State AG Pulse | Is SAFER Banking Finally Coming To The Cannabis Industry?
Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
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
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
2023 is just getting started, and already there have been important developments in Ohio involving cannabis with the promise of much more to come. Secretary of State Frank LaRose got things started on January 3 when he...more
If you give me an opportunity to quote George Harrison, I’m going to do it. In “Taxman,” he wrote: Should five percent appear too small Be thankful I don’t take it all ‘Cause I’m the taxman - I suspect “The Quiet One”...more
I’m not proud of it, but I’m the resident cynic amongst the editorial staff here at Budding Trends when it comes to federal marijuana reform. And after all, someone has to temper the frivolous whims of others. But we’re...more
Over 50 years ago President Nixon declared a “War on Drugs,” leaving housewives over the country proclaiming marijuana to be the devil’s lettuce and urging sweet Billy to steer clear of the gateway drug...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
Late last week, a bi-partisan pair of federal lawmakers introduced a new bill to expand cannabis companies’ access to financial resources and opportunities. Introduced by Reps. Troy Carter (D-La.) and Guy Reschenthaler...more
One of the largest headwinds facing the cannabis industry is the lack of access to banking services. Many financial institutions refuse to serve the multibillion-dollar cannabis industry given the regulatory uncertainty...more
As Congress continues to debate the SAFE Banking Act, cannabis business and financial institutions should pay close attention to the bill’s potential to transform the accessibility of banking and payment processing solutions...more
When we last examined marijuana reform at the federal level earlier this year, we warned that perfect can be the enemy of good. Our point was that we should not forego meaningful federal cannabis reform by holding out for...more
Attorney General Merrick Garland has reiterated that the Department of Justice will not prioritize prosecuting marijuana use, a position that Garland expressed during his confirmation hearings. In remarks in front of a Senate...more
The legal cannabis industry has been developing for years, but it is still difficult even for sophisticated investors to know where to start when thinking about investing in the cannabis industry. Stocks of publicly traded...more
2021 has been a big year for the cannabis industry. We have seen several states pass legislation either permitting adult use, or permitting or expanding a medical marijuana program. Some states have introduced new license...more
The Secure and Fair Enforcement (SAFE) Banking Act, which would prohibit financial institutions from being penalized for doing business with marijuana companies, was stripped from the National Defense Authorization Act...more
The SAFE Banking Act passed in the U.S. House of Representatives for the fifth time on September 23, 2021. This landmark legislation would pave the way for more financial institutions to serve the state-legal cannabis...more
Learn the basics for structuring and financing your cannabis business and managing supply chain issues as you grow. Topics include: - M&A, equity raising - Hot topics when selling or seeking equity financing for a...more
The legal cannabis market is still in its infancy and there is much more room to grow. At the end of 2020, we saw an uptick in merger and acquisition activity as the industry shook off some pandemic-related instability, and...more
On September 28, 2020, House democrats released an updated version of the Economic Recovery Omnibus Emergency Solutions Act (the HEROES Act) to address needs that have developed since its introduction on May 15, 2020. The...more
It is relatively easy for investors to make investments in cannabis companies. Given the risks, however, they would be well-advised to have an exit plan in the event their investment does not live up to their expectations....more
The new bill, which follows April 23, 2020 legislation aimed at opening COVID-19 emergency response funding to cannabis businesses, offers a previously unclear path forward for financial services to the cannabis industry by...more
While the legalization of medical and recreational marijuana continues to build momentum across the U.S., access to banking and other financial services has remained a consistent barrier to the legal marijuana industry. As we...more