In our March 15 post, we discussed the Secure and Fair Enforcement (SAFE) Banking Act of 2019 (H.R. 1595), which would, among other things, limit federal banking regulators from taking action against banks providing services to cannabis businesses operating legally under state or tribal law. On March 28, the bill passed the House Financial
Barry A. Abbott
SAFE Banking Act Introduced Into Congress: Unlikely to Be Clear Light for Banks at the End of the Tunnel
On March 7, Rep. Ed Perlmutter (D-CO) introduced into the 116th Congress H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act of 2019. The Act will, in spite of the federal Controlled Substances Act’s scheduling of marijuana, prohibit the federal banking regulators from taking actions against banks that are providing services to cannabis…
Banking and Hemp: The Effect of the New Farm Act
The new Agricultural Improvement Act of 2018 (Pub. L. 115-334) (the “Act”) was signed into law by President Trump on December 20, 2018. Much press has been devoted to the fact that the Act generally legalizes industrial hemp and will provide federal Crop Insurance for that crop.
While this is potentially good news for farmers…
New York Encourages Banking of Marijuana Businesses
On July 3, the New York Department of Financial Services (“DFS”) issued its “Guidance on Provision of Financial Services to Medical Marijuana & Industrial Hemp-Related Businesses in New York State (PDF).” In the memorandum, DFS Superintendent Maria T. Vullo examines the current banking issues facing the state-legal marijuana businesses and states (in our…
Congress Seems Unwilling to Solve Cannabis Bank Problem
As our regular readers are aware, Senators Warren and Gardner introduced a bi-partisan bill in the Senate for the federal government: (1) to generally defer to state laws legalizing marijuana and (2) to effectively allow all banks to provide services to legal cannabis businesses in the same way that they treat other legal businesses…
Gambling on Sports May Be a Bad Bet for Marijuana
Much has recently been discussed about the potential value to the cannabis industry of last Monday’s decision by the U.S. Supreme Court concerning states authorizing sports betting. Murphy v. NCAA, No. 16-476 (U.S., May 14, 2018). For example, see “The Implications of Murphy v. NCAA for State Marijuana Reforms,” authored by…
A (Truly) Modest Proposal for Compromise on Cannabis
A (Truly) Modest Proposal for Compromise on Cannabis
So many issues in our country are polarized, with each side convinced they have the greater understanding of what our country needs or what their God wants. We would not attempt to suggest a compromise on abortion or deficit spending. But, federal treatment of cannabis seems ripe…
Renown UK Doctor Supports Cannabis as Less Harmful than Alcohol
Attached is an interview in the recently issued Royal Society of Arts Journal with the distinguished and controversial UK psychiatrist and neuropsychopharmacologist Professor David Nutt, currently the Edmond J. Safra chair in Neuropsychopharmacology at Imperial College London.
Continue Reading Renown UK Doctor Supports Cannabis as Less Harmful than Alcohol
FinCEN Said to Be Reviewing Marijuana Guidance
We recently reported that the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) was retaining its Bank Secrecy Act marijuana guidance. Last week, a senior official in the Department of the Treasury indicated that, as a result of U.S. Attorney Sessions’ recent actions, FinCEN is reviewing the guidance it issued on February 14, 2014 entitled:…
FinCEN Retaining Bank Secrecy Act Marijuana Guidance — At Least for Now
As we reported last week, U.S. Attorney Jeff Sessions issued a memorandum on January 4 rescinding the seminal cannabis “Cole Memo” and other DOJ guidance involving cannabis. This has raised continuing issues and confusion for financial institutions concerning what the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) would do concerning the guidance it…