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
Going to the cannabis dispensary in the U.S. typically means a stop at the ATM first, since plastic won’t work to get your medical or adult-use products. Recently, a large, multi-state cannabis company decided to solve this problem for themselves and launched their own credit card. Columbia Care is a medical cannabis business that has
The Congressional act intended to clarify banking rules for the cannabis industry has hit hard opposition in the Senate after gaining approval in the House of Representatives, and a powerful Republican senator intends to make major changes before it passes. The Senate Banking Committee Chairman Mike Crapo (R-ID) is strongly opposed to cannabis legalization across
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,
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
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 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