• Financial Association Implores Senate to Pass Marijuana Banking

Financial Association Implores Senate to Pass Marijuana Banking

A nationwide community bank association has added its voice to the chorus of calls imploring Senate leadership to act on marijuana banking reform. The Independent Community Bankers of America (ICBA) that represents around 50,000 community banks across the US sent a letter urging the Senate to include provisions in a manufacturing bill that would safeguard

By |June 9th, 2022|
  • Bankers Association Urge Congress Marijuana Banking

Bankers Association Representing All States Implore Senate to Pass Cannabis Banking Reform

Banking associations across all 50 states urged Senate leaders to include cannabis banking provisions in a comprehensive manufacturing bill that’s currently with a bicameral conference committee. In their letter, the American Bankers Association (ABA) and state-level banking associations described the Secure and Fair Enforcement (SAFE) Banking Act as an “urgently needed, and widely supported, bipartisan

By |May 9th, 2022|
  • west town bank cannabis

West Town Bank Just Launched a Dedicated Banking Program for the Cannabis Industry

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

By |May 2nd, 2022|
  • cashless ATM

What Is a Cashless ATM and How Does It Work?

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,

By |April 14th, 2022|
  • cannabis cryptocurrency

Cryptocurrency Provides a Promising Solution to the Cannabis Banking Issue

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

By |March 16th, 2022|
  • SAFE Banking Act Advanced by House as Part of America Competes Act

SAFE Banking Act Advanced by House as Part of America Competes Act

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

By |February 23rd, 2022|
  • ach payments cannabis industry

Are ACH Transfers the Alternative to Cashless ATMs the Cannabis Industry Is Looking For?

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

By |February 10th, 2022|
  • what to expect cannabis banking 2022

What to Expect for Cannabis Banking in 2022

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

By |January 26th, 2022|
  • visa warning cannabis industry

Visa’s Warning About Cashless ATMs and What It Means for the Cannabis Industry

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

By |January 10th, 2022|