• federal cannabis legalization must come before banking reform

Schumer: Marijuana Legalization Must Pass Before Cannabis Banking Reform

By |June 22nd, 2021|

It’s a matter of strategy but will it be the right strategy? Senate Majority Leader Chuck Schumer (D-NY) has indicated that he has his sights on ending cannabis prohibition rather than taking on smaller scale bills first. That is mixed news for financial institutions and cannabis advocates who have been pressing for the passage of

  • how safe banking act will change cannabis banking

6 Ways the SAFE Banking Act Will Actually Change Cannabis Banking

By |June 8th, 2021|

Lack of banking access has been a stumbling block for the billion dollar U.S. cannabis industry, and a federal bill aiming to change that may finally get enough traction this year for a vote. The Secure and Fair Enforcement (SAFE) Banking Act would change the regulatory landscape for financial institutions that provide services for cannabis-licensed

  • deceive banks into providing cannabis business banking

Lawyers Warn Cannabis Companies Against Deceiving Banks into Providing Services

By |May 24th, 2021|

State-legal marijuana companies locked out of using financial services due to the federal prohibition of cannabis have been warned not to deceive banks about the nature of their business. Benjamin William Perry and Alex McFall of Bradley Arant Boult Cummings LLP law firm, writing for Lexology, said there’s a strong incentive for cannabis businesses to

  • U.S. House of Representatives Approves Cannabis Banking Bill for Fourth Time

U.S. House of Representatives Approves Cannabis Banking Bill for Fourth Time

By |April 26th, 2021|

The US House of Representatives passed a bill that would ensure banks could provide financial services to state-legal cannabis businesses without fear of federal reprisal. Following an earlier voice vote, the legislation – the Secure and Fair Enforcement (SAFE) Banking Act – received 321 votes in favor and 101 votes against. This marks the fourth

  • banks working with cannabis businesses stabilized

Decline in Banks Working with Cannabis Businesses Has Stabilized, Federal Data Shows

By |April 19th, 2021|

The trend seems to be ebbing. Recent federal data shows that banks and credit unions that report offering services to state-legal cannabis businesses are stabilizing for three consecutive quarters. The source The number of banks and credit unions that reported working with the industry declined consistently for almost a year - some attribute that to

  • marijuana banking reform legislation roundup

Cannabis Banking in 2021: A Roundup of Reform Legislation

By |March 22nd, 2021|

It's been a tumultuous few years as the cannabis industry struggles to overcome long-standing stigmas and have access to essential business services that most take for granted. I'm talking about banking. Yes, the 'B' word has been a popular one as states continue to legalize cannabis for either medical or recreational use. When the IRS