Sen. Gardener Aims for Cannabis Banking Reforms This Week
Mon / Dec 17th
Senator Cory Gardener (R-Colorado) is planning to propose a major overhaul to banking rules for state-legal cannabis companies this week,… Read More
Banking
Cannabis banking remains a huge challenge for legal cannabis business owners. Since banking is a federally regulated market, banks and lenders are not able to easily work with cannabis brands. The high cash intake of the cannabis industry combined with the lack of banking establishment can put businesses in a dangerous position. Read about banking regulations, policies, and more in this category:
Bipartisan Cannabis Finance Legislation Supported By Banks
Wed / Nov 28th
New legislation being crafted by Rep. Ed Perlmutter (D-CO), co-sponsored by 82 Democrats and 13 Republicans, is expected to pass… Read More
IRS Struggles With Cannabis Cash Payments, Hires Help
Thu / Nov 15th
The Internal Revenue Service (IRS) paid a consulting company $1.7 million for help processing the large cash tax payments coming… Read More
Pete Sessions’ Replacement Won’t Block Cannabis Reform
Wed / Nov 14th
Next year’s House Rules Committee Chairman Jim McGovern, the replacement for cannabis opponent Pete Sessions, has promised to allow open… Read More
Pennsylvania Gov.’s Office Requests Congressional Cannabis Banking Protections
Mon / Aug 27th
On Friday, the administration of Pennsylvania Gov. Tom Wolf (D) wrote a letter to top leaders in Congress calling for… Read More
Federal Enforcement Fears Shelve CA Banking Bill
Wed / Aug 22nd
Last week, state lawmakers in California ceased consideration of a bill to create state cannabis banks due to an analysis… Read More
U.S. House Committee Rejects Cannabis Banking Measure
Thu / Jun 14th
Wednesday, the U.S. House of Representatives’ Appropriations Committee voted down a measure designed to protect banking institutions that are willing… Read More
California Senate Advances Bill Establishing Statewide Cannabis Banking Services
Fri / Jun 1st
The California Senate has advanced Senate Bill 930 — a.k.a. the Cannabis Limited Charter Banking and Credit Union Law — which seeks… Read More
West Virginia Treasurer Outlines Proposals to Offer Financial Services to MMJ Firms
Fri / May 11th
West Virginia Treasurer John Perdue has sent a letter to Gov. Jim Justice outlining two plans to provide the state’s… Read More
California Bill Would Create Limited-Service Canna-Banks
Wed / Apr 25th
A bill proposed in California would create limited-service banks and credit unions to serve the state’s cannabis industry, according to… Read More
Washington Break-Ins Reinforce Cannabis Banking Concerns
Wed / Apr 18th
With a surplus of cash and cannabis products always on hand, dispensary locations are prime targets for robbery. Washington state… Read More
Illinois’ Bank of Springfield Closing All MMJ Industry Accounts
Tue / Apr 3rd
Illinois’ Bank of Springfield is closing the accounts of the state’s medical cannabis companies by May 21 leaving most of… Read More
Alaska Lab Forced to Close After Bank Calls in Loan on Building Citing Federal Law
Mon / Apr 2nd
Anchorage, Alaska’s Steep Hill has been forced to suspend operations after Wells Fargo bank called in the loan on the… Read More
West Virginia Senate Committee Approves MMJ Bill; Could Allow Flower Access
Fri / Mar 9th
A bill approved by the West Virginia Senate Judiciary Committee would require the state Office of Medical Cannabis to create… Read More
Massachusetts Regulators Suggest State-Run Bank for Cannabis Industry
Thu / Feb 22nd
The Massachusetts Cannabis Control Commission is suggesting the creation of a state-run bank to serve the state’s canna-businesses after Chairman… Read More
Treasury Secretary Tells Committee He Supports Canna-Business Banking Access
Wed / Feb 7th
In testimony to the House Financial Services Committee, Treasury Secretary Steven Mnuchin said he supports allowing canna-businesses access to banks,… Read More
19 Attorney Generals Send Letter to Congress Asking for Cannabis Banking Protection Legislation
Wed / Jan 17th
Attorney generals from 17 states, Washington, D.C., and Guam have sent a letter to members of Congress urging them to… Read More
Report: FinCEN Not Consulted on Sessions’ Cannabis Policy Change
Thu / Jan 11th
According to a report from Reuters, regulators at the federal Financial Crimes Enforcement Network (FinCEN) were not informed about Attorney… Read More
Cannabis Payment Solutions Company to Integrate Bitcoin
Thu / Jan 11th
Nevada-based Medical Cannabis Payment Solutions, developers of payment processing technology Green, will soon begin accepting and processing payments in Bitcoin.… Read More
FinCEN Counts 400 Financial Institutions Providing Services to Cannabis Industry
Wed / Jan 3rd
According to September 2017 data from the federal Financial Crimes Enforcement Network (FinCEN), more than 300 banks and nearly 100… Read More
Payments and Cryptocurrency Firms Partner for Cashless, Crypto-Payment System
Fri / Nov 10th
Medical Cannabis Payment Solutions and First Bitcoin Capital Corporation have announced a partnership to integrate cryptocurrency with the payment solution… Read More
KIND Financial Launches First ‘Seed-to-Payment’ System in Canada
Mon / Oct 16th
KIND Financial has rolled out the cannabis industry’s first-ever “seed-to-payment” system in Canada, which will allow users to track the… Read More
Uruguay Moving Legal Cannabis Sales from Pharmacies to Cash-Only Shops
Fri / Sep 15th
Officials in Uruguay are moving retail cannabis sales from pharmacies to shops that will sell the products for cash, the… Read More
Hawaii Tabs CanPay for MMJ Industry Transactions
Wed / Sep 13th
All eight of Hawaii’s medical cannabis dispensaries will go cashless as of Oct 1., opting instead to use the CanPay… Read More