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Decriminalization of Marijuana FinCEN

McGlinchey Stafford

What Would Cannabis Rescheduling Mean for Lending and Payments Legality?

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The U.S. Drug Enforcement Agency’s proposal to reschedule cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA) has generated considerable buzz across business sectors, including for the...more

Morrison & Foerster LLP

DOJ Proposes Rescheduling Marijuana

On May 16, 2024, the U.S. Department of Justice (DOJ) announced a plan to reschedule marijuana under the Controlled Substances Act (CSA) from a schedule I to a schedule III controlled substance. The Attorney General and the...more

McGlinchey Stafford

Marijuana Reclassification Impacts Bank Servicing of Businesses

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The Department of Justice’s move to reclassify marijuana as a less dangerous drug, on which it began formal proceedings on May 16, won’t legalize state-level adult use and medical marijuana unless it’s produced, sold, and...more

McCarter & English, LLP

DEA’s Plan to Reschedule Cannabis: Implications and Insights

Earlier this week, the Department of Justice proposed reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act. The move follows an August 2023 recommendation from the Department of Health...more

McGlinchey Stafford

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

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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

Seyfarth Shaw LLP

The Week in Weed: July 2020

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

Carlton Fields

Credit Unions Ask Senate Banking Committee to Make Cannabis Banking Safe

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In the latest chapter of the ongoing saga of the U.S. Senate’s consideration and hopeful passage of the Secure and Fair Enforcement (SAFE) Banking Act, on February 7, 2020, the Credit Union National Association (CUNA) sent a...more

Ballard Spahr LLP

Banking Regulators Ease SAR Reporting Requirements Applied to Hemp-Related Businesses

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On December 3, 2019, four federal agencies – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network (“FinCEN”), and the Office of the...more

Eversheds Sutherland (US) LLP

House passes the SAFE Banking Act, but it’s not safe yet – its fate is in the hands of the Senate

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

Allen Matkins

DBO Issues Guidance To Banks And Credit Unions Serving Cannabis Related Businesses

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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

Seyfarth Shaw LLP

Will Banks be Able to Play it SAFE with Marijuana Related Businesses?

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Marijuana is estimated to be a $10 billion industry and rapidly growing. Almost all of it is conducted in cash. Although legal in thirty three states plus Washington, D.C., Puerto Rico and Guam, marijuana remains illegal at...more

The Volkov Law Group

U.S. Marijuana Laws Cause Uncertainty for Financial Institutions

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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

Ballard Spahr LLP

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

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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

Developments in the Marijuana Industry and the Implications for Financial Institutions

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The myriad—and conflicting—state, federal and international laws governing the burgeoning marijuana industry have created a complicated legal landscape for financial institutions. In the United States, most states have...more

Moore & Van Allen PLLC

Will Congress Clarify Regulation of Marijuana-Related Business?

Moore & Van Allen PLLC on

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

Buchalter

Cannabis, Cash, and Crime

Buchalter on

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

Bradley Arant Boult Cummings LLP

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

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 McClennen & Fish LLP

Nutter Bank Report, April 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

Cozen O'Connor

Federal Budget Deal Reaffirms Executive Legislative Branch Split in Legalized Medical Marijuana Policy

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On February 9, 2018, funding was restored to the federal government through March 23, 2018. The spending legislation is significant for the cannabis industry for two reasons. First, the budget deal extends the...more

Cozen O'Connor

Sessions Jeopardizes Safe Haven for Cannabis Industry

Cozen O'Connor on

On January 4, Attorney General Jeff Sessions rescinded the Obama-era protection that has allowed the cannabis industry to flourish despite marijuana being illegal under federal law. In 2013, then-Deputy Attorney General James...more

Stinson LLP

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

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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

Husch Blackwell LLP

U.S. Attorney General Reverses Policy on Legal Marijuana

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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

Husch Blackwell LLP

The Sessions Memo

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Attorney General Sessions rescinded, effective January 4, 2018, previous enforcement priorities of the DOJ related to marijuana – including the Cole Memo. The Sessions Memo dictates that federal prosecutors should follow the...more

Ballard Spahr LLP

Marijuana Enforcement: DOJ Cole Memo Up in Smoke

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Attorney General Sessions Announces Rescission of Obama Administration Policies on Marijuana Enforcement; Financial Institutions Lose Grounds to Permit Financial Transactions with Marijuana Businesses....more

Farrell Fritz, P.C.

Cannabis Business? The Impact of Federal Law Might Reach Further Than You Think.

Farrell Fritz, P.C. on

Everyone involved, or thinking about becoming involved, in the cannabis business is aware of the conflict between the laws of those states legalizing marijuana and the Controlled Substance Act (the “CSA”). The CSA is a...more

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