The governor of Pennsylvania signed a bill into law that contains provisions to shield banks and cannabis insurers from state interference for working with licensed medical cannabis businesses. The new legislation is the same as a standalone bill that had previously cleared the Senate before receiving approval in a key House committee. However, the measure’s
With marijuana banking reform still at an impasse on Capitol Hill, bipartisan House lawmakers introduced a new bill to expand access to financial services for cannabusinesses. Reps. Guy Reschenthaler (R-PA) and Troy Carter (D-LA) filed the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act on June 23. Like the SAFE Banking Act, it would
Retailers across various industries have long seen the benefit of offering gift cards customers can use to make purchases. Whether conventional physical cards or digital ones, gift cards provide another sales option while increasing brand awareness and offering the possibility of using them in conjunction with customer retention and loyalty programs. Such benefits could be
A nationwide community bank association has added its voice to the chorus of calls imploring Senate leadership to act on marijuana banking reform. The Independent Community Bankers of America (ICBA) that represents around 50,000 community banks across the US sent a letter urging the Senate to include provisions in a manufacturing bill that would safeguard
Despite generating $17.5 billion in sales in 2020, marijuana businesses still largely operate on a cash basis due to federal cannabis prohibition. This represents a staggering 46 percent year-on-year increase, and it is widely expected to continue on this trajectory as more and more states move to reform their cannabis laws and open up to
Banking associations across all 50 states urged Senate leaders to include cannabis banking provisions in a comprehensive manufacturing bill that’s currently with a bicameral conference committee. In their letter, the American Bankers Association (ABA) and state-level banking associations described the Secure and Fair Enforcement (SAFE) Banking Act as an “urgently needed, and widely supported, bipartisan
One of the country’s leading banks that specializes in providing financial solutions to emerging and underserved industries has launched a dedicated cannabis banking program. West Town Bank & Trust announced it will provide marijuana businesses with the necessary financial tools to operate with greater efficiency and more security. Federal cannabis prohibition currently prevents many cannabusinesses
Cashless ATMs have proven to be a practical payment method for marijuana retailers that don’t have access to traditional banking services. Many cannabis dispensaries struggle to open normal bank accounts due to federal cannabis prohibition meaning customers cannot use debit and credit cards as a payment method in the traditional way. To circumvent this problem,
Washington State officials stressed the urgent need for federal marijuana banking reform following a series of dispensary robberies that have left three people dead. The killings occurred across four days at three separate cannabis retailers in the state, and has led advocates and lawmakers to demand the Senate act on a bill – the Secure
