It's been a tumultuous few years as the cannabis industry struggles to overcome long-standing stigmas and have access to essential business services that most take for granted. I'm talking about banking. Yes, the 'B' word has been a popular one as states continue to legalize cannabis for either medical or recreational use. When the IRS
Holding large sums of cash is too risky for Internal Revenue Service (IRS) personnel. Hmm. The agency would prefer electronic tax payments. Okay. They say the cash-based system in use now is tedious and risky. Absolutely. The cannabis industry has been clamoring for banking access. Cash is notoriously tricky to track. Rep. David Joyce (R-OH)
For advocates and cannabis business owners alike, the Secure and Fair Enforcement (SAFE) Banking Act needs to happen sooner rather than later. And in a glimmer of hope, the new chairman of the Senate Banking Committee told reporters he's open to advancing a bill that would protect banks serving state-legal cannabis businesses. The caveat? The
With the election of President Joe Biden and canna-friendly VP Kamala Harris, marijuana industry advocates brimmed with newfound hope that federal legalization was on the horizon. It's no secret that Democrats are historically accepting of laws relating to cannabis use. Is 2021 going to be the year of green? Some states are throwing out low-level
Cannabis banking is a hot topic for politicians, marijuana industry advocates, and bankers alike. Pause for a moment, and think back to the past, where cannabis was flat-out illegal in all 50 states. Now shift to the present, where cannabis is not only legal in 33 states, but a proven tax revenue powerhouse. And now
The year 2020 fell flat for many reasons, and marijuana banking laws did, too. Cannabis banking access was confirmed, ‘Nope!’ in the latest COVID relief package, a $900 billion bill summarized in a tidy 5,593 pages. The omission means that once again, state-legal cannabis businesses will need to practice patience before they have access to
Cannabis is becoming more and more accepted across the United States, and the proof was in the proverbial pudding as the House of Representatives voted in favor of taking marijuana off of the federal Controlled Substances Act on December 4. The House voted on the Marijuana Opportunity Reinvestment and Expungement Act (aka the MORE Act).
While the cannabis industry remains consistently optimistic about banking access, new data from the Financial Crimes Enforcement Network (FinCEN) says banking access has dropped. For three consecutive fiscal quarters, the number of financial institutions that report serving state-legal cannabis businesses has fallen, from 711 banks to 695 to 677 -- all the while, cannabis has
President-elect Joe Biden has a lot on his shoulders, at least from the perspective of marijuana advocates who are confident in banking reform under a Biden presidency. This includes banking access (SAFE Banking Act) and even extends to federal legalization. The prospect of federal legalization isn’t a given, however -- remember, the GOP is in
