Cannabis Banking

Cannabis Banking: SAFE Banking Act passes House Committee

What is one of the biggest problems facing cannabis businesses today? What to do with the money. Currently, most banks are reluctant to service cannabis businesses as such activity could threaten the bank’s charter since marijuana remains a Schedule I substance federally.  Cannabis banking is certainly a risk for a chartered bank. Cannabis businesses cannot…

Chelsie Spencer featured on “Cannabis and Credit Unions: The Opportunities and Risks”

Ritter Spencer Attorney Chelsie Spencer is featured on “Cannabis and Credit Unions: The Opportunities and Risks” podcast with Robert McGarvey, who recently interviewed Ms. Spencer on issues facing credit unions seeking to service cannabis accounts. Mr. McGarvey is an expert in credit union technology and frequently covers issues affecting the credit union industry.   On…

Bankruptcy Law Lacks Remedies for Businesses Operating in Violation of the Controlled Substances Act

Entrepreneurs start new businesses knowing they are taking certain financial risks. They recognize that their businesses may fail. Entrepreneurs also know that they can likely obtain some value from the sale, reorganization or liquidation of the failed business.  The Bankruptcy Code facilitates the ability of companies to recover the value from the assets and business…