We recently wrote an article for Thomson Reuters’ Practical Law outlining the state of play for the financial services sector’s relationship with the U.S. cannabis sector. Our article summarizes the dilemma arising from the widening gulf between static federal prohibitions and changing state laws. We consider and reject a number of possible solutions, such as federal agency guidance, appropriation limits, and public banking. We believe that changing the federal legislative framework is the best path forward and suggest some possible improvements to the two existing legislative options, the SAFE Banking Act and the STATES Act. We also discuss some of those improvements for the former bill in a previous blog post here.
Law Clerk Suiwen Liang contributed to this post and the article.
 The article reviews an older version of the SAFE Banking Act that was introduced on March 7, 2019. Our recent blog post alludes to subsequently added protections for insurance companies from the SAFE Banking Act’s markup on March 28, 2019.