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
3
Annual U.S. Cannabis Sales vs. Other Industries and Goods
4
Cannabis Employment
5
Potentially Huge Impact on the U.S. Economy
6
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
7
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 Cole Memos (rescinded in 2018) ?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
8
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