Hemp Banking

Federal Agencies Provide New Guidance for Hemp Banking

The tides have been rapidly changing for hemp companies to gain access to banking, which has not traditionally been available to hemp companies due to the fact that hemp was (sort of) federally illegal until about a year ago. As we previously explained: Commercial marijuana activity remains a federal crime,  and the Bank Secrecy Act

Top 6 Growing Pains in California’s Cannabis Marketplace

Every state that’s legalized cannabis for adults 21-and-up has faced that moment or even series of moments that threatened to really derail or seriously stymie market development. California is at that crossroads and has been almost from the outset of the first issuances of cannabis licenses back in January 2018. California will, of course, eventually

Federal Antitrust Scrutiny and (Certain) Cannabis Deals

If you follow state-by-state legal cannabis legalization, you’re aware that despite the federal illegality of cannabis, certain federal agencies police the cannabis industry like they do any other legal industry. For example, the NLRB has been known to go after cannabis companies engaged in hostile workplace conduct and the Department of Treasury contemplates banking services to

California Cannabis: Department of Business Oversight Issues Somewhat Helpful Guidance to Financial Institutions

Earlier this month, on October 3, the California Department of Business Oversight (the “DBO”) issued a Cannabis Banking Guidance memorandum to its state-chartered financial institutions (banks and credit unions) to help them make appropriate risk assessments in serving cannabis-related businesses and comply with federal guidelines.  The memorandum is in the form of an extensive questionnaire. The

Grading the Presidential Candidates on Marijuana: Tom Steyer

We recently ran a series of blog posts that take a close look at the Democratic Party candidates for President in 2020. We examined each candidate’s historic approach to marijuana law and policy, and we also canvassed their current respective stances on marijuana. In all, we covered Joe Biden, Bernie Sanders, Kamala Harris, Elizabeth Warren, Pete Buttigieg, Corey Booker, Beto O’Rourke, Andrew Yang, Amy

ICYMI: The House Passes the SAFE Banking Act!

Great news! In a pretty historic moment, the House of Representatives officially voted to pass the SAFE Banking Act (H.R. 1595). We’ve extensively covered the Act’s progress in past posts (the latest can be found here and here), but just as a reminder, the Act would finally allow the cannabis industry to access banking and financial

Congress Continues to Pressure the FDA to Clear a Path to Lawfully Market Hemp-Derived CBD Products

Back in March, former Food and Drug Administration (“FDA”) Commission, Scott Gottlieb, explained it would take several years for the agency to come up with rules that would legalize the use of hemp-derived cannabidiol (Hemp-CBD) in food products, unless Congress stepped in. Last week, both chambers showed they are not interested in waiting around for the FDA

The SAFE Banking Act – Progress on All Fronts

Things are looking better and better for expanded cannabis banking prospects. As we’ve discussed on the blog previously, the SAFE Banking Act would allow financial institutions to serve state-legal marijuana businesses without fear of federal repercussions. Supporters of the Act have stressed the public-safety concerns that have resulted from the lucrative cannabis industry conducting business on

Is Bankruptcy Protection on the Horizon for Cannabis Businesses?

As most of us know, bankruptcy is just not an option for the cannabis industry or those even affiliated with it. To date, courts have generally ruled that debtors who work in the cannabis industry or derive meaningful income from cannabis activity (directly or indirectly) cannot use bankruptcy. This is in response to the U.S.

Cannabis Litigation/Bankruptcy Options: Assignment for the Benefit of Creditors

We recently hosted a webinar on alternative dispute resolution options for cannabis companies. In addition to the handful of questions we received on receivership, one topic of particular interest was the potential for cannabis companies to utilize different restructuring or bankruptcy options. As you might know, a hefty percentage of the disputes we see in