News & Analysis as of

Controlled Substances Act Financial Services Industry Marijuana

Seyfarth Shaw LLP

The Week in Weed: December 2024 #2

Seyfarth Shaw LLP on

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, we consider changing the name of this column to “The Broken Record Report,” as we provide updates on, you...more

Kilpatrick

Proposed Rescheduling of Marijuana Under the Controlled Substances Act May Not Improve Industry Access to Financial Services

Kilpatrick on

Despite the proliferation of state laws that legalize the cultivation and sale of marijuana, federal law has remained an obstacle to access to the U.S. financial system for marijuana sellers and producers. With penalties...more

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

Vicente LLP

4 Major Implications of Cannabis Moving to Schedule III

Vicente LLP on

After 50 years of being on the most restrictive schedule alongside drugs like heroin and PCP, the DEA will move to reschedule marijuana in Schedule III, where the plant’s medical benefits will finally be recognized by the...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

McGlinchey Stafford

Podcast: Tax and Banking Implications of Rescheduling Marijuana [More with McGlinchey, Ep. 61]

McGlinchey Stafford on

In late August, the U.S. Department of Health and Human Services announced that it would recommend moving marijuana from Schedule I to Schedule III of the Controlled Substances Act. In this episode, corporate cannabis...more

Farella Braun + Martel LLP

A Simpler Approach To Expanding Banking Access

While the cannabis community anxiously awaits what feels like Congress’ hundredth attempt to pass the SAFE Banking Act, there is one simple step that can be taken today to improve access to banking services for certain...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

Cozen O'Connor

House to Vote to Legalize Cannabis

Cozen O'Connor on

Later this month, members of the U.S. House of Representatives will hold a floor vote on a bill to federally legalize cannabis — the Marijuana Opportunity Reinvestment and Expungement Act, commonly referred to as the MORE...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

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

Lowndes

Long-Awaited Guidance for Banking Hemp Clients Released

Lowndes on

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

Snell & Wilmer

Retirement Plan Dreams May Go Up in Smoke for Marijuana Companies

Snell & Wilmer on

Companies in the medical and recreational marijuana industry continue to face an uphill battle for access to financial services. Although a number of states have legalized the medicinal and/or recreational use of marijuana,...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

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

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

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

23 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide