Bankruptcy Alternatives for the Cannabis Industry

Of its many tragic consequences, COVID-19 has left a significant mark on the global economy as it pressures thousands of businesses to temporarily – if not permanently – shut their doors. April data from the American Bankruptcy Institute suggested a 26% increase in Chapter 11 filings from 2019.1 … Read more about Bankruptcy Alternatives for the Cannabis Industry

SAFE Banking Act Passes in the House

  Late Wednesday, the U.S. House of Representatives passed the first-ever self-contained cannabis bill, clearing H.R.1595 – or the  Secure And Fair Enforcement Banking Act of 2019 (“SAFE Banking Act”) – in a bipartisan 321-103 vote. Introduced by Colorado Representative Ed Perlmutter (D) … Read more about SAFE Banking Act Passes in the House

Securing New Colorado Cannabis Industry Investment

In late May, Colorado Gov. Jared Polis signed the Publicly Licensed Marijuana Companies bill (HB-1090), which removed the previous ban preventing publicly traded corporations from obtaining a cannabis license (you can read our summary of it here). Passed with the intention of expanding access to the … Read more about Securing New Colorado Cannabis Industry Investment

New Congress Holds First Cannabis Hearing

Last Wednesday, the 116th Congress held their first cannabis-related hearing before the Consumer Protection and Financial Institutions Subcommittee. Addressing the current banking and regulatory obstacles faced by cannabis enterprises, the hearing was also tasked with handling the threat of the … Read more about New Congress Holds First Cannabis Hearing

State-Backed Cannabis Bank Bill Passes California Senate

Last week, California lawmakers moved to create a bank backed by the state that would help handle money from the state's newly created recreational marijuana market. The bill, SB930, which would allow charter banks and credit unions regulated by the California Department of Business Oversight to … Read more about State-Backed Cannabis Bank Bill Passes California Senate

Colorado Credit Union Receives Conditional Approval for Cannabis-Related Banking

A Colorado-based credit union has won conditional approval to launch its business serving marijuana-related ancillary companies, advocacy groups, and charities. After more than three years of fighting in court, the Federal Reserve Bank of Kansas City provided The Fourth Corner Credit Union a letter … Read more about Colorado Credit Union Receives Conditional Approval for Cannabis-Related Banking