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Banking Sector Financial Institutions Decriminalization of Marijuana

Cozen O'Connor

Bipartisan Coalition of AGs Bank on SAFER Cannabis Reform

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A bipartisan coalition of state and territorial AGs sent a letter to Congress urging the passage of the SAFER Banking Act of 2025, which would create federal safe harbor protections for financial institutions that serve...more

Akin Gump Strauss Hauer & Feld LLP

Former Top Schumer Staffer Highlights Reasons To Be Optimistic About Marijuana Banking Passing This Session (Op-Ed)

With the recent reintroduction of the Secure and Fair Enforcement (SAFE) Banking Act, Congress is once again engaged in an effort to achieve a meaningful breakthrough on federal cannabis reform. Understandably, many have...more

Akin Gump Strauss Hauer & Feld LLP

Lawmakers Reintroduce Bipartisan Cannabis Banking Legislation

On April 26, 2023, Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT) led a bipartisan group of lawmakers in reintroducing the SAFE Banking Act—legislation that aims to ensure that state legal cannabis businesses have access...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 11 2022

Schumer: Senate ‘Very Close’ To Passing SAFE Banking Act - “The House of Representatives passed the bill for the sixth time earlier this year.” Why this is important: The passage of the Secure And Fair Enforcement...more

Bradley Arant Boult Cummings LLP

Finding a Bank and Insurance Company for a Cannabis Business

With apologies to Ben Franklin and others, nothing is more certain if you operate a cannabis company than your need for access to banking services and insurance (FWIW, the death and taxes part is probably also the case). This...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 5

Banking Law Rooted in Civil Rights Era Gets a 21st Century Update "The Community Reinvestment Act basically mandates that if you open a bank in a low-income neighborhood, you can’t just take that neighborhood’s deposits and...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

WilmerHale

New York Legalizes Marijuana - Where Is the US Headed?

WilmerHale on

It’s been an eventful week for the marijuana industry. After years of false starts, New York legalized the use of recreational marijuana on March 31 - just hours later, New Mexico legislators passed a bill to do the same....more

Perkins Coie

Industry Insights: SAFE Banking Act Passes House, Aims to Increase Access of Cannabis-Related Businesses to Banking Services

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Late last month, the U.S. House of Representatives passed H.R. 595, the Secure and Fair Enforcement Banking Act of 2019 (the “SAFE Banking Act”). The stated purpose of the SAFE Banking Act is to “increase public safety by...more

Eversheds Sutherland (US) LLP

House passes the SAFE Banking Act, but it’s not safe yet – its fate is in the hands of the Senate

On September 25, 2019, the House of Representatives overwhelmingly passed the bipartisan Secure and Fair Enforcement (SAFE) Banking Act with a vote of 321 in favor and 103 against. Notwithstanding widespread public support,...more

Bradley Arant Boult Cummings LLP

Senate to Move Forward with Marijuana-Related Business Banking Bill - Cannabis Industry News Alert

Legislation that would open financial services to marijuana-related businesses operating in states that have legalized marijuana took another small, but important, step Tuesday. The Banking, Housing, and Urban Affairs Senate...more

Bradley Arant Boult Cummings LLP

Senate Committee to Consider Banking Marijuana - Related Businesses - Cannabis Industry News Alert

In a surprise to some, a Republican-controlled Senate Committee has scheduled a hearing to consider the current challenges to providing financial services to cannabis-related businesses operating in states that have legalized...more

Davis Wright Tremaine LLP

California Poised to Empower Charter Banks to Bank Cannabis Money (SB 51)

The California legislature is currently considering a first-of-its kind urgency bill, SB 51, the “Cannabis Limited Charter Banking and Credit Union Law.” The law would empower privately insured charter banks and credit unions...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?

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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

McDermott Will & Schulte

House Financial Services Committee to Consider Cannabis Banking Issues

116th Congress’ first cannabis-related hearing - Next week, Congress will hold a long-awaited hearing on the future of banking in the cannabis industry. On Wednesday the 13th, the House Financial Services Committee...more

Steptoe & Johnson PLLC

Status of Medical Marijuana in West Virginia

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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

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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

Bradley Arant Boult Cummings LLP

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

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

Ballard Spahr LLP

Marijuana Enforcement: DOJ Cole Memo Up in Smoke

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

Stinson LLP

Emerging Trends Newsletter - Q4

Stinson LLP on

The Volcker Rule Under the Trump Administration - The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more

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