News & Analysis as of September 19, 2024

Medical Marijuana › Banking Sector

+ Follow

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 -

To Reschedule or To Deschedule: That Is the (Marijuana) Question

Bradley Arant Boult Cummings LLP on 9/20/2023

Now that the dust is starting to settle on the recent news that the U.S. Department of Health and Human Services (HHS) has recommended to the U.S. Drug Enforcement Agency (DEA) that marijuana be moved from Schedule I to...more

Cannabis Industry Quarterly Update: Q2 2023

Benesch on 7/27/2023

There Has Been Little Movement in Federal Legalization. This has led to cannabis investors and companies to downgrade expectations for federal legalization and focus their strategies on state reform. Federal lawmakers...more

Promissory Notes - Banking & Finance Insights: V 3, Issue 6, June 2023

Spilman Thomas & Battle, PLLC on 7/3/2023

GOP Senator Backs Marijuana Banking Bill, but Doubts Democratic Leadership Will Advance It - “Sen. Tommy Tuberville (R-AL), said that he’d be a ‘yes’ vote on the Secure and Fair Enforcement (SAFE) Banking Act if it...more

The Week in Weed: December 2022 #3

Seyfarth Shaw LLP on 12/16/2022

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana....more

The Week in Weed: July 2022

Seyfarth Shaw LLP on 7/1/2022

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana....more

In the Weeds: The 4/20 Edition — Va. Medical Use, Two Delta-8 Bans, NY Cannabis Banking and Tax Deductions

McGuireWoods LLP on 4/21/2022

Newsworthy Highlights - Virginia Access to Medical Cannabis and Delta-8 Ban Moving Forward. Virginia Gov. Glenn Youngkin approved Senate Bill 591, which eliminates existing requirements for medical cannabis patients to...more

CannaBanking in Alabama: Will Financial Institutions See Green?

Bradley Arant Boult Cummings LLP on 3/8/2022

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

The Week in Weed: December 2021 # 2

Seyfarth Shaw LLP on 12/10/2021

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. ...more

The Week in Weed: November 2021 # 3

Seyfarth Shaw LLP on 11/19/2021

Welcome back to the Week in Weed, your Friday look at what’s happening in the world of legalized marijuana....more

Congress Keeps Taking Baby Steps on Marijuana Reform

Partridge Snow & Hahn LLP on 5/27/2021

This month, two congressional Republican lawmakers introduced a bill to legalize marijuana at the federal level, as well as to protect banks that service state-legal cannabis businesses and to ensure that military veterans...more

The Week in Weed: April 2021 #4

Seyfarth Shaw LLP on 4/23/2021

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana....more

Eaze Case Puts Financial Institutions on Notice

Burns & Levinson LLP on 3/25/2021

On March 24, 2021, Defendants Hamid (Ray) Akhavan and Ruben Weigand were found guilty of defrauding banks as part of a scheme they had set up to help cannabis company Eaze accept credit card payments for marijuana purchases....more

The Dome Report - 2020 West Virginia Legislature Updates, Issue 4

Spilman Thomas & Battle, PLLC on 2/7/2020

The 2020 Regular Session of the West Virginia Legislature just reached the 30th day, or its half way point. As of today, the House has introduced 1289 bills, while the Senate introduced 725. We will continue reporting on...more

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

White & Case LLP on 10/9/2019

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

Congress Presses FDA to Act on CBD Regulations

BCLP on 9/26/2019

Following statements by the U.S. Food and Drug Administration that cannabidoil (CBD) in food and beverage products remains illegal, and amid the patchwork of state laws and enforcement actions, a group of U.S. lawmakers, led...more

West Virginia Treasurer’s Office Tentatively Awards Medical Cannabis Banking Contract

Steptoe & Johnson PLLC on 8/28/2019

On August 26, 2019, the West Virginia State Treasurer’s Office (the “Office”) tentatively awarded the state’s medical cannabis banking and fee-processing services to Element Federal Credit Union (“Element”). Element was one...more

Security Standards for Medicinal Cannabis Businesses

Burns & Levinson LLP on 2/7/2019

Last week the firm moderated a discussion of banking and lending in the cannabis industry. The event was well attended and most importantly provided practical insights concerning the financing of cannabis businesses...more

Status of Medical Marijuana in West Virginia

Steptoe & Johnson PLLC on 1/24/2019

On January 11, 2019, Patrick Morrisey, the Attorney General of the State of West Virginia, issued a legal opinion discussing the legal risks the financial service industry may face as West Virginia implements its medical...more

Cannabis, Cash, and Crime

Buchalter on 7/17/2018

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

Buds and Booze: Lessons from Prohibition Could Inform Marijuana Industry

K2 Integrity on 6/8/2018

Reading the leaves regarding the potential decriminalization of marijuana is confusing and contradictory; however, one certainty is that the intoxicating combination of a cash-rich industry and a multitude of sometimes...more

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

Bradley Arant Boult Cummings LLP on 5/29/2018

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

Nutter Bank Report, April 2018

Nutter McClennen & Fish LLP on 4/27/2018

Treasury Report Recommends Changes to Community Reinvestment Act Rules - The U.S. Department of the Treasury has released a report recommending changes to the federal banking agencies’ rules that implement the Community...more

Bank On It: States Taking a Proactive Approach to Cannabis Banking

Burns & Levinson LLP on 3/7/2018

When it comes to the cannabis industry, banks and other financial institutions can find themselves in a particularly murky legal waters (see Banking & Cannabis: Where Do Things Stand?). Federal rules dictate that banks and...more

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

Stinson LLP on 1/8/2018

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

U.S. Attorney General Reverses Policy on Legal Marijuana

Husch Blackwell LLP on 1/8/2018

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

33 Results

View per page

Page: of 2

Medical Marijuana › Banking Sector

"My best business intelligence, in one easy email…"