• hemp business can now work with banks

Hemp Industry Given Green Light To Do Business With Banks

By |December 27th, 2019|

Cannabis may still be prohibited in the U.S. federally, but hemp-related businesses just got the go-ahead to work with financial institutions just like any other business. That change is thanks to the Agriculture Improvement Act of 2018 (2018 Farm Bill) that legalized hemp, plus an announcement made this month by the Federal Deposit Insurance Corporation,

  • more act decriminalize marijuana banking

New Bill To Decriminalize Marijuana Could Open Up Banking Options For Cannabusinesses

By |December 10th, 2019|

Every year more U.S. states legalize cannabis, but the federal prohibition has been a constant roadblock for the cannabis industry. But that soon may change with the potential change in marijuana’s classification. The U.S. Drug Enforcement Administration currently classifies marijuana as a Schedule I drug, meaning the federal government places cannabis in the same category

  • increase banks working cannabis businesses slows

Increase In Banks Working With Marijuana Businesses Slows, New Federal Data Shows

By |November 25th, 2019|

Financial institutions like banks and credit unions have been quietly getting in line to work with cannabis-related companies in the past few years, but the number signing up to offer these services seems to have leveled off, according to recent federal data. This shift could be a result of stalled legislation at the federal level

  • cannabis industry lobbying record high

Cannabis Industry Lobbying Spend Hits Record As SAFE Banking Bill Hangs In The Balance

By |November 14th, 2019|

Cannabis industry lobbying has reached a new all-time high according to a recent report: A total of about $3.8 million was spent through the third quarter of 2019, a full $1 million more than all of 2018 Considering some of the bills that Congress has been mulling over this year, it’s no surprise that cannabis

  • banking options cannabis business

Banking Options For Cannabis Businesses Continue To Rise

By |October 24th, 2019|

More banks and credit unions than ever are working with cannabis-related businesses, according to a recent federal watchdog report.  The Financial Crimes Enforcement Network (FinCEN) oversees all banking activity in the country looking for suspicious activity. And cannabis presents a problem for FinCEN -- it is legal in some states but remains federally illegal, meaning

  • safe banking act passes house

The SAFE Banking Act Passes the House In Historic Vote

By |October 8th, 2019|

The U.S. House of Representatives has made it clear with the passage of the SAFE Banking Act that cannabis banking is a bipartisan issue with a supermajority vote of 321 to 103. Nearly half of the Republican members of the House and all but one Democrat voted in favor of the Secure and Fair Enforcement

  • cannabis banking aba

American Bankers Association Expects Marijuana Banking Bill To Pass Next Month

By |September 24th, 2019|

Will the financial gates finally open for the cannabis industry? The CEO of the Ameican Bankers Association (ABA) certainly thinks so. CEO Rob Nichols said in an interview on the podcast Engage with Andy Busch that he won’t just be waiting around to see what happens to cannabis banking, either. The ABA is actively lobbying

  • credit unions can work marijuana businesses

Credit Unions Won’t Be Sanctioned For Working With Marijuana Businesses

By |August 24th, 2019|

If you’ve ever wondered what the difference between a bank and a credit union is, you’re about to become much more familiar.  A credit union is a non-profit, money-making cooperative that is owned by its members, who can borrow from the pooled deposits at low interest rates. They’re also watched over by a different agency

  • senate hearing congress marijuana banking

Senate Holds Hearing On Marijuana Business Banking Access

By |August 9th, 2019|

Bipartisan effort for cannabis is growing in Congress as a banking bill is making its way through committees, and it may yet have a hope of passing, but maybe not as much as advocates were hoping. For the last couple of years, bills have been proposed to open up banking for cannabis but have been