financial services industry in Mississippi, as each institution will soon have...more

Stinson LLP

Missouri Financial Institutions Must Prepare for Impending Marijuana Banking Challenges

Stinson LLP on

In November 2018, Missouri voters passed Amendment 2, setting in motion state regulated medical marijuana. Over the last month, the Missouri Department of Health & Senior Services (DHSS) began approving license applications...more

White & Case LLP

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

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On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more

Ballard Spahr LLP

Financial Services and the Marijuana Industry: the U.S. House Mulls Regulatory Reform for Financial Institutions and...

Ballard Spahr LLP on

Federal legislators continue to struggle over the growing disconnect between increasing State legalization of the cannabis industry, and the continued illegality of cannabis under federal law....more

WilmerHale

Blurred Vision – Cannabis and Reporting

WilmerHale on

On 17 October, Canada legalised the recreational use of marijuana, following the passing of The Cannabis Act 2018 this summer. This marks a further step in the drug's deregulation in Canada, where its medical use has been...more

Ballard Spahr LLP

Banking and Marijuana, Redux: Utah Department of Financial Institutions Commissioner Declares Opposite Position to New York’s...

Ballard Spahr LLP on

As we just blogged, the New York State Department of Financial Services (“NYDFS”) has published guidance to “clarify the regulatory landscape and encourage” New York, state-chartered banks and credit unions to “offer banking...more

Ballard Spahr LLP

The Medical Marijuana Industry and AML: Opportunities and Risks

Ballard Spahr LLP on

New York State Encourages Banking for State-Licensed Medical Marijuana Businesses – Whereas a Maine Company Runs Into Trouble, Despite State Law Legalizing Medical Marijuana....more

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