I. Marijuana - Currently, 31 states plus the District of Columbia allow the recreational use of marijuana. In addition, 37 states and the District of Columbia currently allow marijuana to be used for medical purposes....more
Will a side effect of the COVID-19 pandemic be banking for the cannabis industry? The U.S. House of Representatives recently passed a new coronavirus relief bill, the Health and Economic Recovery Omnibus Solutions (HEROES)...more
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
The big news on Capitol Hill this week was the Senate’s lack of action on the banking bill. Senator Mike Crapo (R-Idaho), the chairman of the Senate banking committee, opposes legalization and seemed disinclined to move on...more
Banks, credit unions and insurance companies would be protected in doing business with a wide variety of businesses including marijuana sellers if the “SAFE Act,” passed by the U.S. House of Representatives on September 26,...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
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
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
Federal Banking Agencies Issue Final Rule to Simplify Regulatory Capital Calculations - The federal banking agencies have issued a final rule that simplifies several requirements in the agencies' regulatory capital rules...more
The state-legal marijuana industry in the United States continues to grow – as does support for it. Ten states and Washington, D.C. have legalized recreational adult use and 23 other states allow some form of medical...more
Congress recently took a key first-step to allow banks to provide financial services to cannabis-related people and businesses (CRBs). Under current law, banks could face civil and criminal liability for banking with CRBs. ...more
Will 2019 be the year that federal lawmakers block U.S. law enforcement and regulatory agencies from enforcing marijuana prohibitions in states where marijuana is legal and finally resolve the divergence between state and...more
The Financial Crimes Enforcement Network (“FinCen”) issued a Marijuana Related Business update in June with data from the first quarter of 2017. FinCen reports that the number of depository institutions that are actively...more