News & Analysis as of

Marijuana Banks

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

Bradley Arant Boult Cummings LLP

Dude, Where’s My Liquidation?

Every election it seems like the country inches closer to cannabis being legal at the federal level. Until that day comes, however, the question of whether those in the cannabis industry can seek bankruptcy relief remains....more

Benesch

Cannabis Industry Quarterly Update: Q2 2023

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There Has Been Little Movement in Federal Legalization. This has led to cannabis investors and companies to downgrade expectations for federal legalization and focus their strategies on state reform. Federal lawmakers...more

Cornerstone Research

Securities Class Action Trend Cases

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From SPACs to COVID-19, several trends have appeared in core filing activity in recent years. The data below is from Securities Class Action Filings—2023 Midyear Assessment....more

Seyfarth Shaw LLP

The Week in Weed: May 2023 #2

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Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, we have an update on the latest incarnation of the SAFE Banking Act....more

Perkins Coie

Cannabis Legal Report - April 2023 #2

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Tenth Circuit Upholds Licensing Agency’s Discretion When Awarding Cannabis-Related Licenses - The U.S. Court of Appeals for the Tenth Circuit upheld the dismissal of a suit on April 18, 2023, challenging the Utah...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: February 2023 # 3

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Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, we saw some federal activity on medical marijuana for veterans. We have an update on those SAFE...more

Bradley Arant Boult Cummings LLP

Preparing a Cannabis Application: Five Things I Learned

Bob Seger’s “Against the Wind” is an anthem to love and growing old. Among its many great lines is “wish I didn’t know now what I didn’t know then.” Can you tell I recently turned 40? But I write today not about what I...more

Burns & Levinson LLP

Spotlight Series: Tony Repanich, President and CEO of Shield Compliance

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The CannaBusiness Advisory Spotlight Series features expert perspectives from Burns & Levinson clients and contacts who are blazing new trails in the cannabis market....more

Bradley Arant Boult Cummings LLP

2022 Midterms and the Future of the Safe Banking Act

As the midterm elections come to an end, we revisit the future of the SAFE Banking Act and the hurdles we expect to see in the coming Congressional term. If passed, the SAFE Banking Act would remove uncertainties surrounding...more

Sheppard Mullin Richter & Hampton LLP

Federal Cannabis Reform – Is 2022 the Year?

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

Goodwin

Mississippi Becomes 37th State to Legalize Medical Cannabis

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On February 2, 2022, Mississippi Governor Tate Reeves signed legislation authorizing cannabis for medical use. Mississippi is now the 37th state to legalize medical cannabis. The passage of SB 2095 (the "Act") comes more than...more

Troutman Pepper

Will the Fifth Time Be the Charm for the Cannabis SAFE Banking Act?

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The House of Representatives has approved cannabis banking legislation for the fifth time. Will this be the year the Senate finally approves this legislation?...more

Burns & Levinson LLP

Eaze Case Puts Financial Institutions on Notice

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On March 24, 2021, Defendants Hamid (Ray) Akhavan and Ruben Weigand were found guilty of defrauding banks as part of a scheme they had set up to help cannabis company Eaze accept credit card payments for marijuana purchases....more

Holland & Knight LLP

Start Spreading the News: Adult-Use Cannabis May Come to New York

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New York Gov. Andrew M. Cuomo announced during his Jan. 6, 2021, State of the State Address a proposal to legalize and create a comprehensive system to oversee and regulate cannabis in New York state. The plan would establish...more

Seyfarth Shaw LLP

The Week in Weed: March 2020 #2

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FEDERAL NEWS - The big news this week was the FDA’s report to Congress on CBD.  The report did not set out a timeline for usage guidelines, citing the need for more data.  Commissioner Stephen Hahn did indicate he thought...more

Nutter McClennen & Fish LLP

Bank Report: December 2019

FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...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

Lowndes

Long-Awaited Guidance for Banking Hemp Clients Released

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Since the effective date of the 2018 Farm Bill, banking and the inability to acquire financing have been major impediments for the hemp industry. While demand for hemp continues to grow, banking regulations have still been...more

McDermott Will & Emery

SAFE Banking Act Passes House, Extends Cannabis Safe Harbor Protections

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First introduced in 2013, the SAFE Banking Act passed the House 321-103 Wednesday, September 25th, 2019. This bill provides safe harbor to banks and financial institutions doing business with state-legal cannabis businesses,...more

Steptoe & Johnson PLLC

West Virginia Treasurer’s Office Tentatively Awards Medical Cannabis Banking Contract

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On August 26, 2019, the West Virginia State Treasurer’s Office (the “Office”) tentatively awarded the state’s medical cannabis banking and fee-processing services to Element Federal Credit Union (“Element”). Element was one...more

Troutman Pepper

Cracking the SAFE: Opening the Banking Industry to Cannabis

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On March 26, the U.S. House Committee on Financial Services is scheduled to mark up the Secure and Fair Enforcement (SAFE) Banking Act of 2019. This Act aims to allow banks and financial institutions to engage in business...more

Fox Rothschild LLP

Proposed Illinois Bill Would Loosen State Regulations On Banks Providing Services To Cannabis-Related Businesses

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With momentum growing for legal adult-use cannabis in Illinois following the election of J.B. Pritzker to the governorship, the Illinois General Assembly is already proposing legislation that would loosen regulations...more

Manatt, Phelps & Phillips, LLP

State-Run Marijuana Bank Option Falters in California

A new study has cast a shadow on plans for a state-owned bank to service the cannabis industry in California. After recreational pot became legal in the state last year, regulators considered the option of a state-run bank...more

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