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Cannabis Law Blog

Posts by Elizabeth A. Khalil

Cannabis Law Blog

News and analysis focusing on the full spectrum of cannabis-related issues facing businesses, investors, financial institutions and all levels of government throughout the United States

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Photo of Cannabis Law Blog Elizabeth A. Khalil
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ekhalil@dykema.com
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Showing 2 posts by Elizabeth A. Khalil.

Fourth Corner Credit Union Obtains Pyrrhic Victory for Marijuana Banking

The long-awaited  Tenth Circuit Court of Appeals decision in the case of Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City was issued this week. In short: the would-be credit union, formed to serve participants in the state-legal marijuana sector, lives to fight another day—but minus its original purpose for existing. Read More ›

Congress’ Latest Effort to Unstick Marijuana Banking

Last week, the Senate Appropriations Committee adopted an amendment to the FY 2017 Financial Services and General Government Appropriations bill that aims to help resolve the problems that marijuana-related businesses have faced in attempting to obtain banking services. The bill would prohibit the federal government from using funds appropriated under the bill to “prohibit or penalize” a financial institution that provides banking services to a marijuana-related business in a state where such activity is legal. The amendment, sponsored by Senator Jeff Merkley (D-Oregon), passed the committee by a 16-14 vote, and the entire bill will now head to the Senate floor for consideration. Read More ›