• michigan banks quietly banking cannabis

Michigan Banks Are Quietly Banking Money For Marijuana Businesses

By |February 9th, 2019|

Michigan’s cannabis industry is blooming, and local banks are beginning to bank cannabis funds to help the industry reach new heights. The State of Michigan has been developing its cannabis regulations for over a decade, starting with legalizing medical cannabis in 2008 and continuing in 2018 by legalizing adult-use cannabis and at-home cultivation. Though acceptance

  • banks working hemp companies

Banks Given Green Light To Work With Hemp Producers By Farm Bill

By |January 24th, 2019|

Banks and investment capital finally have an avenue into the hemp industry with a recent change to federal regulation. Shortly before Christmas, the 2018 Congressional Farm Bill was signed into law and has now already taken effect. That bill included provisions that effectively legalize the production of hemp in the U.S. by distinguishing it from

  • Cory Gardner States Act

Sen. Cory Gardner Fails To Bring Banking To State-Legal Marijuana Businesses

By |January 9th, 2019|

The latest push for lifting the federal prohibition of cannabis and paving the way for cannabis business banking services has failed, but the senator behind the measure isn’t backing down. U.S. Sen. Cory Gardner, R-Colorado, has spent nearly a year pushing for the passage of the STATES Act that would give federal permission to the

  • IRS help marijuana money

IRS Is Struggling With Cannabis Companies’ Cash Tax Payments

By |December 24th, 2018|

Who knew cash could be so expensive? The IRS recently paid a consulting company $1.7 million to help process the billions of dollars in taxes that cannabis businesses were paying … in cash. Most businesses write a check when they pay taxes, but federal prohibition continues to prevent many cannabis businesses from getting back accounts.

  • Banks Ware Financing Marijuana Companies

Banks Wary Of Financing Marijuana Companies

By |December 9th, 2018|

Billions of dollars flow through the legal cannabis industry every year, much of it cash by necessity, and financial institutions and Wall Street want in. In the U.S., the fear of regulations and reputational damage is continuing to keep many investors out of this market. But that isn’t the case everywhere. Over 30 states have

  • Ama surveys banks cannabis

Banking Group Surveys Members To Highlight Need For Legal Clarity On Marijuana Banking

By |November 24th, 2018|

The American Bankers Association (ABA) is reaching out to its members to learn more about their operational struggles working with the cannabis-related industries across the U.S. Over 30 states in the U.S. have legalized medical or adult-use cannabis in their borders, and the last several election cycles have seen a few more make that decision

  • how to get a cannabis bank account

Cannabis Banking: The Best Way To Get A Bank Account

By |November 9th, 2018|

Getting a bank account as a cannabis company has remained difficult with federal prohibition still in place, even as more states open the doors for medical and adult-use cannabis. But if you’re in the right state (and willing to go through the paperwork), opening an account is absolutely possible. The key is complete transparency, which

  • bank problems marijuana businesses

More Banking Hurdles for California’s Cannabis Industry

By |October 24th, 2018|

Two steps forward, one step back: That continues to be the story for cannabis banking in California. State legislators keep talking loudly about creating a state-licensed bank to service the cannabis industry, but no bill has yet made it through the long process to become official. The latest attempt was from Sen. Bob Hertzberg of

  • Hypur Marijuana Banking Compliance

Innovative Service Hypur Makes Banks Trust Working with Cannabis Businesses

By |October 9th, 2018|

"CASH ONLY."  That’s not a sign you see often in the digital age. It means more work for retailers (not to mention annoying your customers). But most cannabis businesses are operating on a cash-only basis out of necessity. Over 20 states have cannabis regulations, but federal law deters most banks from offering accounts to this