• What Decriminalization Could Mean for Cannabis Banking

What Decriminalization Could Mean for Cannabis Banking

President Joe Biden’s recent executive action pardoning all prior federal cannabis possession convictions garnered most of the headlines, but he also announced that he’d issued a directive to review marijuana classification as a Schedule I drug. Legally speaking, this designation puts cannabis on the same footing as cocaine and heroin; that is, dangerous substances with

By |October 21st, 2022|
  • 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|