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
Five states had cannabis legalization on their November ballots. All five states -- New Jersey, Arizona, Mississippi, Montana, and South Dakota -- passed those ballot initiatives. As the presidential election wraps up with a win for the Democratic Biden/Harris ticket, a Wall Street analyst predicts a Biden' Blue Wave' that will launch the U.S. cannabis
For a state that took 22 years to get from medical marijuana legalization to recreational adult-use sales, California is making significant strides with the state's cannabis industry. On Sept. 29, California Governor Gavin Newsom (D) signed several cannabis-related bills into law. This is effectively paving the way for much-anticipated (and sorely needed) banking and financial
More movement. The move for marijuana reform is charging ahead, despite the recent postponement of a vote in the U.S. House of Representatives. The vote is monumental; this vote, if passed, will remove marijuana from the federal Controlled Substances Act. The social justice component, promoted heavily at the state-level, serves as a means of providing
Ahhh, progress. While the feds are still calling out marijuana as illegal, they’re now more amenable to it; at least from a tax revenue perspective. And they want voluntary compliance. So it should come as no surprise that the Internal Revenue Service (IRS) has released a marijuana business webpage outlining tax responsibilities for marijuana business
A bipartisan coalition of state treasurers from 15 states (and one territory) are pushing for Congress to include marijuana banking protections and reform in a future coronavirus relief package. In July, the group sent a letter to congressional leadership. Contents included pressuring for inclusion of the Secure and Fair Enforcement (SAFE) Banking Act in any
