Jurisdiction: Federal

Where’s the Money At? Industry Cash Crunch Exacerbated by the Pandemic

If you’ve been following the cannabis industry in 2020, you’ve likely heard the term “cash is king” more than once. This has become the industry consensus as stocks (mostly traded in Canada) began to slide after some disappointing earning numbers in the middle of 2019. That, in turn, resulted in decreased valuations and a reduction in investment capital.

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Timing Matters: United Cannabis and the U.S. Trustee Compare Apples and Oranges in Recent BK Filings

As we wrote about here, United Cannabis’s bankruptcy proceeding has been under a microscope since the moment the papers were filed. The Hon. Joseph Rosania immediately entered a rule to show cause order instructing United Cannabis to explain why the revenue it generates from activities related to marijuana should not result in dismissal.

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Sen. Gardner: SAFE Banking Act Could be Passed “In a Matter of Months”

As we’ve written about extensively, the SAFE Banking Act has gone through several twists and turns. The proposed bill would remove restrictions on banks and insurance companies that effectively prohibit them from offering services to marijuana-related businesses. Because of these restrictions, most cannabis businesses are forced to operate in cash only, which causes a multitude of problems, from safety to logistics to tax oversight.

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