Category: regulations

Departments of Justice and Treasury Release Marijuana Banking Guidance

Today, the Department of Justice and the Financial Crimes Enforcement Network division of the Treasury Department released long anticipated guidance to banks and other financial institutions on how they can interact with marijuana businesses that are licensed under state law. Under current regulations, financial institutions are required to file suspicious activity reports when they suspect the transaction has a drug connection. The new guidance creates a three tiered system for these reports: marijuana limited, marijuana priority, and marijuana termination. This will allow these institutions to work with marijuana businesses as […]

Colorado Governor Signs Historic Measures Creating Legal and Regulated Marijuana Market

This week, Colorado Governor John Hickenlooper signed two historic measures into law, making Colorado the first state in the country to officially authorize a legalized and regulated cannabis market. These measures, House Bills 1317 and 1318, are the first-in-the nation regulations governing the statewide commercial production and retail sale of cannabis to those age 21 and older. HB 1317 establishes a regulatory framework for retail cannabis businesses, which are anticipated to begin operating in early 2014. House Bill 1318 proposes tax rates for commercial marijuana production and sales. These regulations […]