News & Analysis as of

Controlled Substances Act Financial Institutions Marijuana

McGlinchey Stafford

Marijuana Reclassification Impacts Bank Servicing of Businesses

McGlinchey Stafford on

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

Goodwin

Navigating the Hazy Landscape: Challenges and Solutions in Cannabis Payment Processing

Goodwin on

The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For example, cannabis...more

Troutman Pepper Locke

The Pros and Cons of Marijuana Dispensaries Using Cryptocurrencies for Payments

Troutman Pepper Locke on

The legal marijuana industry has grown rapidly in the U.S., with 38 states, three territories, and the District of Columbia legalizing its use for medical and/or recreational purposes. However, despite the industry’s growth,...more

McGlinchey Stafford

Marijuana & Banking: What’s the Hold Up? Part 2 – Compliance Challenges

McGlinchey Stafford on

For financial institutions who engage in marijuana-related banking services, the primary compliance challenge remains the disconnect between federal and state law, as it is still illegal to manufacture, distribute, or...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

Venable LLP

Marijuana Banking in 2022: Lessons Learned and Best Practices

Venable LLP on

​​​​​​​As we pass the halfway mark of 2022, it's a good time to reflect on what has happened, or not happened, with respect to the legal framework for the provision of financial services to marijuana-related businesses...more

Bradley Arant Boult Cummings LLP

Cannabis Banking: Will the SAFE Banking Act Finally Pass?

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

Sterne, Kessler, Goldstein & Fox P.L.L.C.

MarkIt to Market® - September 2021: Trailblazing Cannabis Legislation Updates

On September 29, 2021, the House Judiciary Committee held a mark-up session of the Marijuana Opportunity Reinvestment and Expungement Act (MORE), which not only would de-classify cannabis as a Schedule I narcotic under the...more

Sterne, Kessler, Goldstein & Fox P.L.L.C.

MarkIt to Market® - September 2021

The September 2021 issue of Sterne Kessler's MarkIt to Market® newsletter discusses a recent non-precedential Trademark Trial and Appeal Board decision regarding intent-to-use applications covering CBD products currently...more

Sheppard Mullin Richter & Hampton LLP

SAFE Banking Act of 2021: Where Are We on Cannabis Banking Change?

It is undeniable that, not only is the cannabis industry here to stay, but it is growing exponentially. To date, 47 states, 4 U.S. territories, and the District of Columbia have legalized cannabis in some form – whether they...more

Partridge Snow & Hahn LLP

Congress Keeps Taking Baby Steps on Marijuana Reform

This month, two congressional Republican lawmakers introduced a bill to legalize marijuana at the federal level, as well as to protect banks that service state-legal cannabis businesses and to ensure that military veterans...more

Roetzel & Andress

Will There Ever Be SAFE Banking For The Cannabis Industry?

Roetzel & Andress on

The Secure and Fair Enforcement (SAFE) Banking Act of 2019 was passed by the U.S. House of Representatives in September 2019 with a bipartisan vote of 321-103 (H.R. 1595). Authored by Representatives Denny Heck (D-WA) and Ed...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

Eversheds Sutherland (US) LLP

Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks providing financial services to...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2019

Headlines - FDIC Adopts Final Rule Establishing Community Bank Leverage Ratio Framework OCC Issues Compliance Guidance on Registered Appraisal Management Companies CFPB Announces New Policies to Promote Innovation...more

McDermott Will & Emery

SAFE Banking Act Passes House, Extends Cannabis Safe Harbor Protections

McDermott Will & Emery on

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

Bradley Arant Boult Cummings LLP

Hemp is Here: How Financial Institutions Can Prepare for Alabama’s Newest Industry - Alabama Bankers Association: Board Briefs

Centuries after American colonists were required by law to grow hemp, and decades after it was later outlawed by Congress, one of the nation’s oldest and most versatile crops appears to be having a moment. The Jan. 1...more

Seyfarth Shaw LLP

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

Seyfarth Shaw LLP on

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

The Volkov Law Group on

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

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

Steptoe & Johnson PLLC

Status of Medical Marijuana in West Virginia

Steptoe & Johnson PLLC on

On January 11, 2019, Patrick Morrisey, the Attorney General of the State of West Virginia, issued a legal opinion discussing the legal risks the financial service industry may face as West Virginia implements its medical...more

Bradley Arant Boult Cummings LLP

Safe Streets Alliance v. Hickenlooper Provides Good News, Bad News, and Instructions to the Cannabis Industry and the Financial...

For years, the “legal” cannabis industry – operating in states that have legalized cannabis under state law despite its long-standing prohibition under federal law – and the financial institutions that serve the industry have...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

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

Troutman Pepper Locke

Cannabis Industry FAQ

Troutman Pepper Locke on

Can marijuana businesses receive federal copyright protection? Yes. The requirements for registration with the U.S. Copyright Office are that the work is original, creative and fixed in some form of expression. These...more

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