News & Analysis as of

Financial Services Industry Controlled Substances Act

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

Wilson Sonsini Goodrich & Rosati

Navigating the Current State of Financial Services for Marijuana Businesses and Preparing for Future Changes in Cannabis Banking

The legal landscape for marijuana-related businesses (MRBs) has seen significant change and challenges in recent years. Despite the legalization of marijuana for medical or recreational use in various states, it remains a...more

McGlinchey Stafford

SAFER Act: Marijuana May Soon Become a Bigger Deal

McGlinchey Stafford on

Proponents of marijuana reform have had cause for celebration in 2023. Despite challenges facing the industry, the political and social momentum surrounding cannabis is ticking upward. Most recently, the marijuana industry...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

Amundsen Davis LLC

Movement on the SAFE Banking Act? The Senate is Talking the Talk, but Not Ready to Walk the Walk

Amundsen Davis LLC on

Earlier this month, the U.S. Senate Banking Committee met to discuss the SAFE Banking Act, a critical piece of proposed legislation that would make it easier for the cannabis industry to secure and utilize much needed banking...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

Rivkin Radler LLP

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

Rivkin Radler LLP on

The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...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

USDA Hemp Rules – Is The Hemp Industry Still In The Weeds?

Roetzel & Andress on

The United States Department of Agriculture (“USDA”) published the Interim Final Rule for the U.S. Domestic Hemp Production Program in October 2019. This long-awaited guidance from the USDA was met with mixed results, both...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

Manatt, Phelps & Phillips, LLP

Burnt Out? SAFE Banking Act Faces Senate Opposition

Has the Secure and Fair Enforcement (SAFE) Banking Act hit a snag in Congress? After making it farther than any prior legislation enabling financial services to be provided to legitimate marijuana businesses, the bill...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

Burns & Levinson LLP

2020: New Year, New Opportunities

Burns & Levinson LLP on

Now that the New Year is here and in full swing, B&L’s Cannabusiness advisory practice is taking some time to reflect on successes and shortfalls in the cannabis industry’s over the past 12 months. Following a momentous 2018...more

White & Case LLP

Federal Banking Agencies Open a Pathway to the Provision of Banking Services to Hemp-Related Businesses

White & Case LLP on

On December 3, 2019, in a rare public statement regarding the provision of banking services to cannabis- or hemp-related businesses, the Federal Banking Agencies, including the Board of Governors of the Federal Reserve...more

Akerman LLP

Federal Regulators Provide Much-Needed Banking Relief To Hemp Industry

Akerman LLP on

On Tuesday, December 3, 2019, several federal regulators issued a statement providing banks with an update on the legal status of hemp and some much-needed relief. Specifically, the Board of Governors of the Federal Reserve...more

Miller & Martin PLLC

Federal Agencies Issue Joint Statement Clarifying Hemp Banking Status

Miller & Martin PLLC on

On December 3, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation ("FDIC"), the Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, and...more

42 Results
 / 
View per page
Page: of 2

"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