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On August 11, 2020, the California Senate Banking and Financial Institutions Committee will hold a hearing on Assembly Bill 1525. The bill could provide a meaningful boost to California’s cannabis industry by easing access to financial services for cannabis businesses, and by protecting ancillary companies that serve the industry. READ MORE
The Financial Crimes Enforcement Network has provided additional guidance for financial institutions that monitor hemp companies, and “is intended to enhance the availability of financial services for, and the financial transparency of, hemp-related businesses in compliance with federal law.” READ MORE
In every state where it is legal, the marijuana industry remains almost entirely a cash business. Consequently, legitimate marijuana businesses are left without the financial resources and protection that banks provide. READ MORE
Thompson Coburn advises clients on state laws governing the business of cannabis to facilitate compliance with those state laws. Federal laws concerning cannabis currently conflict with state laws in states that have legalized cannabis or possession of cannabis. Although federal enforcement policy may at times defer to these states’ laws and not enforce conflicting federal laws, interested businesses and individuals should be aware that compliance with state law in no way assures compliance with federal law, and there is a risk that conflicting federal laws may be enforced in the future. In addition to this Cannabis-specific note, readers should review Thompson Coburn’s Conditions of Use / Disclaimers page containing other important information.
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