News & Analysis as of

Controlled Substances Act Anti-Money Laundering Marijuana Related Businesses

McGlinchey Stafford

What Would Cannabis Rescheduling Mean for Lending and Payments Legality?

McGlinchey Stafford on

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

McGlinchey Stafford

Rescheduling Marijuana FAQs: How Do I Submit Comments on DEA’s Proposed Rules?

McGlinchey Stafford on

On May 16, 2024, the U.S. Drug Enforcement Administration (DEA) released the proposed rule (Proposed Rule) to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). The Office of Legal...more

DarrowEverett LLP

SAFE Banking Tweak Would Be Huge ‘Plus’ for Financial, Cannabis Industries

DarrowEverett LLP on

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

Bradley Arant Boult Cummings LLP

CannaBanking in Mississippi: Weeding Through the Rules

Medical cannabis has arrived in Mississippi. What does that mean for Mississippi banks? The implications of this development are enormous for the financial services industry in Mississippi, as each institution will soon have...more

Bradley Arant Boult Cummings LLP

Cannabis Banking: An Update on the SAFE Banking Act

Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE...more

Mitchell, Williams, Selig, Gates & Woodyard,...

The High Points: SARs and the Three Tiered Framework for MRBs

As green states continue to grow, intentional or unintentional exposure to Marijuana Related Business (“MRB”) customers for financial institutions and broker-dealers is an inevitability. Whether your business has decided to...more

Rivkin Radler LLP

Cannabis Investments and Exit Strategies: A Case Study

Rivkin Radler LLP on

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

Stinson LLP

Missouri Financial Institutions Must Prepare for Impending Marijuana Banking Challenges

Stinson LLP on

In November 2018, Missouri voters passed Amendment 2, setting in motion state regulated medical marijuana. Over the last month, the Missouri Department of Health & Senior Services (DHSS) began approving license applications...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

White & Case LLP

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

White & Case LLP on

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

Carlton Fields

National Credit Union Administration Gives Credit Unions the Green Light to Serve Lawfully Operating Businesses

Carlton Fields on

On August 20, 2019, the National Credit Union Administration issued a regulatory alert to all federally insured credit unions providing "interim guidance" regarding the service of hemp businesses by credit unions. The alert,...more

Eversheds Sutherland (US) LLP

Legislative update - status and implications of proposed federal cannabis statutes

For years, many have argued that the federal government should legalize marijuana. Despite a vocal minority advocating for legalization, such efforts have largely fallen on deaf ears....more

WilmerHale

Developments in the Marijuana Industry and the Implications for Financial Institutions

WilmerHale on

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

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