Financial Crimes Enforcement Network (FinCEN) Archives - Cannabis Business Executive

It’s Time to Stop Forcing the Cannabis Industry to Launder its Money

Why the SAFE Banking Act is the Wrong Solution to the Right Problem. By: Robert Baron, CAMS As a cannabis banking expert, and a Certified Anti-Money Laundering Specialist (CAMS), I believe the cannabis industry deserves access to banking. Unfortunately, they…

The Cannabis Administration and Opportunity Act: What’s In It, What’s Changed Since the Discussion Draft, and Will It Pass?

By Seth Gitner, Jonathan Havens, and Adam Fayne In July 2021, Senate Majority Leader Chuck Schumer (D-N.Y), along with Senators Ron Wyden (D-Ore.) and Cory Booker (D-N.J.), released a discussion draft of the Cannabis Administration and Opportunity Act (CAOA). The…

Banking Solutions Available Despite Difficulty Tax Code Causes for Cannabis Industry

The Current State of 280E and Recent Legal Action The impact of tax code Section 280E removes a marijuana-related business’s ability to claim tax breaks as normal commercial, medical, or agricultural businesses. Effectively, 280E forbids businesses from deducting business expenses,…

ICYMI: The New FinCEN Hemp Banking Guidance

July 9, 2020
Hilary Bricken
Banking, Finance & Real Estate, Hemp Policy & Legal
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By Hilary Bricken, Co-founder Harris Bricken Last week, the Financial Crimes Enforcement Network (FinCEN), issued new guidance (the “FinCEN Guidance”) for financial institutions working with hemp-related businesses. The FinCEN Guidance centers on due diligence requirements as related to the Bank…

A Half-Banked Industry — New Cannabis Businesses Need Access To Financial Service

By Adam Crabtree, Andrew Freedman and Crystal Good If you ever open a cannabis business, you will have this meeting: Some really big guys will contact you about your cash problem. A cash problem only they could solve. It will…

Banks Gaining Confidence, Opening Doors to Navigable Pathway for Cannabusinesses

Banking for the cannabis industry has been a challenge to say the least. That said, there exists a navigable pathway for existing cannabis markets and for new state markets to follow. In light of lingering concerns that Attorney General Jeff Sessions…