The Congressional act intended to clarify banking rules for the cannabis industry has hit hard opposition in the Senate after gaining approval in the House of Representatives, and a powerful Republican senator intends to make major changes before it passes. The Senate Banking Committee Chairman Mike Crapo (R-ID) is strongly opposed to cannabis legalization across
Cannabis may still be prohibited in the U.S. federally, but hemp-related businesses just got the go-ahead to work with financial institutions just like any other business. That change is thanks to the Agriculture Improvement Act of 2018 (2018 Farm Bill) that legalized hemp, plus an announcement made this month by the Federal Deposit Insurance Corporation,
Every year more U.S. states legalize cannabis, but the federal prohibition has been a constant roadblock for the cannabis industry. But that soon may change with the potential change in marijuana’s classification. The U.S. Drug Enforcement Administration currently classifies marijuana as a Schedule I drug, meaning the federal government places cannabis in the same category
Financial institutions like banks and credit unions have been quietly getting in line to work with cannabis-related companies in the past few years, but the number signing up to offer these services seems to have leveled off, according to recent federal data. This shift could be a result of stalled legislation at the federal level
Cannabis industry lobbying has reached a new all-time high according to a recent report: A total of about $3.8 million was spent through the third quarter of 2019, a full $1 million more than all of 2018 Considering some of the bills that Congress has been mulling over this year, it’s no surprise that cannabis
More banks and credit unions than ever are working with cannabis-related businesses, according to a recent federal watchdog report. The Financial Crimes Enforcement Network (FinCEN) oversees all banking activity in the country looking for suspicious activity. And cannabis presents a problem for FinCEN -- it is legal in some states but remains federally illegal, meaning
The U.S. House of Representatives has made it clear with the passage of the SAFE Banking Act that cannabis banking is a bipartisan issue with a supermajority vote of 321 to 103. Nearly half of the Republican members of the House and all but one Democrat voted in favor of the Secure and Fair Enforcement
Will the financial gates finally open for the cannabis industry? The CEO of the Ameican Bankers Association (ABA) certainly thinks so. CEO Rob Nichols said in an interview on the podcast Engage with Andy Busch that he won’t just be waiting around to see what happens to cannabis banking, either. The ABA is actively lobbying
If you’ve ever wondered what the difference between a bank and a credit union is, you’re about to become much more familiar. A credit union is a non-profit, money-making cooperative that is owned by its members, who can borrow from the pooled deposits at low interest rates. They’re also watched over by a different agency
