• 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|
  • Marijuana Banking Removed from Defense Spending Bill

Marijuana Banking Removed from Defense Spending Bill

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

By |December 22nd, 2021|
  • merchant options for cannabis businesses

What Merchant Options Are Available for Cannabis Businesses?

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

By |December 14th, 2021|
  • Bipartisan Senators Press for Passage of Cannabis Banking Through Defense Bill

Bipartisan Senators Press for Passage of Cannabis Banking Through Defense Bill

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

By |December 1st, 2021|
  • IRS Marijuana Banking Reform Would Help Feds Get Paid

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

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

By |November 9th, 2021|
  • irs event cannabis tax cryptocurrency

IRS Hosts Event to Discuss Cannabis, Taxation and Cryptocurrency

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

By |September 9th, 2021|