One of the country’s leading banks that specializes in providing financial solutions to emerging and underserved industries has launched a dedicated cannabis banking program. West Town Bank & Trust announced it will provide marijuana businesses with the necessary financial tools to operate with greater efficiency and more security. Federal cannabis prohibition currently prevents many cannabusinesses
Cashless ATMs have proven to be a practical payment method for marijuana retailers that don’t have access to traditional banking services. Many cannabis dispensaries struggle to open normal bank accounts due to federal cannabis prohibition meaning customers cannot use debit and credit cards as a payment method in the traditional way. To circumvent this problem,
Washington State officials stressed the urgent need for federal marijuana banking reform following a series of dispensary robberies that have left three people dead. The killings occurred across four days at three separate cannabis retailers in the state, and has led advocates and lawmakers to demand the Senate act on a bill – the Secure
Processing payments is a major headache for state-licensed canna-businesses. Since banking regulations fall under federal law and cannabis remains prohibited at the federal level, most banks and financial institutions are hesitant to provide their services in case they fall afoul of the Department of Justice. This means many marijuana retailers have to either accept cash
In a now familiar move, the US House of Representatives voted for legislation containing provisions that would shield financial institutions servicing state-legal marijuana businesses from federal interference. The House-approved America COMPETES Act of 2022, which includes provisions of the Secure and Fair Enforcement (SAFE) Banking Act, means the marijuana banking reform measure has now cleared
Processing payments is a persistent challenge for marijuana retailers. Federal cannabis prohibition means banks are unwilling to service dispensaries which has led to many operating on a cash-only basis. Not only is this inconvenient for customers, it also puts cannabis dispensaries at greater risk of burglary, which drives up insurance costs. What’s more, dealing primarily
The US cannabis industry continues to grow rapidly, with sales topping $26 billion last year and projected to almost double to $50 billion by 2026, according to Forbes. Marijuana is big business now, and it got to this point despite being largely underserved by banks and other financial institutions due to federal cannabis prohibition. But
Owing to marijuana’s federally illegal status, most banks are unwilling to work with cannabis businesses for fear of federal government reprisals. This means that many marijuana retailers operate on a cash-only basis. This not only increases a business’ operating costs, it also increases the risk of robberies. As a result, many dispensaries have turned to
A bicameral conference committee removed provisions from a defense spending bill that would have afforded protections to financial institutions that service state-legal marijuana businesses. The House included the Secure and Fair Enforcement (SAFE) Banking Act as an amendment in its version of the National Defense Authorization Act (NDAA), which it passed in September. This marked
