Much-needed banking services may soon be available to more cannabis-related businesses in the U.S. than ever before as federal legislation has taken one step closer to passing a marijuana banking bill. Cannabis has been regulated either medically or for adult-use in over 30 states, but much of this billion-dollar industry has to be cash-only due
West Virginia took a major step in the fight for banking services for cannabis when the state House of Delegates passed a bill that, if adopted, would provide state protections for banks that take on cannabis-related businesses as customers. What does the bill do? The state would not be able to prohibit or penalize (or
Humans have a difficult time imagining large numbers, which is why it’s sometimes overwhelming for some to think about the cannabis industry. Without access to financial services in the U.S., legal cannabis brings in $10 billion and 99.9% of those transactions are in cash. Literally, billions of dollars trade hands every year, and there’s no
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
