Regardless of the industry, education and training your workforce is important. In the cannabis industry, it is critical and can significantly impact how consumers purchase cannabis moving forward. Perkins Coie associate Juan Fonseca Angel is joined by Maureen McNamara, Founder and Chief Facilitator of Cannabis Trainers, and Danny Gold, Co-Founder and CEO of ZolTrain an
Late last evening, the U.S. House of Representatives passed SAFE Banking legislation by voice vote, offered as an amendment to the National Defense Authorization Act (NDAA/H.R. 4350). While SAFE Banking legislation previously passed in the House, it had stalled in the Senate due to Republicans’ demands for changes that would have transformed the bill from one offering protection to financial institutions in the cannabis industry, to one enacting additional guardrails on federal marijuana policy. SAFE Banking legislation’s inclusion in a must-pass bill this time around marks a critical step in the effort to enact this legislation this Congress.
What is SAFE Banking legislation?
The SAFE Banking amendment would enable financial institutions to support the cannabis industry by eliminating two major risks of adverse government action. The proposed law explicitly permits financial institutions to do business with cannabis companies and prohibits the government from terminating or limiting a financial institution’s deposit or share insurance solely because the institution works with a cannabis business. These changes would remove current federal restrictions that have resulted in only a limited number of financial institutions currently willing to take on the risk of banking cannabis companies. And those that do charge exorbitant fees and costs that foreclose the services to many—predominately impacting small and diversity-owned entities. As a result, the economic development of all cannabis industries, and especially small and diversity-owned entities, has been impeded through reduced liquidity, heightened entry barriers, and heightened security issues for some businesses forced to depend upon cash transactions.
Continue Reading U.S. House Votes SAFE Banking Legislation into Defense Bill
Earlier this month, California legislators passed a law, AB 45, aimed at providing guardrails for an expanded consumer marketplace for products containing hemp and hemp-derived cannabidiol (CBD) in California. Given that the bill will take effect immediately following Governor Newsom’s signature, cannabis businesses, and businesses looking to add hemp to their products, should take note of the new law. With the new law’s passage, many hemp-derived CBD products will be able to enter the market legally in California. Here are five key takeaways from AB 45 for the cannabis industry.
Continue Reading Five Takeaways From California’s New State Industrial Hemp Bill