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
Cannabis is becoming more and more accepted across the United States, and the proof was in the proverbial pudding as the House of Representatives voted in favor of taking marijuana off of the federal Controlled Substances Act on December 4. The House voted on the Marijuana Opportunity Reinvestment and Expungement Act (aka the MORE Act).
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
More movement. The move for marijuana reform is charging ahead, despite the recent postponement of a vote in the U.S. House of Representatives. The vote is monumental; this vote, if passed, will remove marijuana from the federal Controlled Substances Act. The social justice component, promoted heavily at the state-level, serves as a means of providing
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
Just when it seemed like the cannabis industry would have access to banking through the Secure and Fair Enforcement (SAFE) Act, which was included in the May 12 COVID relief bill that was approved by the House on May 12, things quickly changed. The provision was excluded in the most recent version, approved by Senate
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
