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Yesterday, President Joe Biden made two historic announcements which he described as steps to “end” the federal government’s “failed approach” to marijuana. First, he is issuing mass pardons for federal convictions of simple marijuana possession and has encouraged governors to do the same for state-level marijuana offenses. Second, President Biden ordered Secretary of Health and Human Services Xavier Becerra “to initiate the administrative process to review expeditiously how marijuana is scheduled under federal law.”

Time will tell how expeditiously this administrative review of marijuana scheduling takes place. But, if marijuana is de-scheduled, the impact to the cannabis industry cannot be understated.

  • It would pave the way for more financial institutions to serve the cannabis industry by removing much of the anti-money laundering regulatory risk that comes with banking cannabis clients today.
  • It would remove the primary barrier to selling cannabis across state lines, which could lead to cannabis supply chains that spread across states, rather than just within them.
  • And while the federal government has not shown interest in prosecuting state-legal cannabis operators to date, those operators will surely welcome the removal of the sword of Damocles (federal prosecution) that currently hangs over them.
  • Other, unstated implications of de-scheduling abound.

We have more editorializing to do on this announcement, but given its importance, this first post needed to come quickly. More to come next week.

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Photo of J. Hunter Robinson J. Hunter Robinson

Hunter Robinson represents clients in commercial litigation and compliance matters across the country. His cannabis practice focuses on solving problems for cannabis companies and their vendors. Hunter has worked alongside other members of Bradley’s Cannabis Industry team to help hemp and medical cannabis…

Hunter Robinson represents clients in commercial litigation and compliance matters across the country. His cannabis practice focuses on solving problems for cannabis companies and their vendors. Hunter has worked alongside other members of Bradley’s Cannabis Industry team to help hemp and medical cannabis companies obtain licenses, structure business entities, raise capital, negotiate contracts with suppliers and distributors, and maintain compliance with the ever-shifting state and federal laws that govern their operations. Hunter also advises financial institutions regarding the complex laws governing the provision of financial services to cannabis companies, including the Bank Secrecy Act (BSA) and related Anti-Money Laundering (AML) statutes and regulations.

Photo of Whitt Steineker Whitt Steineker

As co-chair of Bradley’s Cannabis Industry team, Whitt represents clients in a wide range of cannabis issues. In addition to providing a full suite of legal services to cannabis companies, Whitt and the Cannabis Industry team advise non-cannabis clients – from banks to…

As co-chair of Bradley’s Cannabis Industry team, Whitt represents clients in a wide range of cannabis issues. In addition to providing a full suite of legal services to cannabis companies, Whitt and the Cannabis Industry team advise non-cannabis clients – from banks to commercial real estate companies to insurance companies and high net worth individuals – on best practices for interacting with cannabis companies.

Whitt is one of the leading voices in the cannabis bar – recognized as a “Go-To Thought Leader” by the National Law Review. He has presented on cannabis issues at conferences around the country.  His work has been featured in the National Law JournalLaw360, and the Westlaw Journal. And he has been quoted in an array of legal and mainstream publications from Law360 and Super Lawyers to the Atlanta Journal-Constitution and the Associated Press.

Photo of James W. Wright Jr. James W. Wright Jr.

Jay Wright is a partner in the firm’s Banking and Financial Services and Litigation practice groups. Jay has earned his Accredited Mortgage Professional (AMP) designation through the Mortgage Bankers Association (MBA), and is one of a small number of lawyers who have achieved…

Jay Wright is a partner in the firm’s Banking and Financial Services and Litigation practice groups. Jay has earned his Accredited Mortgage Professional (AMP) designation through the Mortgage Bankers Association (MBA), and is one of a small number of lawyers who have achieved this status.

Jay’s practice focuses on financial services litigation and regulation, and he is actively involved in lawsuits and disputes across the country representing companies involved in a wide array of state and federal law claims. His representation includes general defense of various claims against financial institutions, mortgage companies, and other commercial entities. Many of these claims involve allegations of wrongful foreclosure proceedings or violations of the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), and Federal Housing Administration (FHA) regulations, as well as various deceptive trade practices claims under state law.

Photo of Slates C. Veazey Slates C. Veazey

Slates is a member of Bradley’s Cannabis Industry team, advising clients on a variety of cannabis issues and in a wide range of sectors. From individuals and entities interested in participating in the new Mississippi medical cannabis program to non-plant-touching companies impacted by…

Slates is a member of Bradley’s Cannabis Industry team, advising clients on a variety of cannabis issues and in a wide range of sectors. From individuals and entities interested in participating in the new Mississippi medical cannabis program to non-plant-touching companies impacted by that emerging market, Slates and his partners provide the full suite of services that Bradley offers to its many other clients — but with a specific understanding of the ever-changing cannabis industry. His work has been featured in The National Law Journal, JD Supra, and the Cannabis Business Executive. Slates also has been quoted by the Mississippi Business Journal and Mississippi Today regarding Mississippi’s medical cannabis program.