Marijuana Laws – IN THE THE TREES | Marijuana Provider in Bozeman Montana

Marijuana Safe Banking Act – 2024 Update

Janet Shapan — Mon, 22 Jul 2024 04:51:32 +0000

Marijuana Safe Banking Act – 2024 Update

UPDATE – April 2024: ABA Statement: SAFER Banking Act Still Moving Forward, Even if the Current Administration Moves to Reclassify Cannabis

“While ABA takes no position on the legalization of cannabis, it’s important for policymakers to know that any potential decision to reclassify cannabis has no bearing on the legal issues around banking it. Cannabis would still be largely illegal under federal law, and that is a line many banks in this country will not cross. The solution is the bipartisan SAFER Banking Act, which would allow banks to provide services to the cannabis industry in those states where it’s now legal. Passing that legislation in Congress would address the ongoing legal limbo around cannabis banking, while enhancing public safety, tax collection and transparency.”

Reintroduced in House & Senate (04/26/2023)

Senators Jeff Merkley (D) and Steve Daines (R), and Representatives Dave Joyce (R) and Earl Blumenauer (D) were the lead sponsors.[27][28] The Senate Banking Committee chair, Sherrod Brown, said the bill could get a hearing in the first half of May, 2023,[29] and the first Senate hearing was held on May 11.[30][31] The bill was scheduled for markup by the Senate Banking Committee in June.

SUMMARY OF THE SAFE BANKING ACT

This bill is designed to prohibit a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include: 1. terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and 2. prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.

It also states that proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity..

In addition, under federal law a depository institution could not be held liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business.

The bill provides that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

Finally, the bill decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19 trillion in deposits and extend $12.4 trillion in loans.

Finally, the bill decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

Montana Cannabis Major Laws You Need to Know

Janet Shapan — Wed, 05 Jul 2023 05:40:20 +0000

Montana Cannabis Major Laws You Need to Know

STAY INFORMED: The link below leads to a page on the State of Montana’s website that is frequently updated with the latest information Marijuana Laws and New Regulations. We encourage you to check this page on regular basis if you wish to state up-to-date on the most important new laws or changes to current laws affecting all those who use marijuana.

Montana approved medical marijuana sales statewide in 2004, allowing of counties to opt out at voter discreation. Recreational cannabis was approved in 2020 with the passage of Legislative Meansure Montana I-90. House Bill 701, known as “Montana Marijuan Regulation and Taxation Act, was enacted changing various aspects of Montana I-90. HB 701 became effective on January 1, 2002. (Partial List Below)

Montana state law requires dispensaries to track inventory, transfers, and sales in Metrc — Montana’s official seed-to-sale tracking system.
Dispensaries are allowed to deliver to clients in Montana, per Mont. Admin. R. 42.39.413.
Registered medical marijuana cardholders and recreational users may purchase and possess up to one ounce of marijuana flower, or its equivalents.
Only consumers 21 and older are allowed to purchase and possess up to one ounce of usable marijuana, except that not more than 8 grams may be in a concentrated form and not more than 800 milligrams of THC may be in edible marijuana products.
Currently, medical marijuana retail sales tax is 4%, and recreational retail sales tax is 20%.
Local jurisdictions are allowed to add an additional tax of no more than 3%.

Important changes to HB 701 were enacted as of May 2023.

Four bills were passed that included both regulatory additions and clarifying details and language related to licensing, deadlines, fees, moratoriums, and synthetic cannabinoids.

BELOW ARE ONLY A FEW OF THE MOST NOTABLE CHANGES. All legislative changes will be available at MCA: Marijuana Regulation and Taxation once the bills are fully enacted,.

HB 128 (Partial List): Generally review Marijuana Laws – Effective upon Passage and Approval

The department shall periodically report to the economic affairs interim committee the number of physicians who are providing written certification for registered cardholders and the number of written certifications each physician has provided (Section 8. 16-12-110 (3)(viii)).

The moratorium for new applications is extended to 6/30/25. The department will begin accepting new applications on or after 7/1/25 (Section 11. 16-12-201 (1)(a) and Section 16-12-201 (1)(b)).

Clarifying language was added regarding combined cultivation and dispensary facilities, to now read: “Combined use consists of one canopy license and one dispensary license allowing for the operation of a dispensary. Cultivation and dispensary facilities do not have to be located at the same licensed premises” (Section 21. 16-12-225 (2)).

Concentrates intended for smoking or vaping must be 800 milligrams of THC or less to sell to adult-use consumers (Section 3 16-12-102(24)).

Effective 10/1/2023

License suspension time periods are increased from the previous guideline of ‘up to 3 months’ to ‘up to 12 months’ (Section 7. 16-12-109 (1)(c)).

Marijuana business employees do not have to undergo a criminal background check prior to beginning employment (Section 10. 16-12-129).

The department shall obtain fingerprints from a person designated by the applicant as responsible for operating the licensed establishment on behalf of the licensee (Section 10. 16-12-129 (2)(f)).

Marijuana permit workers shall notify their employer (rather than the department) in writing within 10 days of: a felony conviction; any citation issued for violating marijuana laws; or any citation issued for selling or dispensing alcohol or tobacco products to a minor (Section 22. 16-12-226 (7)).

Minors will use only marijuana products intended for use by a means other than smoking and will not smoke marijuana (Section 27. 16-12-508 (2)(b)(iii)(c)).

HB 903 (Partial List): Generally review Marijuana Laws – Effective upon Passage and Approval

The dispensary license fee is changed to $5,000 for first location, increasing cumulatively by $5,000 for each additional location under the same license (Section 5. 16-12-224. (6)(b)).

The department shall provide the board of medical examiners with the name of any physician who provides a written certification for 39 or more patients within any given calendar year (Section 7. 16-12-509 (6)).

Effective 1/1/2024

Department shall deny any cultivator, manufacturer, or dispensary license if the proposed licensed premises is within 500 feet of a child-care facility licensed or registered by DPHHS. This provision applies to new license applications submitted on or after effective date of this section (Section 3. 16-12-207 (3)(a)(iii)).

HB 519 (Partial List): Generally review Marijuana Laws – Effective 10/l/23

The dispensary license fee is changed to $5,000 for first location, increasing cumulatively by $5,000 for each additional location under the same license (Section 5. 16-12-224. (6)(b)).

Effective 1/1/2024

By 9/1/25, the Department of Justice shall establish a program that allows every qualifying applicant for a driver’s license the option to acquire a digital version in addition to the physical version. This may impact application attachment types when license applicants provide a copy of their driver’s license (Section 2. 16-14-201 (23)).

Image by pikisuperstar on Freepik