• Marijuana Banking Removed from Defense Spending Bill

Marijuana Banking Removed from Defense Spending Bill

By |December 22nd, 2021|

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

  • merchant options for cannabis businesses

What Merchant Options Are Available for Cannabis Businesses?

By |December 14th, 2021|

The federal prohibition of cannabis makes payment processing more complicated than in traditional retail industries. This is because financial service providers are reluctant to work with marijuana businesses, even in states where cannabis is legal, for fear of federal reprisals. The consequences of this for cannabis retailers are significant. Consumers generally prefer to pay by

  • Bipartisan Senators Press for Passage of Cannabis Banking Through Defense Bill

Bipartisan Senators Press for Passage of Cannabis Banking Through Defense Bill

By |December 1st, 2021|

A bipartisan group of senators sent a letter urging Senate leadership to retain provisions in a national defense spending bill which would shield banks that provide services to state-legal cannabis businesses from federal interference. The bill – the National Defense Authorization Act (NDAA) – was passed by the House in September and included provisions from

  • IRS Marijuana Banking Reform Would Help Feds Get Paid

IRS: Marijuana Banking Reform Would Help Feds ‘Get Paid’

By |November 9th, 2021|

A top Internal Revenue Services (IRS) official said the agency’s job would be a lot easier if banks could offer their services to state-legal marijuana businesses without fear of federal reprisals. Susan Collins, who serves as senior counsel in the IRS Office of Chief Counsel, made the comments during an event organized by UCLA’s Annual

  • Key Senators Agreemen Not to Advance Cannabis Banking Reform Before Legalization

Key Senators Have ‘Agreement’ Not to Advance Cannabis Banking Reform Before Legalization, Schumer Says

By |October 22nd, 2021|

Senate Majority Leader Chuck Schumer said he and the two other senators behind a bill to federally legalize cannabis have an “agreement” in place not to advance marijuana banking legislation until they’ve passed their more substantive reform proposal. Schumer, alongside Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ), is one of

  • irs advice marijuana businesses

IRS Official Shares Tax Advice with Marijuana Businesses

By |October 14th, 2021|

The Internal Revenue Service (IRS) published a blog post providing advice to state-legal marijuana businesses on how to stay compliant with tax rules, given cannabis’s Schedule I controlled status at the federal level. The IRS’s De Lon Harris wrote that the rapid growth and expansion of the cannabis industry had created a complex situation with

  • irs event cannabis tax cryptocurrency

IRS Hosts Event to Discuss Cannabis, Taxation and Cryptocurrency

By |September 9th, 2021|

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

  • how to get a cannabis business loan

How to Get a Loan for Your Marijuana Business

By |August 22nd, 2021|

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