The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For example, cannabis...more
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
On November 3rd, voters in Arizona, New Jersey, South Dakota, Montana, and Mississippi passed ballot measures to bring legal cannabis to each of their states. It’s not every year that we see states from opposite ends of the...more
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
In the early 1970s, I worked as a petroleum transfer engineer (aka service station attendant). In those halcyon days, we actually pumped the gas for customers, washed their windows and offered to check the oil. I remember one...more
The quasi-legal status of marijuana in today’s United States is raising serious questions about federalism and enforcement for U.S. financial institutions. It is well known that marijuana is still classified as a Schedule I...more
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
Agencies Issue Joint Statement on BSA/AML Resource Sharing Arrangements - The federal banking agencies, along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the NCUA, have...more
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
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, issued guidance on February 14, 2014 (the “Cannabis Guidance”), to clarify Bank Secrecy Act expectations for financial...more
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