Jurisdiction: Federal

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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Cannabis Industry Needs to Focus on Data Security

Two of the biggest news drivers in the business world in recent years have been cannabis and data security. But they are usually discussed separately; there has not been much of a sustained focus on data and cybersecurity in the cannabis industry. We hope that changes because the cannabis industry is particularly vulnerable to data security issues.

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SAFE Banking Act in “Stall Pattern”

After passing the House in September with bipartisan support, the SAFE Banking Act seemed to have momentum. Senate Banking Chair Mike Crapo even stated he wanted his committee to mark up the bill before the end of this calendar year. But after committee members raised a few small issues, negotiations slowed significantly, eviscerating the bill’s previous momentum.

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