• Gavin Newsom

California Governor Signs Cannabis Banking Bill into Law

By |October 26th, 2020|

For a state that took 22 years to get from medical marijuana legalization to recreational adult-use sales, California is making significant strides with the state's cannabis industry. On Sept. 29, California Governor Gavin Newsom (D) signed several cannabis-related bills into law. This is effectively paving the way for much-anticipated (and sorely needed) banking and financial

  • marijuana reform more act

Why Postponement of MORE Act Is Unlikely to Slow Marijuana Reform

By |October 9th, 2020|

More movement. The move for marijuana reform is charging ahead, despite the recent postponement of a vote in the U.S. House of Representatives. The vote is monumental; this vote, if passed, will remove marijuana from the federal Controlled Substances Act. The social justice component, promoted heavily at the state-level, serves as a means of providing

  • IRS launches marijuana industry web page

A Sign of Progress: IRS Adds New Marijuana Industry Web Page

By |September 25th, 2020|

Ahhh, progress. While the feds are still calling out marijuana as illegal, they’re now more amenable to it; at least from a tax revenue perspective. And they want voluntary compliance. So it should come as no surprise that the Internal Revenue Service (IRS) has released a marijuana business webpage outlining tax responsibilities for marijuana business

  • State Treasureres Push Marijuana Reform

State Treasurers Group Pushed for Marijuana Banking in Upcoming Coronavirus Bill

By |September 8th, 2020|

A bipartisan coalition of state treasurers from 15 states (and one territory) are pushing for Congress to include marijuana banking protections and reform in a future coronavirus relief package. In July, the group sent a letter to congressional leadership. Contents included pressuring for inclusion of the Secure and Fair Enforcement (SAFE) Banking Act in any

  • fincen guidance banks hemp businesses

FinCEN Provides Guidance for Banks Working with Hemp-Related Customers

By |July 29th, 2020|

Financial institutions received the OK to work with hemp in recent years, but it is largely unchartered territory for many banks and credit unions. The Financial Crimes Enforcement Network (FinCEN) recently issued guidance to financial institutions on how to best work with hemp businesses and stay within the law. Hemp-related businesses can now work with

  • fewer banks working with cannabis businesses fincen report

Number Of Banks Serving Cannabis Businesses Declines, Federal Data Shows

By |July 9th, 2020|

Fewer banks reported that they worked with cannabis-related businesses in the latest report from Financial Crimes Enforcement Network (FinCEN), but it’s not clear why. FinCEN suggested in its report that this short-term decline could be because financial institutions are exceeding the 90-day requirement for filing suspicious activity reports (SARs). Banks must file SARs when working