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Banking & Cannabis: The Next Frontier Webinar

Client Alert

On Tuesday, September 21st, BMD’s own Banking and Cannabis Partner, Stephen Lenn, hosted a star-studded cast of panelists in a webinar titled Banking & Cannabis: Cannabis Lending, The Next Frontier. The webinar, which had to suspend registrations when hitting a maximum cap of 500, aimed to explore issues related to cannabis and banking, with a particular emphasis on lending. With the sponsorship and support of the Bankers Associations of Arizona, Colorado, Ohio and Utah, Steve was able to recruit an elite group of bankers, bank regulators, cannabis industry players, and cannabis regulators, who took the topic head on. The discussion kicked off with an opening from the keynote speaker, VP of Congressional Affairs for the American Bankers Association, Tanner Daniel.

Mr. Daniel opened the panel discussion with an observation that even though he never envisioned being involved in cannabis lobbying, yet the political climate and rapidly changing laws of cannabis thrust him into the space. With that, Mr. Daniel discussed the realities of passing the various pieces of legislation currently pending at the federal level, but a pervasive theme followed his comments and the rest of the conversation – banking the cannabis industry is here, and it going to keep moving forward!

From there, the discussion was passed onto the panel of bankers, industry players, and regulators who addressed banking and cannabis from their points of view. The robust conversation ranged from how bankers got into the business, their experience with regulators, how they perform risk-based assessments to categorize certain cannabis businesses when providing bank services, to issues facing cannabis executives and employees who are trying to obtain personal loans and mortgages, then topped off the discussion by describing how cannabis regulators interact with financial institutions throughout the licensing process.

The webinar ultimately created several important results. First, the program brought together prominent constituencies in the banking and cannabis space which will facilitate greater collaboration and future successes among those stakeholders. Second, it provided actionable information to the attendees – about 75% of whom were bankers representing more than 200 banks, including a dozen of the 56 largest. Finally, even if measured only by the level of interest reflected by capacity registration, it substantiates the almost inevitable expansion of banking for the cannabis industry – and that everyone must be ready.

For a recording of the webinar, click here. For more information on the importance of banking and cannabis, click here for a compilation of related materials.

Please direct all related inquiries to cannabislaw@bmdllc.com


The Ohio Chemical Dependency Professionals Board’s Latest Batch of Rules: What Providers Should Know

The Ohio Chemical Dependency Professionals Board has introduced new rules and amendments, covering various aspects such as CDCA certificate requirements, expanded services for LCDCs and CDCAs, remote supervision, and reciprocity application requirements. Notable changes include revised criteria for obtaining a CDCA certification, expanded services for LCDCs and CDCAs, and updated ethical obligations for licensees and certificate holders, including non-discrimination, confidentiality, and anti-sexual harassment measures.

Governor Mike DeWine and The Ohio State University Introduce the SOAR Study on Ohio Mental Illness

On January 19, Ohio Gov. Mike DeWine and The Ohio State University announced a new research initiative, the State of Ohio Adversity and Resilience (“SOAR”) study, which will investigate all factors influencing Ohio’s mental illness and addiction epidemic.

CHANGING TIDES: Summary and Effects of Burnett et. al. v. National Ass’n of Realtors, et. al.

In April 2019, a class-action Complaint was filed in federal court for the Western District Court for Missouri arguing that the traditional payment agreements employed by many across the United States amounted to conspiracy resulting in the artificial increase in brokerage commissions. Plaintiffs, a class-action group comprised of sellers, argued that they paid excessive brokerage commissions upon the sale of their home as a result of the customary payment structure where Sellers agree to pay the full commission on the sale of their property, with Seller’s agent notating the portion of commission they are willing to pay to a Buyer’s agent at closing on the MLS or other similar system.

The Ohio Board of Pharmacy’s Latest Batch of Rules: What Providers Should Know

The Ohio Board of Pharmacy released several new rules and proposed amendments to existing rules over the past month that will significantly impact pharmacy operations. Topics range from updates to the Terminal Distributor of Dangerous Drugs license to mobile clinics to mandatory rest breaks for pharmacists of outpatient pharmacies. A summary of the proposed changes is below, along with instructions for commenting on the rules. Your BMD healthcare attorney can help write comment letters and submit the comments on your behalf as well.

Employee or Independent Contractor? New Guidance Issued by the Department of Labor

On January 9, 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule — effective March 11, 2024 — revising its prior interpretation of worker classifications under the federal Fair Labor Standards Act (FLSA). The new final rule rescinds the standard previously established in 2021, in turn, shifting the analysis of whether a worker is an employee (versus an independent contractor) of a business from a more streamlined “economic reality” test to a more complex “totality of the circumstances” standard.