Nesteggg Accounting

  • Home
  • Services
    • Nesteggg Accounting
      • Payroll Services
      • Cannabis Accounting
    • Egggsact Tax, Inc.
    • Forms
      • Free Accounting Analysis
      • Business Services Agreement
      • New Corporation/LLC Request
      • New Account Setup
  • Contact Us

American Bar Association endorses SAFE Act

The American Bar Association (ABA) recently released resolutions showing support for the SAFE Banking Act now hovering in limbo in the Senate.

ABA advocates protection for attorneys working with cannabis clients

The SAFE Banking Act passed in the House last year and progressed to the Senate, awaiting the scheduling of a vote. But it has stalled, even as Banking Committee chair Sen. Mike Crapo (R-ID) is receiving pressure from stakeholders to advance the legislation, and pressure from some fellow lawmakers opposed to anything that smacks of Federal legalization of marijuana.

The ABA advocates for their own constituency’s protection against prosecution or negative effects, such as the shutting down of attorney bank accounts, for working with clients who are part of legal cannabis companies and related companies.

States Rights Compete with Federal Will

Just as several governors were talking about how their States were dealing with legalizing marijuana and the market in their own state, the President advocated for maintaining the Justice Department‘s ability to go after medical marijuana.

Legalization shaking out to be a State vs. Federal issue?

While States have taken into their own hands the legalization of cannabis Presidents have a back-door, budgetary method of keep their options open. A rider to the recent budget restricts the Justice Department from using its funds from preventing States from implementing their own laws that authorize the use, distribution, possession, or cultivation of medical marijuana. In other words, if a state has legalized cannabis, the Justice Department can’t use its budget to go after legal cannabis businesses in that State.

While the House recently refused to eliminate the rider protecting legalized cannabis, it is clear from other statements made by the President that he is no fan of legalizing marijuana or any leniency at all. The Federal government has always been at odds with State’s rights the question of legalization may be challenging the balance, forcing an Administration that wants control over the issue to use more authoritarian type levers.

New Mexico Could Be Next

New Mexico could be the next state to legalize adult recreational use of cannabis in 2020. Legalizing recreational marijuana is one of New Mexico Gov. Michelle Lujan Grisham’s legislative goals.

New Mexico could be the next state to legalize

Grisham, a Democrat, posted on her state website that her plans for legalizing recreational cannabis in New Mexico would include:

  • Establishing a regulatory framework for its use.
  • Public safety considerations.
  • Public health safeguards.
  • Protecting the state’s existing medical marijuana program.

Polling shows support for legalizing at 75% of New Mexicans.

The governor said that legalizing MJ is projected to create 11,000 jobs and New Mexico and would generate hundreds of millions of dollars in revenue.

Recent Posts

  • Economy Opening… Stop… Start…
  • Road Map to Opening
  • Tried Calling?
  • Free Credit Reports
  • CA License Extensions for Cannabis Business
  • What Are Libraries Doing Now
  • Cannabis Markup to Remain the 80%
  • Time to Retire?

Archives

  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018

Categories

  • Cannabis Compliant Accounting + Tax
  • NestEggg's Small Business HELP
  • News
  • Uncategorized

Stay Connected

Nesteggg Facebook

The Nesteggg Group ©2019
All Rights Reserved

Get in Touch

1127 St. Paul Ave
Tacoma WA 98421

1-(888) 987-NEST

accounting@nesteggg.com

Web Design & Maintenance by AquaZebra

constant contact

Copyright © 2021 · Executive Pro Theme on Genesis Framework · WordPress · Log in