Posts in Alex Gelinas
Cannabis Federal Legislative Update

The friction inherent in the divide between state and federal treatment of cannabis has been a major impediment to the growth and evolutionary development of the industry on a national integrated scale. Access to banking and financial markets, in particular, has been an issue for many businesses in the cannabis industry, as a result of the reluctance of many institutions in the banking sector to provide banking services to cannabis-related businesses and service providers. This is understandable, given the regulatory and compliance burdens (and uncertainty with regard to criminal liability) under the Bank Secrecy Act and relevant federal anti-money laundering laws and regulations, as well as other federal criminal statutes. Recent developments in Congress, however, suggest that there is bipartisan support among federal lawmakers to provide a way forward. Two pending bills-the Secure and Fair Enforcement Banking Act of 2019, H.R. 1595 (the "SAFE Banking Act") and the Strengthening the Tenth Amendment Through Entrusting States Act (the "STATES Act")-take slightly differing approaches, but the end result of both, if enacted, would be significant, and sweeping, cannabis reform at the federal level.

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Sadis Opportunity Zone Practice Group Submits a Comment Letter to the Department of Treasury and IRS Regarding Proposed Regulations

The Sadis Opportunity Zone Practice Group recently submitted a comment letter on to the Department of Treasury and the Internal Revenue Service (IRS), commenting on issues raised by the Department of Treasury’s proposed regulations for Opportunity Zones.

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