Cannabis represents a mutli-billion dollar industry and thousands of jobs in the U.S. but is excluded in all crisis responses, including COVID-19. The pandemic has impacted every industry and the economy as a whole. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to offer support to U.S. businesses as shelter-in-place orders impacted
Every facet of the economy has felt the impact of the novel coronavirus (COVID-19) but one industry was specifically left out of the relief bill: cannabis. Congress passed a bill to implement the Payment Protection Program, a federally funded program that the Small Business Administration would offer what are initially loans to companies to cover
Federal regulators updated their rules around hemp-related businesses recently and banks have taken notice, with more banks transitioning to the new hemp rules and filing fewer suspicious activity reports (SARs). This is good news for banks that have been tip-toeing around regulators with every cannabis- and hemp-related business account. They have been able to ramp
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,
