Feds Green Light Hemp Banking in Dec. 2019 - New Statement Issued Federal banking regulators this week issued new guidance for banks servicing hemp companies. The Statement is a departure from previous policy, whereby hemp and cannabis were treated equivalently by banking regulators, despite the differing Federal legal statuses. Prior to this guidance, banks servicing hemp businesses had to file Suspicious Activity Reports (SARs) for every transaction involving a hemp business in order to comply with the Bank Secrecy Act and qualify for Safe Harbor, even though hemp was no longer a controlled ..read more

SAFE Banking Act: House votes to allow Commercial Cannabis & CBD Companies Access to Banks Today, the U.S. House of Representatives voted 321-103 to allow state-licensed cannabis businesses access to banking services. The Secure And Fair Enforcement (SAFE) Banking Act was introduced in March by Rep. Ed Perlmutter (D-CO) with the goal of protecting banks who choose to work with cannabis businesses from incurring additional risks or penalties due to cannabis’ federal status as a Controlled Substance. The SAFE Banking Act would allow cannabis and CBD companies to operate more safely, transpar ..read more

Oxford Will Accept Applications for manufacturing, distribution and testing through October 2019 The City of Oxnard began accepting applications for commercial cannabis licensing on 12th August and will continue to accept applications through October 10, 2019. In its first year of licensing, the City will permit twelve (12) licenses: eight (8) manufacturers, three (3) distributors, and one (1) testing lab. As part of the City’s own social equity initiative, the Oxnard Cannabis Equity Program, three (3) of the manufacturing licenses will be reserved to local residents of Oxnard, while the remai ..read more

AB 97 - Provisional Licenses for California Cannabis Businesses, Thru 2021 AB 97, which was signed into law earlier this month, will allow new cannabis businesses to be eligible for Provisional Licenses, and extends the time during which the provisional licenses will be valid through January 1, 2022. Benzinga recently covered Lauren’s analysis of what the new law means for California cannabis investors ..read more

LA Phase 3 - Cannabis Retail Licensing Guide Approvals for all new retail cannabis licenses in the City of L.A. will be issued via Phase 3. There will be three defined application rounds within Phase 3, with the first scheduled to start later this summer (Phase 3 - Round 1). Below is a concise overview of the application requirements and the application rounds for LA’s Phase 3. Guide to LA Phase 3 Cannabis Retail ..read more

The Ensuring Safe Capital Access for All Small Business Act A new bill, The Ensuring Safe Capital Access for All Small Business Act, introduced by Congresswoman Nydia Margarita Velázquez (NY), would give access to credit to direct and indirect state-legal cannabis businesses. If the legislation passes, the SBA would give preference to businesses from disadvantaged communities who might otherwise not have access to the necessary funding. Due to the federal limitations currently placed on financial services for cannabis businesses, it is nearly impossible for cannabis start ups take out loans fr ..read more

LA Now Requires Monthly Tax Reporting for Cannabis Businesses The City of LA is now requiring cannabis businesses to report their taxes on a monthly basis. The measure, effective 7/1/2019 places a new requirement on cannabis businesses, who previously only needed to file on a quarterly basis. The first monthly reporting to the City of LA is due 08/01/2019. New requirement - report by 08/01/2019 In order to be compliant, businesses that received their approval from th ..read more

CBD Legality in CA - AB 228 Would Create Clear Regulations and Allow Cannabis Businesses to Participate in the CBD Market A bill to regulate CBD in California and allow for California cannabis companies to legally produce and sell CBD products, including food and beverages, has passed the California Assembly and is being considered by the Senate. AB 228 would also create a much needed regulatory framework for CBD products within California. The bill, authored by Ceclia Aguiar-Curry would explicitly permit the sale of hemp-derived CBD in foods, beverages and cosmetics. Currently in California ..read more

Banking is still a challenge for both cannabis and CBD companies. The Secure And Fair Enforcement (SAFE) Banking Act would provide protection to banks working with state-legal cannabis businesses. In March of this year, the House Financial Services Committee approved the Act. It currently has 206 cosponsors and bipartisan support, and is likely to head to a full floor House vote in the next month. Banks Want Protection from Regulators Many banks are still unwilling to risk working with cannabis businesses, at least until ..read more

Many CBD brands are now eligible to register for trademarks, as of a few weeks ago. Recently, The USPTO became one of the first federal agencies to provide guidance on the difference between CBD and cannabis, and as such will allow certain lawful CBD products to register their marks and protect their intellectual property nationwide. In contrast to this development, we are still waiting for banking regulators to distinguish between cannabis and hemp-derived products, and you can read more about that here. If you are a CBD brand interested in filing for trademark protection, you can learn more ..read more