A relatively new practice has emerged to work around federal restrictions on banking institutions that work with cannabis businesses: tricking the banking institutions into believing that the company is not actually involved in cannabis.
Benjamin William Perry and Alex McFall of the law firm Bradley Arant Boult Cummings LLP provided some warnings to current cannabis companies who are seeking to work around federal restrictions.
Perry and McFall highlighted the high-profile case involving Eaze—which offered California and Oregon patrons with the option to pay with a debit card. But as it turns out, they did not have a legal pathway to do so.
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