Popular, Financial Services Industry, Cannabis-Related Businesses (CRBs)

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

Gordon Rees Scully Mansukhani on 5/22/2025

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

SAFER Act: Marijuana May Soon Become a Bigger Deal

McGlinchey Stafford on 10/18/2023

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

SAFE Banking Act “Very Close” to Advancing; Would Allow Banks to Service Marijuana-Related Businesses

Harris Beach Murtha PLLC on 11/17/2022

On the heels of two more states legalizing adult use of marijuana, Congress seems closer to passing a law allowing banks to service cannabis-related businesses without federal reprisal. Maryland and Missouri voters...more

CLIMB Act Introduced in Congress

Perkins Coie on 6/30/2022

Late last week, a bi-partisan pair of federal lawmakers introduced a new bill to expand cannabis companies’ access to financial resources and opportunities. Introduced by Reps. Troy Carter (D-La.) and Guy Reschenthaler...more

Cannabis Banking: Will the SAFE Banking Act Finally Pass?

Bradley Arant Boult Cummings LLP on 6/22/2022

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

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

Rivkin Radler LLP on 4/13/2022

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

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on 3/9/2022

IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

The ABCs of CBD and Hemp: A Primer

Bodman on 7/27/2021

Hemp and marijuana both come from the cannabis sativa plant but as a result of the Agriculture Improvement Act of 2018 (the “2018 Farm Bill”), cannabis sativa with a THC content of less than 0.3% was removed from the federal...more

Taxing Cannabis During The Pandemic

Farrell Fritz, P.C. on 11/23/2020

How Are You Doing? How are you coping with social distancing? Are you working remotely? If so, has it been as “seamless” as you would have others believe? Have you snuck out to visit family or close friends, or have they...more

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

White & Case LLP on 10/9/2019

On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more

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