More banks and credit unions are now working with significantly more cannabis-related businesses as of the first quarter of 2019. A total of 493 banks and 140 credit unions were working with cannabis business customers as of March 2019, according to recent data from the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN). That is
Billions of dollars in cash. Not just the number on a bank statement, but literally stacks upon stacks of cash. That’s what a majority of the cannabis industry in the U.S. is working with, but state attorneys general are hoping to change that. Hailing from states and territories across the U.S., 38 attorneys general urged
Where can cannabis businesses put all their cash? Most businesses would go to the bank, but that isn’t an option for this industry. But California may soon have an answer. The California Senate approved Senate Bill 51 in May to get cannabis-related businesses and landlords in the doors (and the vaults) of a trusted financial
Federal banking regulations have prevented most banks from taking on the risk (and stacks of paperwork) that it takes to serve cannabis businesses, but the tide may soon change thanks to shake ups in Washington D.C. Cannabis legalization and regulation on the state level continues to rise, and businesses in the industry have been waiting
The only way out is through. Through the Congressional process, that is. That’s the message U.S. Treasury Secretary Steven Mnuchin had for Congress in April when it comes to cannabis banking. Cannabis-related businesses (and often the non-cannabis businesses that work with them) have a difficult time finding banking and financial services. Banks are hesitant to
Like all the 2020 Democratic presidential hopefuls, Sen. Cory Booker, D-NJ, is pro-reform when it comes to cannabis. He’s made it a major part of his campaign platform, but his name was notably absent from a recent piece of legislation aimed at protecting states with legal cannabis from federal interference. Booker has been on the
Much-needed banking services may soon be available to more cannabis-related businesses in the U.S. than ever before as federal legislation has taken one step closer to passing a marijuana banking bill. Cannabis has been regulated either medically or for adult-use in over 30 states, but much of this billion-dollar industry has to be cash-only due
West Virginia took a major step in the fight for banking services for cannabis when the state House of Delegates passed a bill that, if adopted, would provide state protections for banks that take on cannabis-related businesses as customers. What does the bill do? The state would not be able to prohibit or penalize (or
In the U.S., cannabis businesses have had very limited access to banking and financial services due to federal prohibition, but that may soon change as a draft bipartisan bill makes its way through the process. There have been such bills put forth that failed, as recently as last year, including an attempt to tie the