Topic: Banking/Financial Services

Back in Session: A Look at California’s Latest Cannabis Bills

Though it still feels like summer in balmy Los Angeles, school is back in session and so is the California legislature. From banking reform to labeling, state legislators are set to mull over at least five bills directly impacting the $2.5 billion legal cannabis industry in California, now ranked the fifth largest economy in the world.

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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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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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California Senate Passes Bill to Jump Start Cannabis Banking

California is done waiting on the federal government. As the federal Secure and Fair Enforcement Banking Act (“SAFE Banking Act”) remains stymied in the U.S. Senate, California is proceeding with its own banking reform. Specifically, the California Senate recently passed Senate Bill 51 (the “Cannabis Limited Charter Banking and Credit Union Law”), which would allow private banks and credit unions to apply for charters that would explicitly permit them to handle cannabis transactions.

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