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Tracking Cannabis

Tracking Cannabis

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Proposed bill may ease access to financial services for California cannabis businesses

August 6, 2020
A jar of cannabis buds laying on money

On August 11, 2020, the California Senate Banking and Financial Institutions Committee will hold a hearing on Assembly Bill 1525. The bill could provide a meaningful boost to California’s cannabis industry by easing access to financial services for cannabis businesses, and by protecting ancillary companies that serve the industry. READ MORE

Congress moves to address cannabis banking reform

Kevin Young Jack Jacobson March 22, 2019
A jar of cannabis buds laying on money

House Democrats have introduced bipartisan legislation, the Secure and Fair Enforcement (SAFE) Banking Act of 2019, to address the conflict between states that have legalized cannabis within their borders for medical and/or personal use, and federal law, under which cannabis remains a Schedule I controlled substance. READ MORE

Thompson Coburn advises clients on state laws governing the business of cannabis to facilitate compliance with those state laws. Federal laws concerning cannabis currently conflict with state laws in states that have legalized cannabis or possession of cannabis. Although federal enforcement policy may at times defer to these states’ laws and not enforce conflicting federal laws, interested businesses and individuals should be aware that compliance with state law in no way assures compliance with federal law, and there is a risk that conflicting federal laws may be enforced in the future. In addition to this Cannabis-specific note, readers should review Thompson Coburn’s Conditions of Use / Disclaimers page containing other important information.