CANNABIS

Risky Business: Comparing Risk Levels of MRBs

Marijuana-related businesses (MRBs) offer incredible opportunities for banks and financial institutions, but with those opportunities comes a wide range of compliance risks. It is crucial for financial institutions to understand the level of risk each type of MRB presents when formulating their policies and procedures to help them effectively identify, oversee, and mitigate [...]

2021-09-01T14:55:38-05:00September 1st, 2021|CANNABIS, FINANCIAL INSTITUTIONS|

USDA Issues Final Rules on Hemp Production

After the USDA and DEA issued their final interim rules on an American hemp production system in October 2019 and August 2020, the USDA issued its final rule on January 19, 2021. Industry participants and service providers have been eagerly awaiting the release of the final regulations to gauge the directional winds for the burgeoning [...]

2021-02-04T13:17:38-06:00February 4th, 2021|AGRIBUSINESS, CANNABIS|

What’s Next for Hemp-Related Businesses?

In 2018, Congress passed the Agricultural Improvement Act of 2018, commonly referred to as the 2018 Farm Bill, landmark legislation that expands upon existing academic pilot programs created after passage of the 2014 Farm Bill. The Act defines industrial hemp as “The plant Cannabis sativa L. and any part of that plant……with a delta-9 tetrahydrocannabinol [...]

2020-10-21T14:30:41-05:00March 13th, 2020|CANNABIS|

Considerations for Banking Cannabis-Related Businesses

Background – Legislation Effects The Controlled Substances Act of 1970 made all forms of cannabis an illegal Schedule 1 substance. Today, 33 states, plus the District of Columbia, have legalized marijuana for medical use, and 11 states allow recreational use of marijuana for adults over the age of 21. On December 20, 2018, the Agricultural [...]

2020-10-21T14:27:44-05:00January 15th, 2020|CANNABIS, FINANCIAL INSTITUTIONS|

Providing Banking Services to Customers Engaged in Hemp-Related Businesses

The Agriculture Improvement Act of 2018 (or the 2018 Farm Bill), which removed hemp as a Schedule 1 controlled substance under the Controlled Substance Act, became law on December 20, 2018. The 2018 Farm Bill directs the United States Department of Agriculture (USDA), in consultation with the U.S. Attorney General, to regulate hemp production. The [...]

2020-10-21T14:31:37-05:00December 13th, 2019|CANNABIS, FINANCIAL INSTITUTIONS|

The USDA Releases (Interim) Final Rules on Hemp Production

Effective October 31, 2019, the U.S. Department of Agriculture (USDA) released the long-awaited interim final rules on the production of hemp in the United States of America. This legislation is a massive moment for the fledgling product’s return to the American agricultural market after roughly 50 years on the sidelines. Hemp has been grown in [...]

2020-10-21T14:31:53-05:00December 13th, 2019|AGRIBUSINESS, CANNABIS|