On January 16, 2020, healthcare technology conglomerate Boston Scientific Corp. (NYSE BSX) entered a notice to appeal the Delaware court decision that ordered the completion of a $275 million acquisition of medical device company Channel MedSystems Inc. (“Channel”) (Mike Leonard, Bloomberg Law). The court’s decision comes despite Channel’s previous submissions of falsified records to the Food and Drug Administration (“FDA”). Id.
Read MoreThe proposed Secure and Fair Enforcement (“SAFE”) Banking Act of 2019 addresses the cannabis industry’s pressing desire to join the banking world. (American Bankers Association, GovInfo).
Currently, most banks deny modern luxuries such as checking accounts, savings accounts, payroll services, insurance policies, credit cards, debit cards, and online banking to participants in the cannabis industry. Id. This freeze-out stems from laws that hold banks liable for money laundering when processing money from an illegal enterprise. Id. Under federal law, any cannabis related business still constitutes an illegal enterprise. Id. This banking situation is no longer a viable option. Id.
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