Connect with us

Cannabis News

Guess Which Banks Now Want Cannabis Clients?

Published

on


cannabis banks taking new clients

Banking institutions are engaging in a competitive race to accommodate cannabis businesses in anticipation of forthcoming alterations in the federal classification of cannabis, as national data indicates. Although cannabis remains federally prohibited, a pivotal shift is on the horizon due to the U.S. Health & Human Services Department’s (HHS) recommendation to reclassify cannabis from Schedule I to Schedule III.

 

The National Organization for the Reform of Marijuana Laws (NORML) reports a notable surge in banking institutions actively seeking partnerships with cannabis businesses. This reflects a diminishing fear of potential repercussions.

 

 

According to quarterly data released by The Financial Crimes Enforcement Network (FinCEN), a United States Department of the Treasury division, more than 800 banks and credit unions have officially documented their affiliations with licensed cannabis enterprises with the U.S. government.

 

FinCEN’s latest report reveals that during the second quarter of FY2023, a historic 812 banks and credit unions have actively engaged with cannabis companies. This figure represents an unprecedented high since FinCEN began tracking such data.

 

This number represents a notable increase from the previous year when only 553 banks, equivalent to 11 percent of all U.S. banks, and 202 credit unions were identified as collaborating with cannabis businesses.

 

 

The report underscores that FinCEN issued guidance to clarify the expectations of the Bank Secrecy Act (BSA) for financial institutions looking to offer services to marijuana-related businesses (MRBs).

 

This FinCEN guidance has helped elucidate how financial institutions can deliver services to MRBs while remaining in compliance with their BSA obligations. Additionally, it ensures that the information furnished by financial institutions in BSA reports is aligned with federal and state law enforcement priorities. The complete report is available for download.

Categories of Cannabis Businesses as Identified by FinCEN

FinCEN’s 2014 Guidance outlines three classifications for describing a financial institution’s association with Marijuana-Related Businesses (MRBs) in Suspicious Activity Reports (SARs):

  • Marijuana Priority: In this classification, the financial institution provides financial services to an MRB, and its customer due diligence leads it to reasonably believe that the relationship is tied to one of the Cole Memo priorities or infringes upon state laws.

  • Marijuana Limited: This category signifies that the financial institution offers financial services to an MRB and, based on its customer due diligence, reasonably believes that this engagement does not involve any of the Cole Memo priorities or contravene state laws.

  • Marijuana Termination: This category comes into play when the financial institution deems it necessary to sever its relationship with an MRB to uphold the effectiveness of its anti-money laundering compliance program.

 

NORML Deputy Director Paul Armentano emphasized the critical nature of access to banks and other financial institutions for any industry’s safe, transparent, and effective operation.

He underscored that this necessity is particularly evident for players in the cannabis industry, especially smaller and minority-owned businesses, as well as the consumers they serve. He noted that these entities will continue to face significant impediments without improved access to credit and financing.

 

According to survey data compiled in the previous year by Whitney Economics, more than 70% of surveyed cannabis businesses identified the “lack of access to banking or investment capital” as their foremost challenge.

 

FinCEN’s March 2022 Marijuana Banking Update reveals a consistent upward trend in the number of banks and credit unions seeking authorization to serve cannabis businesses. According to the report, as of September 30, 2021, FinCEN received 219,097 Suspicious Activity Reports (SARs) featuring the specific phrases associated with Marijuana-Related Businesses (MRBs).

 

It’s worth noting that several of these SARs contain multiple key phrases, which explains why the individual figures for each keyword exceed the overall total. The report continues to elaborate on the breakdown of these SARs: FinCEN received 172,501 SARs from financial institutions using the ‘Marijuana Limited’ key phrase, 15,359 SARs from those employing ‘Marijuana Priority,’ and 42,791 SARs from institutions utilizing the ‘Marijuana Termination’ key phrase.

 

FinCEN initiated the provision of guidance to cannabis businesses back in 2014, aiming to assist banking institutions in navigating the challenges of operating within an environment where cannabis remains federally illegal.

What’s Prompting Banks to Change Their Stance

Yahoo! News recently covered the potential game-changing impact of the HHS recommendation to reclassify cannabis from a Schedule I to a Schedule III substance. This reclassification can reshape the cannabis industry and open up fresh prospects for banking institutions.

 

According to Richard Laiderman, former head of global treasury for VISA and Co-Founder and Chair of StandardC, rescheduling cannabis to Schedule III could potentially enable dispensaries to embrace credit card payments. If this shift occurs, credit card transactions may replace cash transactions, mitigating the risks and expenses associated with operating on a cash-only basis.

 

Robert Baron, a specialist in cannabis banking, emphasized the necessity for financial institutions seeking to engage with this industry to adopt risk management tools for assessing and overseeing cannabis businesses. He highlighted that StandardC’s business underwriting and monitoring tools are well-suited for fulfilling their obligations under the Bank Secrecy Act and customer due diligence.

 

The HHS recommendation to reclassify cannabis from Schedule I to Schedule III represents a historic milestone, marking the first federal-level initiative to enhance the safety of the cannabis industry for all stakeholders.

Conclusion

The evolving landscape of cannabis banking is undergoing significant transformation, driven by the potential reclassification of cannabis from Schedule I to Schedule III at the federal level. This shift holds the promise of providing newfound opportunities for financial institutions and enhancing safety, transparency, and efficiency within the cannabis industry.

 

As financial institutions adapt to serve this market segment, implementing robust risk management tools becomes essential to ensure compliance with regulatory requirements and foster a secure environment for all involved. The coming years will likely witness further developments and innovations in cannabis banking, marking a pivotal moment in the journey toward legitimizing and mainstreaming this burgeoning industry.

 

CANNABIS SET TO BE RESCHEDULED? READ ON…

REPUBLICANS TO STOP CANNABIS SCHEDULING

CANNABIS TO SCHEDULE 3, HOLD MY BEER SAYS REPUBLICANS!



Source link

Cannabis News

The Dangers and Effects of THC Vape in UK

Published

on

By


cbd oil vape king UK

People in the UK increasingly realize that CBD vaping is quite safe. Even NHS recommends CBD vaping as one of the relatively safer ways to quit smoking. Vaping is not without any harm, but it is much safer than tobacco smoking. Even more, CBD vaping is associated with some good health effects. However, now people are realizing that THC vape pens could be an even more potent way of enjoying CBD’s health benefits.

What is THC Vape?

If readers noticed that in the introduction of this text, we talked about CBD, there is a reason for that. THC vaping is different from CBD vaping, but not entirely. It has much in common with it.

The hemp plant is rich in many cannabinoids. Two major cannabinoids are THC (Tetrahydrocannabinol) and CBD (Cannabidiol). It also has many minor cannabinoids in smaller amounts, like CBG, CBC, CBN, THCV and CBDV. CBD vape pens generally have all these compounds except THC.

However, THC vape differ in the way that they also contain small amounts of THC along with CBD, minor cannabinoids, and other beneficial organic compounds like terpenes for added flavour and enhanced vaping experience.

So, why do some of the vape pens have added THC in small amounts? After all, THC is known to be addictive and has mind-altering properties. Well, the explanation is simple: the secret is in the dosage. In smaller and legally permitted dosages, THC does not cause a high; it is safe and can have many health benefits.

When small amounts of THC are added to CBD, minor cannabinoids, and terpenes, it results in much more powerful health benefits. That is why some of the CBD-based clinically approved drugs also contain THC.

THC vape pens may also have some distinct benefits not experienced with CBD vape pens. This is due to “the entourage effect.” The entourage effect is a bit different from synergy. Synergy is like two-plus-two equal to five, meaning that using some compounds together results in a more potent effect, yet safety is not compromised. However, the entourage effect means combining two compounds may result in some unique health benefits not seen when those compounds are used in isolation. So, the entourage effect is more powerful and unique than synergy.

Therefore, using THC vape pens means some unique health benefits, although these vape pens contain THC in small amounts.

THC Vape: The Dangers

It is no secret that THC is the main compound responsible for all side effects of the cannabis plant. This substance is addictive and, at higher dosages, causes euphoria, has potent mind-altering properties, and may cause hallucinations.

However, there is one important thing to understand. All these effects of THC are seen at much higher dosages than those in legally produced THC vape pens.

Legally produced/sold vape pens in the UK, like those by CBDoilking, do not contain THC more than 0.2%. This is significantly lower than cannabis indica or marijuana, which may contain 25% or even more THC. So, there is no comparison between legal THC vape pens and marijuana. At these small dosages, THC does not cause euphoria or other side effects and has no addictive properties. It only has mild stress-relief properties at these dosages.

Secondly, THC vape pens sold by CBDoilking follow other important UK guidelines and legal requirements, which means that THC vape pens cannot contain more than 1 mg of THC. Hence, it is not just about low concentration but also about low amounts, thus ensuring its safety.

Safe and Potent THC vape pens

THC vape pens are for health-conscious individuals who would like to vape on a regular basis. It is safe and may have beneficial effects like reduced anxiety, improved mood, and enhanced sleep, and it may also help reduce pain sensation.

THC vape pen is even better than your regular CBD vape pen for quitting smoking. This is because it is better at reducing tobacco cravings.

CBDoilking sells one of the strongest THC vape pens in the market (75-80% CBD plus CBG along with THC in permitted amounts), and yet all pens sold on the platform follow strict legal guidelines. All the products undergo third-party testing and are proven to contain THC, CBD, and other minor cannabinoids within legally permitted and safe limits.

Another good thing about CBDoilking is that these excellent THC vape pens come in many flavours. These flavours are not due to some artificial substances but rather due to their content of terpenes. Terpenes are plant-based aromatic compounds with antioxidant and anti-inflammatory properties.

CBDoilking offers vapes that are based on science, combining different natural compounds in the right ratio. This is both about safety and potency. So, these products are really good for those looking for something better, potent, and yet safe.

The Bottom Line

CBD vape pens have been around for some time, and their safety is well-established. They are an excellent way to quit smoking and also enjoy CBD’s health effects. However, some people are looking for something more potent. THC vape pens are good for such individuals. These contain all beneficial compounds present in the cannabis plant but in the right proportions.

THC vape pen is a new way to enjoy vaping. It is unlikely to cause any side effects as these products are made for regular use. Of course, one should not overdose on THC or CBD. It is important not to have more than a few puffs a day. Rare side effects like nausea or stomach issues might occur but are transient and short-lived. Such issues are rarely the cause of concern, except in a very small number of cases.

Thus, if you are looking for something better to reduce stress and overcome pain and anxiety, then a THC vape pen may be the right choice. Choosing something strong like the one offered by CBDoilking may be a good idea. Despite being strong, these vape pens contain THC only in legally permitted amounts and in concentrations proven to be safe and not cause euphoria.

To sum up, if you are already an experienced CBD vaper, it may be a good idea to give THC vaping a try.

 

CBD VAPE OIL SAFETY, READ ON…

BENEFITS OF CBD VAPE OIL

3 BIG BENEFITS OF CBD VAPE OIL CARTS, WHY DO THEY WORK?



Source link

Continue Reading

Cannabis News

How to Buy or Sell a Cannabis Business: The Webinar Replay

Published

on

By


For anyone who wasn’t able to join us on April 17th, the video replay of our webinar titled “How to Buy or Sell a Cannabis Business” is now available on our website. You can view it here.

The description of this webinar is also included directly below. Enjoy!

____

On Wednesday, April 17, 2024 at 12:00 pacific time, Harris Sliwoski managing partner Vince Sliwoski (Portland), Harris Sliwoski partner Griffen Thorne (Los Angeles), and Andy Shelley of CannXperts will present a free webinar entitled “How to Buy or Sell a Cannabis Business.”

Drawing on their extensive experience from representing businesses and entrepreneurs across numerous M&A transactions, including crucial state license transfers throughout the United States, our panelists will share insights and practical wisdom from their firsthand experiences in the legal cannabis industry.

  • Crafting and understanding Letters of Intent
  • Conducting thorough Due Diligence
  • Drafting and Negotiating purchase agreements and ancillary documents
  • Navigating State-Specific Regulatory Concerns
  • Managing Escrow Challenges
  • Optimizing Financial Arrangements: Purchase Prices, Holdbacks, Earnouts
  • Tackling Post-Closing Considerations

As always, we’ll also take Q&A, so please feel free to either submit questions when registering or you will be able to ask comments in chat during the webinar.



Source link

Continue Reading

Cannabis News

Is Thailand about to Change Their Cannabis Laws Yet Again?

Published

on

By


thailand changing weed laws again

Thailand To Change Weed Laws Soon?

It’s Still Weed Paradise Right Now, So Go If You Can

 

Sure, weed is already legal in most of the United States.

 

However, for people who are in need of a holiday and want nothing to do but relax on a tropical Asian beach while enjoying a joint, the best place is still Thailand. Or at least, for now. Last June 2022, Thailand became the first nation in Asia to legalize marijuana for recreational purposes, albeit due to some governmental loopholes that allowed adult-use dispensaries to pop up like weed around the country.

Just a few days after weed was legalized, budding (pun intended!) entrepreneurs put up all kinds of weed shops and dispensaries. The smell of marijuana was soon prevalent all over, whether you were walking down a street in Bangkok or sunbathing in Phuket. These days, weed shops are as common as ATM machines or bubble tea kiosks.

 

We aren’t sure how long this is going to last. Over the last 1.5 years, throngs of tourists have come from all over the world to enjoy the globe’s newest weed haven. And while many cannabis businesses and farmers are thriving economically from the weed boom, some government officials are against it. As of the time of writing, the Thai government is working on regulating the cannabis industry much more tightly, so much so that smoking weed may not be such a liberal act to enjoy anymore.

Could Thailand’s weed heydays be this short-lived?

According to the news, Thailand’s health minister is set to ban recreational marijuana use completely by year end. A new bill is forecast to be discussed to parliament before session ends in October. Anutin Charnivakul, the public health minister responsible for initially proposing cannabis legalization, didn’t intend for weed to be as widely sold and consumed as it was. Instead, he explained that he merely intended for it to be used medicinally, helping farmers and other industries earn from the economic benefits of cannabis legalization.

“We have always emphasized using cannabis extractions and raw materials for medicinal purposes and for health,” he disclosed to CNN back in July 2022. “There has never once been a moment that we would think about advocating people to use cannabis in terms of recreation – or use it in a way that it could irritate others,” he added.

 

They likely did not anticipate or foresee that the tourism sector would experience a massive boom due to the said loopholes in cannabis law. Nobody knew that thousands of tourists would be coming from all over to enjoy partaking, and, helping to boost the tourist economy which was much-needed after the pandemic.

 

In a Reuters interview with Public Health Minister Dr. Cholnan Srikaew, he says that marijuana will only be permitted for medical use. Recreational users and cannabis growers who do not have a permit can expect to be charged with heavy fines, if the new bill is passed. “Under the new law, cannabis will be a controlled plant, so growing it would require permission. We will support cannabis cultivation for the medical and health industry,” he told Reuters.

 

The fines they are discussing are certainly steep: in the draft bill, it states that penalties of up to $1,690 can be charged to recreational users. Meanwhile, individuals who are caught selling weed or advertising its use can face a file of as much as $2,770, jail time, or even both.

 

The news to change Thailand’s once-ideal regulations regarding cannabis use was announced a few months ago, leaving businesses and other industries that are reliant on it, afraid and unable to make any plans for the future.

 

Can Tourists Still Smoke Weed In Thailand?

Until the government announces final changes to the weed law, tourists are still welcome to smoke weed and partake of recreational marijuana in various forms throughout the country. I just came from spending a few days in Bangkok, the nation’s capital, where hundreds of weed shops are still flourishing throughout the massive city.

 

Dispensaries are designed in fun, colorful interiors using bright colors and world-class marketing to attract smokers and consumers. We’ve walked into several different kinds of dispensaries and had no problems buying flower, edibles, vapes, and a variety of paraphernalia to consume either in the dispensary or in our hotel room. However, you do have to keep in mind that there are still rules in place.

 

For one, vaping or smoking weed in public places is still prohibited. Don’t be tempted to light up on the streets even if you can smell weed, because getting caught by the cops can lead to a $700 fine. That said, there are certain areas in Thailand where the law is a bit more – uh, relaxed. For example, in the backpacker central of Khao San Road, it’s not uncommon to see tourists lighting up at night. In the tourist beach areas of Krabi and Samui, there have been reports of tourists being able to easily light up a joint on the street with no problem.

 

Again, there’s no timeline of how long this is going to last. So if you can go to Thailand before the year end, when the new laws are expected to be set in place, go!

 

THAILAND AND LEGAL CANNABIS, READ ON..

CANNABIS CHANGES IN THAILAND

WHAT THAILANDS’ U-TURN ON WEED MEANS FOR ASIA, READ THIS!



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media