Canadian Cannabis Firms Can Access Federal Coronavirus Response Loans
Mon / Apr 6th
Canada’s cannabis companies will have access to $40 billion in new credit from the Business Development Bank of Canada that’s… Read More
Banking
Cannabis banking remains a huge challenge for legal cannabis business owners. Though the market was legalized on the state level, it remains federally illegal. Since banking is a federally regulated market, banks and lenders are not able to easily work with cannabis brands. The headache goes beyond not having a bank for their business. 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:
Treasury Secretary: Cannabis Cash ‘Creates Problems’ for IRS
Thu / Mar 5th
Treasury Secretary Steven Mnuchin told lawmakers on Wednesday that the cash-only nature of the cannabis industry “creates significant problems” for… Read More
Trump Says Cannabis Use Reduces IQ Score
Mon / Jan 27th
During recently released audio from a 2018 dinner party attended by President Donald Trump and some of his close associates,… Read More
Senate Committee Chairman Pushes Back Against SAFE Banking Act
Fri / Dec 20th
Senate Banking, Housing, and Urban Affairs Committee Chairman Mike Crapo (R) is seeking public feedback on a “way to address… Read More
Federal Regulators Lift Hemp Industry Banking Barriers
Wed / Dec 4th
Federal financial regulators will no longer treat hemp businesses as suspicious, removing a major barrier between hemp-related businesses and traditional… Read More
California Gov. Approves Cannabis Tax Overhauls
Mon / Oct 14th
California Gov. Gavin Newsome (D) signed a bill into law on Saturday that will override the infamous Section 280E of… Read More
U.S. House Approves Cannabis Banking Bill
Wed / Sep 25th
H.R. 1595, better known as the SAFE Banking Act, received a full House floor vote this afternoon, passing the chamber… Read More
SAFE Banking Act Likely Getting a House Vote Next Week
Fri / Sep 20th
Despite opposition from some cannabis legalization and social justice groups, the SAFE Banking Act is set for a House vote… Read More
Legalization Advocates Call on House to Delay SAFE Vote
Thu / Sep 19th
A cadre of legalization activists have sent a letter to House Speaker Nancy Pelosi (D-California) and Majority Leader Steny Hoyer… Read More
House Plans SAFE Banking Act Vote by Month’s End
Mon / Sep 16th
House Majority Leader Steny Hoyer (D-Maryland) is planning to put the SAFE Banking Act up for a full floor vote… Read More
NCUA: Credit Unions Can Serve Hemp Businesses
Tue / Aug 20th
The National Credit Union Administration has issued guidance allowing credit unions to serve hemp businesses, noting that the plant has… Read More
Senate Committee Holds Hearing on Cannabis Banking
Wed / Jul 24th
The Senate Committee on Banking, Housing and Urban Affairs held a hearing aimed at the banking challenges for the cannabis… Read More
Senate Committee Schedules Landmark Cannabis Banking Hearing
Wed / Jul 17th
A key Republican-controlled Senate committee plans to investigate the lack of banking services for state-legal cannabis companies, Tom Angell reports… Read More
West Virginia Opens 2nd Cannabis Banking Round After 1st Round Fails
Mon / Jul 15th
The West Virginia Treasurer’s Office has canceled and reissued its request for proposals for financial institutions to serve the state’s… Read More
Sister Kate: Forming a Sisterhood of Cannabis Nuns
Wed / Jul 10th
Activism, healing, empowerment — these are important foundations for the Sisters of the Valley, a group of self-described cannabis nuns… Read More
MMJ Company Offering Consumer Credit Card
Mon / Jun 17th
Medical cannabis company Columbia Care has launched its own credit card for patients in New York, with plans to offer… Read More
Hemp CBD Companies Struggle With Banking Services
Wed / Jun 12th
Despite federal hemp reforms last year, many CBD-focused companies throughout the U.S. still lack basic financial services, such as business… Read More
California Senate Approves Canna-Banking Bill
Wed / May 22nd
California’s Senate has approved legislation 35-1 to create state-chartered banks to serve the state’s cannabis industry, CNBC reports. Under the… Read More
‘Cannabis Nuns’ Lose Banking Services After Documentary Trailer Release
Thu / May 2nd
The founder of California’s Sisters of the Valley, Sister Kate, says her bank has frozen the organization’s business accounts following… Read More
Senate Banking Committee GOP Chair May Block SAFE Banking Act
Wed / May 1st
Idaho Sen. Mike Crapo, the Republican chairman of the Senate Banking Committee, said he would not commit his committee to… Read More
West Virginia Seeks Bank to Serve Medical Cannabis Industry
Mon / Apr 22nd
The West Virginia Treasurer’s Office is now seeking a financial institution to work with the state’s medical cannabis industry with… Read More
Canadian Banks Shut Out U.S. Cannabis Companies Due to Federal Law
Mon / Apr 8th
At least two Canadian banks are refusing to do business with U.S.-based cannabis companies due to cannabis’ Schedule I status… Read More
West Virginia Gov. Signs Banking Bill for Medical Industry
Wed / Apr 3rd
West Virginia Gov. Jim Justice has signed legislation allowing medical cannabis companies to access banking services in the state. According… Read More
SAFE Banking Act Passes Key Congressional Committee
Thu / Mar 28th
The Secure and Fair Enforcement (SAFE) Banking Act was approved by the House Financial Services Committee in a sweeping 45-15… Read More
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