SAFER Banking Act Heads to Senate Floor - On September 27, the Secure and Fair Enforcement Regulation (SAFER) Banking Act (S.2860) was reported out from the Senate Committee on Banking, Housing, and Urban Affairs with...more
Fresh on the heels of intense optimism over the Department of Health and Human Services’ recommendation that cannabis be rescheduled, another key federal reform is in motion. On September 27, 2023, the Senate Committee will...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
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
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
With the recent reintroduction of the Secure and Fair Enforcement (SAFE) Banking Act, Congress is once again engaged in an effort to achieve a meaningful breakthrough on federal cannabis reform. Understandably, many have...more
Earlier this week, members of the U.S. House of Representatives and U.S. Senate reintroduced legislation that would allow regulated financial institutions to work with state-licensed cannabis companies. The Secure and Fair...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
It is undeniable that, not only is the cannabis industry here to stay, but it is growing exponentially. To date, 47 states, 4 U.S. territories, and the District of Columbia have legalized cannabis in some form – whether they...more
On April 19, the U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act in a 321-101 vote. The bill has benefitted from bipartisan support after being co-sponsored by a large group of both...more
Introduction - In September 2019, the U.S. House of Representatives passed the “Secure and Fair Enforcement (SAFE) Banking Act of 2019”, the first stand-alone cannabis legislation to be approved by the House of...more
The SAFE Banking Act is back. First introduced in 2019, the Secure and Fair Enforcement Act (“SAFE”) passed in the House but died in the Republican-controlled Senate. Now, the bill has been reintroduced in both the House and...more
Now that the New Year is here and in full swing, B&L’s Cannabusiness advisory practice is taking some time to reflect on successes and shortfalls in the cannabis industry’s over the past 12 months. Following a momentous 2018...more
Since the Secure and Fair Enforcement (SAFE) Banking Act (the “Act”) found bipartisan support in the House Financial Services Committee back in March, the industry has been waiting for even the slightest sign of its...more
Late last month, the U.S. House of Representatives passed H.R. 595, the Secure and Fair Enforcement Banking Act of 2019 (the “SAFE Banking Act”). The stated purpose of the SAFE Banking Act is to “increase public safety by...more
With the strike of a gavel on Wednesday, September 25, the House of Representatives overwhelmingly passed the Secure and Fair Enforcement (SAFE) Banking Act of 2019. This bipartisan bill represents the first time a body of...more
On September 25, 2019, the House of Representatives overwhelmingly passed the bipartisan Secure and Fair Enforcement (SAFE) Banking Act with a vote of 321 in favor and 103 against. Notwithstanding widespread public support,...more
In This Issue. The U.S. House of Representatives voted to approve the SAFE Banking Act, which would permit banks to serve cannabis-related businesses in states where it is legal; the Securities and Exchange Commission (SEC)...more
In a surprise to some, a Republican-controlled Senate Committee has scheduled a hearing to consider the current challenges to providing financial services to cannabis-related businesses operating in states that have legalized...more
Support continues to build for the Secure and Fair Enforcement (SAFE) Banking Act, with a coalition of 38 state and territorial Attorneys General as well as the American Bankers Association (ABA) writing to lawmakers to urge...more
As we discussed in a post back in February, one of the biggest hurdles facing the legal cannabis industry today remains the lack of access to banking services. Despite the legalization of cannabis on the state level, banks...more
116th Congress’ first cannabis-related hearing - Next week, Congress will hold a long-awaited hearing on the future of banking in the cannabis industry. On Wednesday the 13th, the House Financial Services Committee...more
Following the depreciation of Chinese currency RMB and the reduction in China’s foreign exchange reserves, foreign companies and individuals in China have met hurdles in moving their money out of China, and overseas companies...more