FinCEN drops new marijuana-related business banking data The Financial Crimes Enforcement Network (FinCEN) is a bureau in the U.S. Department of Treasury. Last week, it published updated Marijuana Related Business (MRB) Metrics. The metrics are current through December 2024. The update was a little surprising, in the sense that FinCEN seemed to abandon its regular
In the never-ending loop of federal marijuana reform debates, one crucial fact keeps getting overlooked: the Attorney General (AG) has the power to reschedule marijuana. Right now. No act of Congress. No HHS review. No rulemaking marathon. Just a signature. Under 21 U.S.C. § 811(d)(1), the AG can unilaterally reschedule marijuana to better align U.S.
In yet another setback for hemp and marijuana-adjacent businesses, the U.S. Small Business Administration (SBA) has quietly reintroduced a policy that effectively disqualifies most of them from critical federal loan programs. The updated policy, effective June 1, has far-reaching consequences for small businesses operating in compliance with state law (and for some, in compliance with
Sometimes I’ll write about cannabis banking when I’m working on a project for a bank or credit union, but newsworthy developments on cannabis banking seldom seem to drop. Yesterday, however, we had a development worth covering: a Congressional Subcommittee added cannabis banking protections to a critical government spending bill. A GOP-chaired Subcommittee, no less. Marijuana
We are helping build out another cannabis banking program here in Oregon. My law firm has done a series of these for credit unions (“CU”s) and other financial institutions (“FIs”) going back to 2014. We have also handled a good bit of hemp banking work– mostly in 2019 and 2020 before that industry cratered. In
I’m pretty sure that more ink has been spilled on the Secure and Fair Enforcement Act (“SAFE Banking”), than any other proposed cannabis law. It just won’t pass and it just won’t die. Specifically, SAFE Banking was introduced in 2017 and it passed the House seven times (seven times!) with bipartisan support since 2019. The
Huge news yesterday. Huge! The U.S. Department of Health and Human Services (HHS) has officially recommended that marijuana be rescheduled, from Schedule I to Schedule III of the federal Controlled Substances Act (CSA). This means that the country’s top health agency has finally conceded that cannabis has medical value, and isn’t a drug of abuse
The Safe Banking Act, also known as the Secure and Fair Enforcement Banking Act (SAFE Banking Act), is sorely needed legislation to address the critical issue of financial services being denied to marijuana businesses that operate in the state-legalized industries. We’ve written extensively about the SAFE Banking Act over the past several years. See here,
As we blogged about last week, the SAFE Banking Act is trying to claw its way back from the dead during this lame duck session of Congress. Interestingly, on December 2, Punchbowl News reported that the Department of Justice (DOJ) issued a memo outlining its “issues” with the SAFE Banking Act. Here’s the memo (“Memo”).
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
