Banking

Beginning November 8, JPMorgan Chase & Co will block its prime brokerage clients from buying certain U.S. cannabis-related securities that are not listed on the Nasdaq, the New York Stock Exchange, or the Toronto Stock Exchange.

Bank of America suddenly canceled the account of cannabis research firm Scottsdale Research Institute despite being fully compliant with federal laws and operating with public DEA approval.

The New Mexico Finance Authority proposed opening a $5 million line of credit for cannabis microbusinesses in order to promote social and economic fairness in the cannabis industry.

Connecticut’s Social Equity Council has asked regulators to charter new banks to support the state’s cannabis industry and give better opportunities for social equity applicants.

For the second time this year, the U.S. House of Representatives has approved the SAFE Banking Act which would allow banks to work with cannabis firms without fear of penalty.

Anh Hatzopoulos is CEO of Dama Financial, which offers compliant cannabis operators full financial packages including FDIC-insured banking, business loans, and payroll and cash management services.

A Colorado hemp seed genomics company is among the five firms selected to participate in the Wells Fargo Innovation Incubator for indoor agriculture.

The consultants were each sentenced to over a year in prison after being convicted of using shell companies and fake websites to disguise cannabis sales from 2016 to 2019.

With cannabis still federally prohibited, industry operators don’t have easy access to traditional banking services and frequently face high fees just to acquire and maintain a bank account.

Credit Suisse Group AG is said to be no longer trading or holding shares of cannabis firms with U.S. operations.

At least six financial institutions are currently serving Massachusetts-based cannabusinesses — double the number from just three years ago.

The U.S. House of Representatives approved the SAFE Banking Act in an overwhelmingly bipartisan 321-101 vote. The bill moves next to the Senate.

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.

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.

Recent FinCEN data suggests the number of financial institutions serving the cannabis industry has leveled off after a steady decline starting in November 2019.

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.

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.

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.