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
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
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
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
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
Cannabis-related businesses are at the front of a new industry with plenty of room to grow, but they lack access to some basic tools that start-ups in other industries have. That may soon change. Federal prohibition has prevented the cannabis sector from accessing significant resources. After hearing from industry advocates, U.S. House Small Business Committee
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