Current State of Federal and State Law Regarding Cannabis Banking

[Pages:26]Current State of Federal and State Law Regarding Cannabis Banking

Mid-America Lenders Conference Corpus Christi, Texas April 8-10, 2019

Erin Fonte

Hunton Andrews Kurth LLP 111 Congress Avenue, Suite 510 Austin, Texas 78701 (512) 542-5011 efonte@

Brenna McGee

Hunton Andrews Kurth LLP 111 Congress Avenue, Suite 510 Austin, Texas 78701 (512) 542-5009 bmcgee@

? Copyright 2019

Where Are We Now?

Marijuana vs. Hemp Federal Law and Guidance

State Laws SBA's Standard Operating Procedure

Banking Cannabis

Public Opinion Has Shifted on Legalizing Marijuana

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Annual U.S. Cannabis Sales vs. Other Industries and Goods

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Cannabis Employment

5

Potentially Huge Impact on the U.S. Economy

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Cannabis: Marijuana vs. Hemp

Marijuana

Hemp

Marijuana is abundant in THC with Hemp contains a very low concentrations between 15% to 40% concentration of THC (0.3% or less)

Marijuana is grown for recreational Hemp is grown primarily for industrial

and medicinal purposes

purposes

Marijuana can be smoked, inhaled, Hemp's rapid growth and strong

ingested or injected directly into the fibers make it ideal for crafting

body. THC is also commonly extracted durable rope, clothing, sail, and

from the plant and used in a variety paper. With the fast-growing

of methods including vaporizers,

popularity of CBD, hemp is also used

capsules, edibles and more

to produce a wide variety of THC-free

CBD products

Still a schedule I drug under the federal Controlled Substances Act

No longer a Schedule I drug under the federal Controlled Substances Act as of December 20, 2018

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Federal Law and Guidance: Current Landscape

Marijuana:

? Still a schedule I drug under the federal Controlled Substances Act ? Cole Memos (rescinded in 2018) ? FinCEN Guidance on Marijuana SARs ? Rohrabacher-Farr (a/k/a Rohrabacher-Blumenauer) Amendment ? Multiple bills working through Congress

Hemp:

? NOT a schedule I drug under the federal Controlled Substances Act ? 2018 Farm Bill removes hemp (hemp cannot contain more than 0.3 percent of THC) from the Controlled Substances Act

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