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Surviving the Cannabis Industry 2020 Style

by Rosie Yagielo, COO, HempStaff

Banner image with text: "Hemp Staff - Cannabis/Hemp Recruiting & Training." Background features cannabis leaves. A banner along the bottom reads, "Click Here for Surviving in the 2020 Style Cannabis Industry. CA Norml

Cannabis businesses are now legal to some degree in 34 states. Between medical and adult-use programs, entrepreneurs, big and small, have an opportunity to get involved in today’s fastest growing industry. From micro growers to mom and pop owned dispensary, everyone has a chance to be successful with the right team and of course, the right amount of capital.

But 2020 has not been kind to the financial stability of this country. While cannabis continues to be deemed essential, there is no doubt you have heard the latest news about big cannabis firms still laying off employees from entry level positions to C-Level executives.…

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Countering the Myths of Cannabis Banking

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By Dama Financial

Myth 1: It is illegal for Banks to serve Cannabis-related Businesses because marijuana is illegal under federal law.

The Controlled Substances Act (“CSA”) makes it illegal under federal law to manufacture, distribute, or dispense marijuana. However, 10 states plus Washington D.C. have fully legalized marijuana and 33 states have legalized it for medical uses.

In 2014, the U.S. Treasury acknowledged banking relationships between financial institutions and legal cannabis-related businesses (CRBs) through its release of FinCen guidance. The guidance stated that serving CRBs was a risk-based decision, and expressed that thorough customer due diligence is a critical aspect of making an assessment and whether a CRB implicates the Cole Memo priorities or violates state law.…

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Common Insurance Policy Contract Wording That All Cannabis and Hemp Businesses Should Avoid

By Shauna Blackburn of Cannabis Connect Insurance Services

It is important to know that every cannabis business in the chain of custody (cultivation, processing, manufacturing, distributing, wholesalers and retailers alike) is responsible for tracking and protecting against product tampering.

Below are some policy forms, exclusions, or endorsements often found on a general liability insurance policy that should be avoided for cannabis businesses:

• Smoking Exclusion: Smoking exclusions in regards to cannabis and hemp use is a “no brainer” for dispensaries, but since the grower, processors and others in the chain of custody do not always know where the flower or oil will end up, this endorsement would leave everyone in the chain of custody exposed.…