A New Cannabis Business’s Guide to Cannabis Banking
Thu / Apr 8th
The world of legal cannabis banking is complex and difficult to navigate without the right network. If you are just… Read More
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:
Thu / Apr 8th
The world of legal cannabis banking is complex and difficult to navigate without the right network. If you are just… Read More
Wed / Mar 24th
The National Credit Union Administration issued its first-ever administrative order against a financial institution for non-compliance with FinCEN guidelines for serving the cannabis industry.
Fri / Mar 19th
The SAFE Banking Act has been reintroduced in the U.S. House of Representatives. The bill was first passed 18 months ago with immense bipartisan support but never appeared in the Republican-controlled Senate.
Tue / Mar 9th
Recent FinCEN data suggests the number of financial institutions serving the cannabis industry has leveled off after a steady decline starting in November 2019.
Tue / Mar 9th
For the cannabis industry, banking has long been a daunting challenge that has landed some in hot water. Fincann builds… Read More
Thu / Feb 18th
The former CEO of Eaze is expected to plead guilty to charges in connection to a case against two businessmen accused of tricking banks into processing $100 million in illegal debit/credit card payments.
Wed / Feb 3rd
The Bank Counter Details the Current Number of Banks Serving the Cannabis Industry 2/3/2021 – New York, NY – Fincann, a… Read More
Wed / Jan 20th
The California Cannabis Industry Association announced a new partnership with North Bay Credit Union that will help some 400 CCIA members get access to traditional financial services.
Thu / Sep 10th
The number of banks and credit unions working with state-legal cannabis businesses has been on a steady decline since November 2019, according to a new FinCEN report.
Wed / Aug 5th
Senate Majority Leader Mitch McConnell threw shade at Speaker of the House Nancy Pelosi yesterday, suggesting that she claimed cannabis was an effective treatment for COVID-19.
Wed / May 13th
House leadership has included language giving the cannabis industry access to traditional banking and loan services as part of the latest federal coronavirus stimulus plan.
Fri / Apr 24th
House Democrats have introduced legislation that would give cannabis businesses access to congressional coronavirus stimulus packages.
Fri / Apr 17th
Congressional lawmakers are standing up for cannabis businesses’ right to access traditional financial services and the federal coronavirus stimulus packages that are currently unavailable to the industry.
Fri / Apr 10th
Eric Kaufman is the Chief Revenue Officer for Dama Financial, an organization that provides cannabis businesses access to sustainable banking with FDIC-Insured banks eager to cooperate with the cannabis space.
Mon / Apr 6th
Canadian cannabis companies will be given fair access to the $40 billion approved for federal coronavirus response loans.
Thu / Mar 5th
Treasury Secretary Steven Mnuchin said on Wednesday that the IRS faces “significant problems” due to the cash-only nature of the cannabis industry and urged lawmakers to address the issue “one way or another.”
Mon / Jan 27th
President Donald Trump was secretly recorded in 2018 saying that cannabis use makes people “lose IQ points” during a discussion about Colorado’s legal market.
Fri / Dec 20th
Senate Banking Committee Chairman Mike Crapo, a Republican from Idaho, says he does not support the SAFE Banking Act because it fails to address issues such as high cannabis potencies and marketing strategies that target children.
Wed / Dec 4th
Federal regulators have removed barriers that blocked industrial hemp companies from accessing traditional financial services despite the crop’s federally legal status.
Mon / Oct 14th
California Gov. Gavin Newsom signed a bill allowing cannabis businesses to take normal business tax deductions alongside several other pieces of cannabis legislation. The governor, however, opted to veto legislation allowing for cannabis use in hospitals.
Wed / Sep 25th
The House of Representatives passed the SAFE Banking Act this afternoon in a historic and bipartisan landslide of support for giving state-legal cannabis companies access to banking services.
Fri / Sep 20th
The SAFE Banking Act, which would normalize banking for the cannabis industry, is expected to receive a House vote next week.
Thu / Sep 19th
A cadre of cannabis legalization advocates has called on House Democrats to delay a vote on the SAFE Banking Act in favor of pursuing more broad and “holistic” cannabis reforms, first.
Mon / Sep 16th
Democratic leaders in the House intend for a full floor vote on the SAFE Banking Act by the end of September; lawmakers in the Senate, meanwhile, could likewise consider the bill — or their own version of the bill — by the year’s end.
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