While the cannabis industry remains consistently optimistic about banking access, new data from the Financial Crimes Enforcement Network (FinCEN) says banking access has dropped. For three consecutive fiscal quarters, the number of financial institutions that report serving state-legal cannabis businesses has fallen, from 711 banks to 695 to 677 -- all the while, cannabis has
Five states had cannabis legalization on their November ballots. All five states -- New Jersey, Arizona, Mississippi, Montana, and South Dakota -- passed those ballot initiatives. As the presidential election wraps up with a win for the Democratic Biden/Harris ticket, a Wall Street analyst predicts a Biden' Blue Wave' that will launch the U.S. cannabis
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
Fewer banks reported that they worked with cannabis-related businesses in the latest report from Financial Crimes Enforcement Network (FinCEN), but it’s not clear why. FinCEN suggested in its report that this short-term decline could be because financial institutions are exceeding the 90-day requirement for filing suspicious activity reports (SARs). Banks must file SARs when working
A renewed push for cannabis banking regulations has seen the latest coronavirus relief bill adopt them as it was approved in the House of Representatives. The Health and Economic Recover Omnibus Solutions (HEROES) Act, aka H.R. 6800, includes many facets, and cannabis banking provisions brought over from the Secure and Fair Enforcement (SAFE) Banking Act
People in the cannabis industry aren’t the only ones who want to see banking access opened up -- attorneys general from 34 U.S. states and territories have sent an urgent message to Congress to make it happen. Calling the status quo “an untenable situation,” the attorneys general signed a letter in favor of the Safe
Every facet of the economy has felt the impact of the novel coronavirus (COVID-19) but one industry was specifically left out of the relief bill: cannabis. Congress passed a bill to implement the Payment Protection Program, a federally funded program that the Small Business Administration would offer what are initially loans to companies to cover
Colorado lead the nation with being the first to legalize and regulate cannabis for adults, and the state may be the first to solve the cannabis banking question. Cannabis businesses have a difficult time obtaining and keeping regular bank accounts due to federal prohibition, including those businesses in Colorado. Banks have been hesitant to get
