State AG Pulse | Is SAFER Banking Finally Coming To The Cannabis Industry?
Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
On April 29, Oklahoma enacted SB 1492 (the “Act”) which will amend the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act by, among others, expanding the definition of “mortgage broker” to include servicing a...more
The cannabis industry has undergone massive and rapid change, but federal regulations governing the sale and purchase of cannabis have failed to keep pace with either social change or moves to legalize across the nation,...more
August 16, 2023- The U.S. Department of the Treasury's Office of Foreign Assets Control imposed sanctions on three entities tied to a sanctions evasion network attempting to support arms deals between Russia and the...more
Advocates of the SAFE Banking Act – who by now must be feeling a little like Charlie Brown trying to kick the football – were dealt another setback last week. The beleaguered proposal finds itself simmering in committee just...more
SAFE Banking Updates - The latest iteration of the bipartisan Secure and Fair Enforcement (SAFE) Banking Act was reintroduced in Congress on April 26, 2023, and received a hearing before the Senate Banking Committee on May...more
2023 is just getting started, and already there have been important developments in Ohio involving cannabis with the promise of much more to come. Secretary of State Frank LaRose got things started on January 3 when he...more
If you give me an opportunity to quote George Harrison, I’m going to do it. In “Taxman,” he wrote: Should five percent appear too small Be thankful I don’t take it all ‘Cause I’m the taxman - I suspect “The Quiet One”...more
I’m not proud of it, but I’m the resident cynic amongst the editorial staff here at Budding Trends when it comes to federal marijuana reform. And after all, someone has to temper the frivolous whims of others. But we’re...more
The Secure and Fair Enforcement (SAFE) Banking Act is still on the table, and US Department of Justice (DOJ) is weighing in. DOJ Comments - Because current federal law allows federal regulators to penalize banks for...more
Over 50 years ago President Nixon declared a “War on Drugs,” leaving housewives over the country proclaiming marijuana to be the devil’s lettuce and urging sweet Billy to steer clear of the gateway drug...more
The Medical Marijuana and Cannabidiol Research Expansion Act (MMCREA) became law last Friday. The bipartisan legislation will roll back federal restrictions on medical marijuana research and the cultivation of research-grade...more
As the regulated sale of cannabis increasingly becomes sanctioned under state law, federal implications arising from its classification as a controlled substance continue to frustrate those in the banking industry who view...more
I was relieved to learn that Albert Einstein never actually said that “[i]nsanity is doing the same thing over and over again and expecting different results,” because it seems like a really bad idea to start a blog post...more
This is the first in what we hope will be a regular feature where our editors – Whitt Steineker, Jay Wright, Hunter Robinson, and Slates Veazey – discuss cannabis issues in the news and take a stab at where the cannabis...more
Late last week, a bi-partisan pair of federal lawmakers introduced a new bill to expand cannabis companies’ access to financial resources and opportunities. Introduced by Reps. Troy Carter (D-La.) and Guy Reschenthaler...more
One of the largest headwinds facing the cannabis industry is the lack of access to banking services. Many financial institutions refuse to serve the multibillion-dollar cannabis industry given the regulatory uncertainty...more
As Congress continues to debate the SAFE Banking Act, cannabis business and financial institutions should pay close attention to the bill’s potential to transform the accessibility of banking and payment processing solutions...more
When we last examined marijuana reform at the federal level earlier this year, we warned that perfect can be the enemy of good. Our point was that we should not forego meaningful federal cannabis reform by holding out for...more
On May 2, 2022, Georgia Gov. Brian Kemp signed SB 470, which amends provisions of Georgia’s banking laws relating to the denial or revocation of a mortgage license or registration due to certain felony convictions. SB 470...more
Attorney General Merrick Garland has reiterated that the Department of Justice will not prioritize prosecuting marijuana use, a position that Garland expressed during his confirmation hearings. In remarks in front of a Senate...more
The legal cannabis industry has been developing for years, but it is still difficult even for sophisticated investors to know where to start when thinking about investing in the cannabis industry. Stocks of publicly traded...more
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
Hope soared with the possibility of federal cannabis reform in 2021. And for good reason – the induction of a new, more liberal administration, rapid state-level legalization, broad support by Americans, and growing...more
2021 has been a big year for the cannabis industry. We have seen several states pass legislation either permitting adult use, or permitting or expanding a medical marijuana program. Some states have introduced new license...more
The Secure and Fair Enforcement (SAFE) Banking Act, which would prohibit financial institutions from being penalized for doing business with marijuana companies, was stripped from the National Defense Authorization Act...more