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Agribusiness FinCEN Financial Institutions

Gordon Rees Scully Mansukhani

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

The evolving regulatory landscape for marijuana-related businesses poses unique compliance challenges for firms in the securities industry. The Financial Crimes Enforcement Network (“FinCEN”) continues to enforce its 2014...more

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

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

Husch Blackwell LLP

Cannabis Banking: What’s a Financial Institution to Do Right Now?

Husch Blackwell LLP on

When I started representing cannabis businesses in 2010, the biggest epidemic in the industry next to I.R.C. 280E was the overwhelming lack of cannabis banking. This inability to access financial institutions for just...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

Wyrick Robbins Yates & Ponton LLP

The Growing Seeds of the Interaction of the Regulated Banking System and Hemp-related Businesses

On December 3, 2019, the federal bank regulatory agencies[1] and the Financial Crimes Enforcement Network (FinCEN), in consultation with the Conference of State Bank Supervisors, issued a joint guidance (2019 Hemp Guidance)...more

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