Jurisdiction: Federal

The Joint Status Report, a Cannabis Industry Podcast Presented by Locke Lord – Ep. 4

On this episode of the podcast, co-hosts Doug Sargent and David Standa talk with guest Ryan Holz, a Locke Lord Cannabis Industry Group Partner, about the National Credit Union Association’s recently announced guidelines for providing financial services to hemp-related businesses (0:37), the American Bar Association’s resolution urging congress to enact legislation to exempt from the controlled substances act any marijuana business carried out in compliance with state law (4:11), Rep. Earl Blumenauer’s (D-OR) recent interview outlining a positive outlook for the marijuana industry for the fall (9:14), and the FBI’s call for tips related to possible public corruption in the cannabis industry licensing regimes (12:53).

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Senate Banking Committee Holds Hearing on Banking Reform; Now We Wait

The Senate Committee on Banking, Housing, and Urban Affairs yesterday hosted a hearing titled “Challenges for Cannabis and Banking: Outside Perspectives.” This long-awaited congressional hearing focused on the challenges state-legal cannabis companies face in utilizing traditional financial services during federal prohibition. As expected, the Secure And Fair Enforcement Banking Act (“SAFE Banking Act”) was a main focus of attention.

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Senate to Consider Legislation To Allow Cannabis Businesses to Purchase P&C and Title Insurance

On Monday, the ‘‘Clarifying Law Around Insurance of Marijuana Act’’ or ‘‘CLAIM Act” was introduced before the United States Senate by Sen. Menendez (D-N.J.). The CLAIM Act, which is cosponsored by Sens. Paul (R-Ky.), Merkley (D-Ore.) and Cramer (R-N.D.), would prohibit a federal agency from (i) penalizing or otherwise discouraging insurers from engaging in the business of insurance with a cannabis-related business, or (ii) otherwise terminating or cancelling the policies of an insurer solely because the insurer engaged in the business of insurance in connection with a cannabis-relating business.

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A Break in the Dam: Senate Committee to Hold Hearing on Cannabis Banking Next Week

Allowing cannabis companies to access traditional banks and financial services has bipartisan support in the U.S. Congress. And it is a no-brainer; barring cannabis companies from accessing financial services is a public safety risk and a massive hindrance to business efficiency and tax collection, with no corresponding benefits.

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U.S. Surgeon General Argues States Going “Way Too Far Too Fast” in Legalizing Marijuana

There continues to be a noticeable divide between politicians and medical professionals regarding the legalization of marijuana. We recently wrote about that divide in Missouri, where important medical associations have shunned Missouri’s rather green medical marijuana program. Now, United States Surgeon General Dr. Jerome Adams has chimed in with a warning regarding legalization.

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One Small Step for the Federal Government, One Giant Leap for the Cannabis Industry?

On June 20, 2019, the U.S. House of Representatives voted 267-165 in favor of an amendment that restricts the Department of Justice from interfering in jurisdictions where marijuana is legal. The amendment, which is imbedded in the omnibus appropriations bill for the 2020 fiscal year, prohibits the Department of Justice from spending money to prevent states and Washington D.C. from implementing their adult-use and medical marijuana programs.

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