News & Analysis as of November 17, 2024

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Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite state laws to the contrary, Federal law still prohibits the use or possession of marijuana. The conflict between state and federal law on this issue has created interesting enforcement issues and significant legal hurdles for medical marijuana providers. less -

DEA’s Plan to Reschedule Cannabis: Implications and Insights

McCarter & English, LLP on 5/6/2024

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

Marijuana & Banking: What’s the Hold Up? Pt. 1 – Conflicting Legal Landscapes

McGlinchey Stafford on 3/31/2023

Today, nearly four-fifths of the United States have regulated medical marijuana markets. Nearly half of the United States, consisting of twenty-one states along with Washington, D.C. and Guam, have acted to legalize...more

Current Trends in Banking for Cannabis-Related Businesses (CRBs)

J.S. Held on 3/3/2022

Weed, pot, reefer, Mary Jane, ganja – cannabis has as many slang names as it does methods of ingestion. No matter which name is used, cannabis is federally illegal and is included on Schedule 1 of the Controlled Substances...more

Financial Services and the Marijuana Industry: the U.S. House Mulls Regulatory Reform for Financial Institutions and...

Ballard Spahr LLP on 2/19/2019

Federal legislators continue to struggle over the growing disconnect between increasing State legalization of the cannabis industry, and the continued illegality of cannabis under federal law....more

Cannabis, Cash, and Crime

Buchalter on 7/17/2018

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

Providing Banking Services to the Legal Marijuana Industry: Mitigating Risks to Maximize Potential Rewards

Bradley Arant Boult Cummings LLP on 5/29/2018

Since 1996, when California became the first state to legalize marijuana (at the time, for medicinal purposes only), 28 additional states and the District of Columbia have legalized marijuana to some extent. Public support...more

Attorney General Sessions' Rescission of DOJ Marijuana Guidance Signals Uncertainty for the Marijuana Industry

Stinson LLP on 1/8/2018

On January 4, 2018, U.S. Attorney General Jeff Sessions officially rescinded all of the prior Obama-era Department of Justice (DOJ) marijuana-related guidance, including the so-called “Cole Memo.” That guidance had provided...more

U.S. Attorney General Reverses Policy on Legal Marijuana

Husch Blackwell LLP on 1/8/2018

On January 4, 2018, U.S. Attorney General Jeff Sessions rescinded, effective immediately, previous enforcement priorities of the Department of Justice (DOJ) on marijuana, including the Cole Memo. The move creates uncertainty...more

Marijuana Enforcement: DOJ Cole Memo Up in Smoke

Ballard Spahr LLP on 1/5/2018

Attorney General Sessions Announces Rescission of Obama Administration Policies on Marijuana Enforcement; Financial Institutions Lose Grounds to Permit Financial Transactions with Marijuana Businesses....more

Cannabis Business? The Impact of Federal Law Might Reach Further Than You Think.

Farrell Fritz, P.C. on 11/27/2017

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

Cannabis Industry FAQ

Troutman Pepper on 7/18/2017

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

State Ballot Wins Only Amplify Questions About Pot Banking

K2 Integrity on 12/14/2016

The 2016 election will be remembered not only for the memorable presidential race but also for what was effectively a national referendum on cannabis. Eight states passed laws allowing its use. Medical marijuana is now...more

Growing Medical Marijuana, Problematic in Bankruptcy, and Out

Tucker Arensberg, P.C. on 8/27/2015

Frank Arenas is licensed in Colorado to grow and dispense medical marijuana. He and his wife own a building, half of which is used for the cultivation and the other half of which is leased to a marijuana dispensary. These...more

Marijuana, Banking, and the “10-Foot Pole”

Davis Wright Tremaine LLP on 4/29/2014

On February 14, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued guidance aimed at clarifying Bank Secrecy Act expectations for financial institutions interested in providing services to marijuana-related...more

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