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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 the wake of COVID-19, the legal cannabis industry is feeling the pain as demand and sales decline. Dispensaries and other cannabis businesses face limited operations at best, and risk of default due to provisions in supply contracts and loan documents at worst. READ MORE
The ABA House of Delegates has adopted a resolution recommending the rescheduling or de-scheduling of cannabis under the CSA. The resolution urges Congress to enact legislation removing cannabis from Schedule 1 of the CSA and defer to states in drafting cannabis policies. READ MORE
With the passage of the June 25, 2019 Cannabis Regulation and Tax Act, Illinois has legalized recreational cannabis use for adults 21 and older. The Act outlines new regulations for medical dispensaries, cultivation centers, and social equity components for medical facilities already operating under Illinois’ medical cannabis program. READ MORE
During a panel at the ArcView Investment Forum, leading private fund managers and industry analysts discussed the potential opportunities and risks for investing in the booming cannabis market, including predictions about developments that may significantly impact the industry in 2019. 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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