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
For advocates and cannabis business owners alike, the Secure and Fair Enforcement (SAFE) Banking Act needs to happen sooner rather than later. And in a glimmer of hope, the new chairman of the Senate Banking Committee told reporters he's open to advancing a bill that would protect banks serving state-legal cannabis businesses. The caveat? The
With the election of President Joe Biden and canna-friendly VP Kamala Harris, marijuana industry advocates brimmed with newfound hope that federal legalization was on the horizon. It's no secret that Democrats are historically accepting of laws relating to cannabis use. Is 2021 going to be the year of green? Some states are throwing out low-level
Cannabis banking is a hot topic for politicians, marijuana industry advocates, and bankers alike. Pause for a moment, and think back to the past, where cannabis was flat-out illegal in all 50 states. Now shift to the present, where cannabis is not only legal in 33 states, but a proven tax revenue powerhouse. And now
The year 2020 fell flat for many reasons, and marijuana banking laws did, too. Cannabis banking access was confirmed, ‘Nope!’ in the latest COVID relief package, a $900 billion bill summarized in a tidy 5,593 pages. The omission means that once again, state-legal cannabis businesses will need to practice patience before they have access to
President-elect Joe Biden has a lot on his shoulders, at least from the perspective of marijuana advocates who are confident in banking reform under a Biden presidency. This includes banking access (SAFE Banking Act) and even extends to federal legalization. The prospect of federal legalization isn’t a given, however -- remember, the GOP is in
For a state that took 22 years to get from medical marijuana legalization to recreational adult-use sales, California is making significant strides with the state's cannabis industry. On Sept. 29, California Governor Gavin Newsom (D) signed several cannabis-related bills into law. This is effectively paving the way for much-anticipated (and sorely needed) banking and financial
Ahhh, progress. While the feds are still calling out marijuana as illegal, they’re now more amenable to it; at least from a tax revenue perspective. And they want voluntary compliance. So it should come as no surprise that the Internal Revenue Service (IRS) has released a marijuana business webpage outlining tax responsibilities for marijuana business
A bipartisan coalition of state treasurers from 15 states (and one territory) are pushing for Congress to include marijuana banking protections and reform in a future coronavirus relief package. In July, the group sent a letter to congressional leadership. Contents included pressuring for inclusion of the Secure and Fair Enforcement (SAFE) Banking Act in any
