Banking

Delaware lawmakers recently passed legislation establishing protections for banks and other financial institutions to work with state-legal cannabis companies as the state prepares to launch its adult-use market.

Recent polling from the Independent Community Bankers of America found that 64% of Americans believe giving state-legal cannabis companies access to traditional banking services would benefit public safety.

The American Bankers Association said that even once cannabis is rescheduled to Schedule III under federal law, Congress will still need to pass the SAFER Banking Act to let state-legal cannabis companies access traditional financial services.

A cannabis-friendly payment processor that used PIN debit transactions recently announced that it is shutting down. The company is also suing a financial services vendor for $500M in damages, alleging that they misrepresented their ability to deliver access to a payment gateway.

A group of more than 20 attorneys general sent a letter this week urging Congressional leadership to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which passed a key Senate committee on Wednesday and moves next to the full Senate floor.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act passed the Senate Banking Committee today and is set for consideration by the full Senate. The bipartisan proposal seeks to normalize banking for state-legal cannabis companies.

Mastercard has told financial institutions in the U.S. to stop allowing legal cannabis transactions on its debit cards due to the plant’s ongoing prohibition under federal law.

Missouri Gov. Mike Parson (R) signed a bill to increase banking access for the state’s cannabis industry; the bill also adds new fingerprinting and background check requirements for cannabis industry employees.

Bipartisan lawmakers in the U.S. House and Senate reintroduced the SAFE Banking Act this week, which seeks to normalize banking services for state-licensed cannabis companies.

Katrina Skinner is the General Counsel and Chief Banking Officer for Simplifya, a cannabis regulatory and operational compliance software platform.

Three simple steps to avoid some of the industry’s most common cannabis finance and accounting missteps: hire properly, avoid undervaluing the right people for the job, and build a strong foundation for your company’s financial policies.

The fourth and final installment of our 2023 Cannabis Industry Predictions series covers international cannabis policy, legalization, finance, fintech, and cannabis industry real estate.

Language to expand cannabis banking and expungement was ultimately excluded from the annual federal spending bill following GOP pushback, and Congress will continue to block the full implementation of Washington D.C.’s voter-approved cannabis reforms.

Senate Majority Leader Chuck Schumer is attempting one last-ditch effort this weekend to attach cannabis banking reforms to the annual omnibus funding package.

The Senate has walked back plans to include bipartisan cannabis banking reforms in the annual national defense bill following an outcry by GOP lawmakers.

Top Senate Democrats are reportedly set to attach language from the SAFE Banking Act that would normalize the cannabis industry’s access to banking services to a “must-pass” end-of-year bill like the annual National Defense Authorization Act.

A large group of cannabis businesses in New York and New Jersey sent a signed letter to U.S. Senate Majority Leader Chuck Schumer (D-NY) requesting that he include restorative justice provisions in the SAFE Banking Act. 

Legal cannabis might be this century’s largest and most lucrative new industry but without the government subsidies afforded to other industries that center agriculture, energy, and transportation, the cannabis industry is poised for an extinction event of small businesses.

According to a new poll, a majority of U.S. voters believe banking access for cannabis businesses should be legal and would help reduce the risk of robbery and assault at the businesses.

The CEO of Vermont State Credit Union clarified that the institution’s recently announced pause on cannabis business account applications will be temporary.

The Vermont State Employees Credit Union will no longer accept new cannabis business accounts due to the sudden uptick in applications as the state prepares to open retail cannabis sales on October 1.