Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana.

Let’s start off with the big news: the SAFE Act passed in the House.  For news coverage, see here, here and here.  For our take on this legislation (spoiler alert: we’re not so sanguine

Yesterday, the House of Representatives passed H.R. 1595, the Secure and Fair Enforcement Banking Act (SAFE Act), by a vote of 321-103, with 90 Republicans voting in favor of the bill.  Some have hailed the bill as a panacea for banking cannabis related businesses (CRBs).  While this post is not intended to be a

Marijuana is estimated to be a $10 billion industry and rapidly growing. Almost all of it is conducted in cash. Although legal in thirty three states plus Washington, D.C., Puerto Rico and Guam, marijuana remains illegal at the federal level. Accordingly, financial institutions that handle proceeds from a transaction involving the distribution, manufacture or sale of marijuana would be handling illegal proceeds in violation of both federal money laundering statutes and banking regulations that prohibit such institutions from participating in any transaction or engaging in any relationship involving illegal proceeds.
Continue Reading Will Banks be Able to Play it SAFE with Marijuana Related Businesses?