On Friday, August 10, Husch Blackwell Partner Chris Ottele will speak on the topic of Coats v DISH at the Marijuana and Banking Conference held at the Grand Hyatt Denver in downtown Denver, CO. This program is designed to provide critical information to bankers interested in serving the burgeoning marijuana industry and those who want
Husch Blackwell Sponsors Q3 Northern California Quarterly Cannabis Caucus
Husch Blackwell is a lead sponsor of the Northern California Quarterly Cannabis Caucuses – next of which is to be held on Tuesday, July 10 in San Francisco, CA at the Hilton Financial District. The 3rd Quarter Cannabis Caucus will bring together executive level industry professionals, policymakers, regulators, and movement leaders to network, learn about
Congress Protects Medical Marijuana in New Spending Bill…Adult-Use is Still Not Addressed
Yesterday, details of the Fiscal Year 2018 Budget were released. Congress has once again elected to prohibit the Department of Justice (“DOJ”) from spending money on actions that prevent medical marijuana states giving practical effect to their state laws that authorize the use, distribution, possession, or cultivation of medical marijuana. Congress also continued existing
The Sessions Memo
Attorney General Sessions rescinded, effective January 4, 2018, previous enforcement priorities of the DOJ related to marijuana – including the Cole Memo. The Sessions Memo dictates that federal prosecutors should follow the “Principles of Federal Prosecution” originally set forth in 1980 and subsequently refined over time in chapter 9-27.000 of the U.S. Attorney’s Manual. Sessions goes on to state in his memo that “These principles require federal prosecutors deciding which cases to prosecute to weigh all relevant considerations, including federal law enforcement priorities set by the Attorney General, the seriousness of the crime, the deterrent effect of criminal prosecution, and the cumulative impact of particular crimes on the community.” It is important to note that Sessions has not previously set any specific enforcement priorities with respect to marijuana, nor has this memo created any new enforcement priorities of the DOJ. Rather Sessions has removed the foundational guidance that states have relied on to regulate the production and distribution of marijuana pursuant to state law and the will of each states’ citizens. The Cole Memo actually set 8 enforcement priorities for the DOJ with respect to marijuana, which Sessions has now unilaterally rescinded.
Continue Reading The Sessions Memo
Sen. Cory Gardner of Colorado Pushes for 280E Reform
“Sen. Cory Gardner of Colorado wants to attach an amendment to the GOP-led tax reform bill that would allow state-legal marijuana growers, processors and sellers to deduct normal businesses expenses from their taxes.” Section 280E of the tax code, forbids businesses from deducting otherwise ordinary business expenses (advertising expenses, insurance, employee wages, etc.)
Fourth Corner Credit Union gets another crack in court to receive its master account
On June 27, 2017, a three-judge panel for the 10th U.S. Circuit Court of Appeals vacated a district court ruling that nixed Denver-based Fourth Corner Credit Union’s bid to receive a master account with the Federal Reserve Bank of Kansas City. Fourth Corner has been waiting since the end of 2015 for such ruling. The
DOJ reminds the marijuana industry it has no access to federal bankruptcy protection.
Last week, the DOJ sent a letter to trustees who handle consumer bankruptcy reminding them that marijuana is a federally illegal drug and warned them not to handle any money from the sale of marijuana-related property. The letter goes on to state “Our goal is to ensure that trustees are not placed in the
DEA Takes Steps to Increase the Number of Marijuana Cultivators to Manufacture Marijuana To Supply Researchers in the U.S.
On August 12, 2016, the DEA published a policy in the federal register (81 Fed. Reg. 53846) designed to increase the number of entities registered under the CSA to grow marijuana to supply legitimate researchers in the United States. The DEA has concluded that the best way to satisfy the current researcher demand for
Ninth Circuit ruling upholds Congress de-funding of DOJ enforcement actions against state-legal medical marijuana businesses
A favorable ruling from the Ninth Circuit in United States v. McIntosh is a reassuring win for the medical marijuana industry. This federal case concluded that § 542 of the Consolidated Appropriations Act prohibits DOJ from spending money on actions that prevent medical marijuana states giving practical effect to their state laws that authorize
Colorado General Assembly Makes it Easier for Out-of-State Investors to Provide Capital for Marijuana Businesses
On June 10, 2016, Governor Hickenlooper signed bill 16-040 which removes the Colorado two year residency requirement to obtain a marijuana business owner license, ultimately easing the burden for prospective out-of-state investors to become owners. The Colorado General Assembly’s intent in creating this bill was to provide marijuana businesses with the economic capabilities to grow