Going to the cannabis dispensary in the U.S. typically means a stop at the ATM first, since plastic won’t work to get your medical or adult-use products. Recently, a large, multi-state cannabis company decided to solve this problem for themselves and launched their own credit card. Columbia Care is a medical cannabis business that has
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,
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
Cannabis-related businesses are at the front of a new industry with plenty of room to grow, but they lack access to some basic tools that start-ups in other industries have. That may soon change. Federal prohibition has prevented the cannabis sector from accessing significant resources. After hearing from industry advocates, U.S. House Small Business Committee
Banks and investment capital finally have an avenue into the hemp industry with a recent change to federal regulation. Shortly before Christmas, the 2018 Congressional Farm Bill was signed into law and has now already taken effect. That bill included provisions that effectively legalize the production of hemp in the U.S. by distinguishing it from
The latest push for lifting the federal prohibition of cannabis and paving the way for cannabis business banking services has failed, but the senator behind the measure isn’t backing down. U.S. Sen. Cory Gardner, R-Colorado, has spent nearly a year pushing for the passage of the STATES Act that would give federal permission to the
