Bradley scored a significant victory in the Tennessee Supreme Court on November 14, 2024. In a long-awaited decision, the Tennessee Supreme Court clarified a long-standing inconsistency in Tennessee law with its opinion in Terry Case v. Wilmington Trust. In addition to ushering in a sea change concerning constitutional standing in the state —
The SAFE Banking Act passed in the U.S. House of Representatives for the fifth time on September 23, 2021. This
landmark legislation would pave the way for more financial institutions to serve the state-legal cannabis industry by removing some of the attendant legal and regulatory risks, as we have previously explained.
In a tactical
Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level and pave the way for more financial institutions to serve the cannabis industry. But
Few industries promise rapid growth equal to that of the cannabis industry, with one study projecting the industry could reach $30 billion in annual sales by 2025. This growth continues to accelerate as more states legalize cannabis for medical or adult use. But until federal cannabis laws are reformed, the illegality of cannabis at
This article was written in collaboration with Jake Fanella and Jessica Caballero at VeriLeaf. VeriLeaf is a modern RegTech platform that optimizes the onboarding, review and ongoing compliance required for high-risk banking markets. VeriLeaf leverages state-specific requirements and the financial institution’s compliance program to streamline qualification, risk assessment, and onboarding of high-risk businesses in markets
The Nevada Supreme Court again turned its attention to superpriority liens in the first quarter of 2020, issuing two opinions dealing with tenders, i.e. attempts or offers to pay. These decisions outline additional ways that the superpriority portion of an HOA’s lien can be satisfied, offering hope to lenders embroiled in litigation over the continuing
On December 3, several federal agencies issued guidance (Guidance) that, by its terms, “provide[s] clarity” regarding “the regulatory requirements under the Bank Secrecy Act (BSA) for banks providing services to hemp-related businesses.” Hemp proponents hope this additional clarity will encourage hesitant financial institutions to begin serving the hemp industry.
The key takeaway from the Guidance
On January 17, 2018, Florida’s new governor, Ron DeSantis, delivered news that could supercharge the growth of Florida’s medical-cannabis industry. Governor DeSantis indicated he may drop the State’s appeal from a trial court’s ruling that the statutory cap on the number of licenses for “medical marijuana treatment centers” (MMTCs), and the requirement that MMTCs be
Safe Streets Alliance v. Hickenlooper Provides Good News, Bad News, and Instructions to the Cannabis Industry and the Financial Institutions Serving It” width=”300″ height=”200″For years, the “legal” cannabis industry – operating in states that have legalized cannabis under state law despite its long-standing prohibition under federal law – and the financial institutions that serve
Since 1996, when California became the first state to legalize marijuana (at the time, for medicinal purposes only), 28 additional states and the District of Columbia have legalized marijuana to some extent. Public support for legalization continues to rise as more and more jurisdictions loosen their marijuana laws, with 64 percent of Americans in favor