A renewed push for cannabis banking regulations has seen the latest coronavirus relief bill adopt them as it was approved in the House of Representatives. The Health and Economic Recover Omnibus Solutions (HEROES) Act, aka H.R. 6800, includes many facets, and cannabis banking provisions brought over from the Secure and Fair Enforcement (SAFE) Banking Act
People in the cannabis industry aren’t the only ones who want to see banking access opened up -- attorneys general from 34 U.S. states and territories have sent an urgent message to Congress to make it happen. Calling the status quo “an untenable situation,” the attorneys general signed a letter in favor of the Safe
Long-awaited banking regulations for cannabis looked unlikely to pass, but the newest coronavirus relief bill may be able to bring it across the finish line. The Secure and Fair Enforcement (SAFE) Banking Act has been in the works since last year and actually made historic progress by passing the House of Representatives but seemed to
Cannabis represents a mutli-billion dollar industry and thousands of jobs in the U.S. but is excluded in all crisis responses, including COVID-19. The pandemic has impacted every industry and the economy as a whole. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to offer support to U.S. businesses as shelter-in-place orders impacted
Every facet of the economy has felt the impact of the novel coronavirus (COVID-19) but one industry was specifically left out of the relief bill: cannabis. Congress passed a bill to implement the Payment Protection Program, a federally funded program that the Small Business Administration would offer what are initially loans to companies to cover
Federal regulators updated their rules around hemp-related businesses recently and banks have taken notice, with more banks transitioning to the new hemp rules and filing fewer suspicious activity reports (SARs). This is good news for banks that have been tip-toeing around regulators with every cannabis- and hemp-related business account. They have been able to ramp
Financial institutions have been cleared to work with hemp businesses, and the Federal Reserve Bank set out recently to remind the banking industry of this. Though banks had been given the green light to work with hemp-related businesses in late 2019, they haven’t been flocking to support this industry yet. Hemp businesses were treated exactly
When it comes to cannabis banking, it’s amazing how much misinformation is online. This multi-billion-dollar industry continues to grow and yet certain myths about cannabis banking persist. Here is a breakdown of the top four myths that keep circulating about the cannabis industry and banking. Myth #1: Cannabis businesses and related businesses can’t get bank
Colorado lead the nation with being the first to legalize and regulate cannabis for adults, and the state may be the first to solve the cannabis banking question. Cannabis businesses have a difficult time obtaining and keeping regular bank accounts due to federal prohibition, including those businesses in Colorado. Banks have been hesitant to get
