safe banking act

Will the Senate Ever Do Anything with the SAFE Banking Act?

As we’ve written about over the past several years, there have been consistent rallying cries for common-sense banking reform for the cannabis industry. The SAFE Banking Act, which would allow federally regulated financial institutions to work with state-legal cannabis businesses, has been passed by the U.S. House of Representatives a whopping seven times. However, the

ncsl cannabis legalization directive

States to Feds: End Cannabis Prohibition Now

After a vote last week, the National Conference of State Legislators (NCSL) adopted a revised cannabis policy measure (the “Directive“) which supports federally descheduling cannabis, as well as cannabis banking reform. At this point, it’s abundantly clear that the states have moved beyond cannabis prohibition. The NCSL is a non-partisan organization that represents all state

safe banking act

Signs of Life for the SAFE Banking Act?

The SAFE Banking Act has languished in Congress since early 2017, a victim of political gridlock and division, as well as political wrangling over broad approaches to cannabis legalization.  We last covered the SAFE Banking Act in February, when it looked as though 2022 would be the sixth year in which this bill would die.

fintechwebcannabis

Top Cannabis FinTech Companies in Web3

Cannabis companies are largely behind the curve in Web3, but in the past few months some top cannabis companies have emerged in the Web3 ecosystem to join the old guard. The connection between cannabis and Web3 may not be apparent at first glance, but both industries are relatively nascent, semi-regulated, and attracting some of the

all businesses are marijuana businesses (MRB)

Cannabis Banking: All Businesses are Marijuana Related Businesses

All U.S. businesses are marijuana related businesses (MRBs). By “all” I mean everyone from Amazon to your local hardware store, with very few exceptions. Allow me to explain. Guidance on banking and MRBs Over eight years ago, the Financial Crimes Enforcement Network published the FinCen Memorandum of February 14, 2014 (“FinCen Memo”). FinCen is a Bureau

safe banking act marijuana

Reefer Sadness? SAFE Banking Act is Back

The year 2021 was an emotional roller coaster for marijuana banking. It culminated in the death of the Secure and Fair Enforcement (SAFE) Banking Act in the Senate, when it didn’t make it into the National Defense Authorization Act (“NDAA”). As a result, licensed cannabis businesses are left hanging high and dry (again) on broad

safe banking act cannabis marijuana

Marijuana Banking: SAFE Banking Act is Dead on Arrival. Again.

The hopes for better and increased marijuana banking, which were tied up in the Secure and Fair Enforcement (SAFE) Banking Act (a serious and common sense federal marijuana banking bill), are currently dashed since the SAFE Banking Act has been left out of the Senate’s changes to the National Defense Authorization Act (“NDAA“). The impact?

arizona cannabis loan ucc

Cannabis Lending Issues in Arizona

It is not very common for banks and financial institutions to provide commercial loans to cannabis companies in Arizona. So why is that? The answer is not always as simple as it may seem. The first thing to consider is what collateral the lender could secure if it wanted to make a loan to a

safe banking act cannabis

The SAFE Banking Act’s Reintroduction in 2021

This week, the SAFE Banking Act’s long-awaited reintroduction finally happened, and by a bipartisan group of over 100 members of the House and 30 members of the Senate (and counting!). The legislation was first introduced in March 2019, and we’ve followed along ever since. This Act has now been passed by the House THREE times,

canna law blog

Cannabis Banking and Arizona: Interview with Industry Expert Paula Durham, CFE

Anyone involved in the cannabis industry likely knows that banking is an issue. However, the nuances are manifold, and few have an expertise like Paula Durham. Paula is an Associate Director with JS Held and focuses part of her practice on the cannabis industry (CLICK here for more information about Paula). Paula wrote an excellent