According to a report from Reuters, regulators at the federal Financial Crimes Enforcement Network (FinCEN) were not informed about Attorney General Jeff Sessions’ cannabis policy change but FinCEN spokesperson Stephen Hudack said the agency’s 2014 guidance “remains in place.”

According to September 2017 data from FinCEN more than 300 banks and nearly 100 credit unions are currently providing banking services to cannabis industry operators under the agency’s guidance. The 2014 FinCEN guidance was developed with input from Justice Department officials at that time; however, it also relied on the protection offered by the now-invalid Cole Memo.

Representatives Dennis Heck (D-WA) and Ed Perlmutter (D-CO) told Reuters that they will be sending a letter to FinCEN this week asking them not to rescind their guidance – which could “inject uncertainty into financial markets.”

In October 2016, FinCEN reported that 318 cannabis businesses were allowed access to banking services and that figure jumped to 400 at the end of August 2017, where it remained in September. The number of institutions dealing with the cannabis industry has been steadily increasing since the second quarter of 2014 – the quarter after the FinCen policy changes.

Do you own a cannabis industry business? Create a listing in our directory and get discovered by new clients - Click Here
.

Tags: , , , | Categories: Cannabis Politics

Learn about cannabis businesses:

View the directory | Get featured here

  • MarijuanaDoctors.com

    MarijuanaDoctors.com was founded as the trusted gateway for patients searching for medical marijuana treatment in legal medical marijuana states. We provide patients visibility and transparency in selecting a doctor and setting an appointment for a medical marijuana evaluation including detailed profile information, scheduling information, and ratings and reviews.

  • Smokin’ Hot Solutions

    Smokin’ Hot Solutions was started seven years ago by three entrepreneurs from Philadelphia. From various entrepreneurial backgrounds, we came together with one cohesive goal; to build a cannabis marketing agency with an innovative and thoughtful approach. At a time when there were few specialty cannabis marketing agencies, and few willing to take the risk, we seized the opportunity. We cemented ourselves as the go-to agency for digital marketing in the cannabis industry.

  • 4blooms

    4blooms is San Diego’s first marijuana-specific marketing agency. The agency works with businesses involved in all aspects of the cannabis industry across the U.S., from growers to dispensaries to smoke shops. The team’s deep experience in web development, design and marketing makes 4blooms able to handle all aspects of business operations.

  • Xtraction Services

    Xtraction Services provides highly efficient extraction equipment to qualified operators. We ensure the equipment is proactively maintained and operated with efficiency, all for a fixed price per gram produced. We provide comprehensive training and oversight to ensure your team can efficiently operate. Additionally, we provide regular updates to software and hardware, and a rigorous ALL-INCLUSIVE maintenance schedule to ensure peak performance all with no upfront costs.

  • Portable Smoke

    Portable Smoke is your online destination for purchasing portable discreet items for your smoking needs. We recognize that smoking may be a discreet and a recreational activity to participate in alone or with trusted friends. As a result, we specialize in selling grinders and bowls that you can hide right under everyone’s nose.

  • IndicaOnline

    IndicaOnline is the most trusted Point-of-Sale software in the Medical Marijuana Industry across the U.S. and Canada. Founded in 2010, IndicaOnline combines an intuitive iPad POS software, a user-friendly interface, and an all-in-one hardware unit to accommodate every aspect of a medical marijuana business.

  • New Approach Bookkeeping LLC

    New Approach Bookkeeping provides cannabis companies with their day-to-day, monthly, quarterly, and yearly financials. Our services include full cycle bookkeeping, HR business consulting, cash management, and payroll services for the cannabis industry. We have over 3 years experience and understand the 280e publication and how it affects all entities of the cannabis industry.

  • Dispensary Permits

    DispensaryPermits.com offers “seed to sale” consulting services with hands on support to medical marijuana entrepreneurs. Whether you are looking to break into the industry or you have previous experience with owning or operating a dispensary, cultivation, manufacturing or testing facility; our custom crafted solutions provide support and guidance for both novice and expert medical marijuana entrepreneurs.

  • HappyChap Creative

    An upstart design/build/create/help/strategize agency based in the Pacific Northwest. We help good people & companies get the recognition they deserve through clever, honest communication and the right look. We love working with cannabis brands who set a high bar for quality and who emphasize the positive impact that cannabis legalization will have on the world.

  • Precision Extraction Solutions

    Precision® Extraction Solutions is the industry leader in cannabis extraction equipment, training and consulting. Precision® extraction systems are world renowned for quality, safety and precise operation. Costing half of comparable CO2 systems, with nine times more efficient processing, more award winning concentrates are made with Precision® than any other brand.

  • Tax Center & Accounting LLC

    Complete tax and accounting services for your cannabis business. We are a full-service Tax and Accounting firm dedicated to providing the highest quality of service and support to small and medium-sized businesses and individuals.

  • PayQwick, Inc.

    PayQwick’s mission is to bring well-established, proven payment processing, regulatory compliance and banking services to the licensed recreational and medical marijuana industries, thereby reducing the risk of violent crime, illegal money laundering and violation of state marijuana regulations. PayQwick serves state licensed Producers, Processors, Wholesalers, Distributors, Dispensaries and Retailers.

Looking for a career in the cannabis industry?

Upload your resume and get discovered by industry recruiters for only $1/month

Post Your Resume View all jobs

Recent Job Postings

Additional resources:

Cannabis Books

Learn about the endocannabinoid system & more!

Cannabis Stocks

Find publicly-traded cannabis & hemp companies

Medical Research

Explore our library of medical cannabis studies

Subscribe for daily cannabis news, announcements, and business insights.

Stay informed about the latest cannabis industry news, policy progress, and business developments.