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Banking & Cannabis: The Next Frontier Webinar

Client Alert

On Tuesday, September 21st, BMD’s own Banking and Cannabis Partner, Stephen Lenn, hosted a star-studded cast of panelists in a webinar titled Banking & Cannabis: Cannabis Lending, The Next Frontier. The webinar, which had to suspend registrations when hitting a maximum cap of 500, aimed to explore issues related to cannabis and banking, with a particular emphasis on lending. With the sponsorship and support of the Bankers Associations of Arizona, Colorado, Ohio and Utah, Steve was able to recruit an elite group of bankers, bank regulators, cannabis industry players, and cannabis regulators, who took the topic head on. The discussion kicked off with an opening from the keynote speaker, VP of Congressional Affairs for the American Bankers Association, Tanner Daniel.

Mr. Daniel opened the panel discussion with an observation that even though he never envisioned being involved in cannabis lobbying, yet the political climate and rapidly changing laws of cannabis thrust him into the space. With that, Mr. Daniel discussed the realities of passing the various pieces of legislation currently pending at the federal level, but a pervasive theme followed his comments and the rest of the conversation – banking the cannabis industry is here, and it going to keep moving forward!

From there, the discussion was passed onto the panel of bankers, industry players, and regulators who addressed banking and cannabis from their points of view. The robust conversation ranged from how bankers got into the business, their experience with regulators, how they perform risk-based assessments to categorize certain cannabis businesses when providing bank services, to issues facing cannabis executives and employees who are trying to obtain personal loans and mortgages, then topped off the discussion by describing how cannabis regulators interact with financial institutions throughout the licensing process.

The webinar ultimately created several important results. First, the program brought together prominent constituencies in the banking and cannabis space which will facilitate greater collaboration and future successes among those stakeholders. Second, it provided actionable information to the attendees – about 75% of whom were bankers representing more than 200 banks, including a dozen of the 56 largest. Finally, even if measured only by the level of interest reflected by capacity registration, it substantiates the almost inevitable expansion of banking for the cannabis industry – and that everyone must be ready.

For a recording of the webinar, click here. For more information on the importance of banking and cannabis, click here for a compilation of related materials.

Please direct all related inquiries to cannabislaw@bmdllc.com


What Inpatient Behavioral Health Providers Need to Know About ODM's New Draft Rule for Reimbursements

Ohio Department of Medicaid (ODM) recently released a draft rule that will transform how inpatient behavioral health services are reimbursed for some hospitals. ODM will migrate inpatient payments for behavioral health and substance use disorder services (BH/SUD) provided by freestanding psychiatric hospitals (FSPs) from the APR-DRG payment methodology to a per diem payment methodology derived from the APR-DRG system.

BMD Named to the 2024 U.S. News – Best Lawyers® “Best Law Firms”

Brennan Manna & Diamond (BMD) is recognized among the leading law firms in the nation according to the 2024 Edition of U.S. News – Best Lawyers®  "Best Law Firms." The firm has ranked in in 13 practice areas and has earned “National Tier 1” rankings in Health Care Law and Litigation-Trusts & Estates.

Friendly Physician Models: The Basics Through 5 Frequently Asked Questions

During the past several years, many health law practices have noticed a dramatic increase in the number of telehealth businesses and private equity backed health care providers. Both of these trends often rely heavily on corporate structures commonly referred to as “friendly physician,” “captive PC” or “MSO” models. Although friendly physician models are used by non-physician health care providers (e.g., physical therapists, psychologists, and dentists), this article focuses on physicians and how the model is used in connection with the provision of professional medical services.

The DOL and EEOC Enter a Partnership to Strengthen Federal Employment Law Enforcement

On September 13, the U.S. Department of Labor’s (DOL) Wage and Hour Division and the Equal Employment Opportunity Commission (EEOC) entered into a Memorandum of Understanding (MOU) agreeing to work together in enforcing federal employment laws. The MOU forms a partnership between the two agencies to encourage coordination through information sharing, joint investigations, training, and outreach.

Proposed Laboratory Arrangement Draws Heightened Scrutiny from the OIG

On September 25, 2023, the Office of Inspector General for the U.S. Department of Health and Human Services (OIG) issued Advisory Opinion 23-06 (AO). The Opinion involved a proposed arrangement between an independent laboratory and other physician laboratories for the purchase of the technical component of anatomic pathology services. The OIG ultimately concluded that the arrangement at issue, if it was entered into with the requisite intent, would implicate the Federal Anti-Kickback Statute (AKS) and constitute grounds for sanctions.