In this program, Meyer Suozzi partner Hanan Kolko will address two specific legal issues facing cannabis industry clients: RICO lawsuits against industry participants, and the problems that arise out of providing banking services to those in the industry.
As background, the course will briefly cover the conflict between state cannabis laws and the federal Controlled Substances Act, including the current status of federal enforcement policy and the Cole Memo. The program will then provide a quick overview of RICO enforcement, and discuss two cases dealing with the cannabis industry: the decision of the 10th Circuit Court Of Appeals in Safe Streets Alliance v Hickenlooper (including the current status of the case) and McCart v Beddow, an Oregon RICO lawsuit. Specifically, the course will assist attorneys in understanding how to minimize the RICO risk for their clients.
The course will also cover banking issues such as the FINCEN cannabis banking data as of March 31, 2017, the February 14, 2014 FINCEN and DOJ guidance memos, and the decision of the 10th Circuit Court Of Appeals in Fourth Corner Credit Union v Federal Reserve Bank of Kansas City. The program will also focus briefly on possible federal legislative solutions such as HR 2215.