A few weeks back, our nation’s current attorney general, Eric Holder, announced he would be resigning the position he has held since the start of the Obama administration, once his replacement is named and confirmed by the U.S. Senate. Holder’s tenure is viewed somewhat as a mixed bag — earning kudos for his efforts to
Why do commercial landlords still hesitate to rent to marijuana businesses? In addition to the remote possibility of a landlord getting arrested and prosecuted by the U.S. Department of Justice (DOJ) for violating the Federal Controlled Substances Act, landlords face the very real threat of losing their property via a civil asset forfeiture. The federal
Be it the IRS, the Bureau of Reclamation, or the banks, the conflict between state and federal laws on marijuana can cause problems to those in the marijuana industry. You should now add filing for bankruptcy to the list. When businesses go (or are near to going) under, they typically file for bankruptcy in a
Anyone remember Dan Quayle? He was our 44th Vice-President and the guy who misspelled potato. But who knew that even way back in 1977 he thought the war against marijuana was a complete waste of time? Well he did, as evidenced by this quote from him below: Congress should definitely consider decriminalizing possession of marijuana…
Marijuana, in its natural form, is one of the safest therapeutically active substances known to man…. Marijuana has been accepted as capable of relieving distress of great numbers of very ill people, and doing so with safety under medical supervision. It would be unreasonable, arbitrary and capricious for DEA to continue to stand between those
The Department of Treasury today issued guidance for financial institutions that want to do business with the marijuana industry. The primary force keeping banks away from the marijuana industry has always been regulations issued by the Financial Crimes Enforcement Network (FinCEN) dealing with money laundering. The Bank Secrecy Act that FinCEN enforces requires banks to investigate their customers and to neither negligently or knowingly do business with bad actors. State-legal marijuana businesses have always fallen into the category of bad actors for the banks, so they avoided potential fines by refusing to provide banking services to marijuana businesses. Today's regulations, however, clarify that banks can provide services to marijuana businesses without running afoul of federal regulations, so long as they abide by the following:
