Banking Issues in the Cannabis Industry: Managing Risk Under State and Federal Law
A live 90-minute CLE webinar with interactive Q&A
This CLE webinar will examine banking issues presented by the conflict between the legalized use of marijuana in various states and its treatment as a controlled substance under federal law. The panel will discuss regulatory and enforcement risks associated with financing and taking deposits from marijuana-related businesses (MRBs), and best practices for mitigating those risks in the current bank regulatory environment.
- Legalization of cannabis at the state level—current status
- Federal regulation
- Controlled Substances Act
- FIN-2014-G001 and the Cole Memo
- DOJ vs. Treasury pronouncements
- Doing business with MRBs
- Reporting requirements under FIN-2014-G001—SARs
- Compliance with AML and KYC requirements and the Bank Secrecy Act
- Enforcement issues
- May be limited to state level remedies
- Issues in bankruptcy: federal jurisdiction
The panel will review these and other high priority issues:
- How have banks reacted to the legalization of cannabis in various states given its treatment as a controlled substance at the federal level?
- What were the safe harbors provided under FIN-2014-G001 and the Cole Memo and how have policy pronouncements by the new administration effected them?
- What concerns should MRB lenders have in regard to remedies given the illegal nature of the underlying collateral under federal law?
- Why is compliance with AML and KYC requirements especially important before taking deposits from MRBs?
Mr. Bitan has an extensive legal background that includes business, real estate, banking, receivership, consumer... | Read More
Mr. Bitan has an extensive legal background that includes business, real estate, banking, receivership, consumer product, and commercial litigation. Mr. Bitan advises cannabis businesses on a wide variety of issues, including regulatory advice, banking, lending, financing, intellectual property, receivership, real property development and leasing, and assembling teams of attorneys to provide corporate and employment advice.Close
Glenn G. Goldan
Founder & CEO
Mr. Goldan began his real estate career in 1976 and has successfully owned and operated five real estate brokerage and... | Read More
Mr. Goldan began his real estate career in 1976 and has successfully owned and operated five real estate brokerage and two property management companies in California. His experience ranges from commercial real estate brokerage to development, leasing and financing. In 1986 he launched ReProp Financial, a private small balance commercial mortgage banking company. Its niche is blending collateral and credit analysis to fund loans which are just beyond the reach of traditional institutional lenders. Since inception, ReProp Financial has underwritten, placed and managed its real estate financing on behalf of its private investors and institutional credit providers and to its own account. Today the company has transitioned to a structured financing model for its portfolio growth and has developed funding capacity in western states. Mr. Goldan also maintains a consulting practice focused on real estate development, project workouts and commercial real estate lending and professional standards.Close
John L. Hosack
Mr. Hosack focuses his transactional practice on commercial real property loan documentation, loan workouts, REO sales... | Read More
Mr. Hosack focuses his transactional practice on commercial real property loan documentation, loan workouts, REO sales and foreclosures. He represents secured lenders and property owners at trial and on appeal in complex real property disputes, including lender liability, fraud, class actions, breaches of contract, wrongful foreclosures, mechanic’s liens, stop notices, judicial foreclosures, receiverships, escrow claims and title insurance claims.Close
Mr. Ormond has an extensive background that includes business, real estate, banking, receivership law, cannabis regulations, commercial litigation, and work-out experience. He is known for his ability to solve complex business issues for his clients. Mr. Ormond also provides expertise regarding the complexities of the cannabis industry’s legal impact on investors, lenders, real estate, and related businesses.Close
Enrique (Rick) Rodriguez, Jr.
Founder and Principal
Rodriguez & Associates
Mr. Rodriguez is a qualified expert in banking and real estate matters and for the past 17 years has provided a wide... | Read More
Mr. Rodriguez is a qualified expert in banking and real estate matters and for the past 17 years has provided a wide variety of real estate brokerage, financial advisory, consulting, litigation support and expert witness services to his clients. He advises law firms, development companies, financial institutions and investors on standard lending practices, market rates of interest, and other business transactions which often involve tens of millions of dollars. He is knowledgeable of capital markets and financing transactions and, as a licensed real estate broker, procures debt and equity capital for his clients from financing sources which include banks, life insurance companies, pension funds, REIT’s and conduit lenders.Close
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