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Cannabis Law Blog

Posts by Richard Y. Cheng

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 Richard Y. Cheng
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rcheng@dykema.com
214-462-6492
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Showing 2 posts by Richard Y. Cheng.

The STATES Act, Rooted in Federalism, Would Address Systemic Risk in Cannabis-Related Banking

Coauthored by Dykema Summer Associate Shaun Sullivan-Towler.

For financial institutions interested in banking state-legal marijuana businesses, 2018 has been a rollercoaster. In January, Attorney General Jeff Sessions rescinded the Obama-era policy of lenient federal enforcement, creating new confusion for banks and credit unions about the future of marijuana-related banking. Many feared that the Financial Crimes Enforcement Network (FinCEN) would withdraw or amend its guidance as well, thereby eliminating the only federal guidance directed to financial institutions on banking marijuana businesses. But FinCEN has since been clear that its guidance remains in place and announced that, as of March 31, 2018, a total of 411 banks and credit unions now provide services to marijuana-related businesses, up from 365 a year ago. Read More ›

Medical Cannabis - Every Little Victory Counts

Individuals and businesses operating in the medical cannabis industry have seen ample foes and scrutiny by the federal government. It is not a secret Jeff Sessions is a long standing antagonist of cannabis products and the laws supporting the industry. However, in the past month, the world of medical cannabis has experienced minor victories. Read More ›