Cannabis and crypto were the topic of the day at a recent seminar hosted by the Internal Revenue Service (IRS). Led by a representative of the National Association of Tax Professionals (NATP), the seminar discussed an array of issues, including the different approaches states have taken to regulate cannabis and what kind of deductions are
Cannabis is becoming a more prevalent commodity in the U.S., and more and more businesses are applying for state licenses with hopes to open their gates. Entrepreneurs looking to create new ideas and find a specific niche have plenty of opportunity as more states began to regulate cannabis. But it won’t be an easy road
Credit cards have become a commonly accepted payment in the U.S. and around the world, and your cannabis business has much to gain from making this available to your customers. Research on consumer payment preferences by BAI Research and Hitachi Consulting found that 41 percent of shoppers have reduced the amount of cash they use,
Three dozen U.S. states have legalized medical cannabis and 17 states have begun to regulate adult-use as well. But even with this major market, many cannabis businesses find it difficult to obtain financial services from traditional institutions. Federal prohibition of cannabis has kept banks and credit unions hesitant to provide services to cannabis-related businesses. Regulators
More states legalize cannabis every year, yet banks and other financial institutions are hesitant to get involved in the billion-dollar industry for fear of federal retaliation under prohibition. There has been movement at a congressional level to resolve this problem and clear up the rules for financial institutions, but not enough movement yet to pass
It’s a matter of strategy but will it be the right strategy? Senate Majority Leader Chuck Schumer (D-NY) has indicated that he has his sights on ending cannabis prohibition rather than taking on smaller scale bills first. That is mixed news for financial institutions and cannabis advocates who have been pressing for the passage of
Lack of banking access has been a stumbling block for the billion dollar U.S. cannabis industry, and a federal bill aiming to change that may finally get enough traction this year for a vote. The Secure and Fair Enforcement (SAFE) Banking Act would change the regulatory landscape for financial institutions that provide services for cannabis-licensed
State-legal marijuana companies locked out of using financial services due to the federal prohibition of cannabis have been warned not to deceive banks about the nature of their business. Benjamin William Perry and Alex McFall of Bradley Arant Boult Cummings LLP law firm, writing for Lexology, said there’s a strong incentive for cannabis businesses to
Prior to the US House of Representatives voting to pass a marijuana banking bill for the fourth time, Congressional leaders were inundated with letters from state governors, attorney generals and treasurers as well as banking associations urging lawmakers to approve the measure. Twenty state governors plus the governor of the US Virgin Islands expressed their
