Bitcoin: the Obvious Financial System for a Thriving Cannabis Industry
Fri / Feb 9th OPINION
Editor’s note: this article is a guest contribution from Alan, founder of Strainly. The world has experienced an unprecedented consolidation… 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:
Fri / Feb 9th OPINION
Editor’s note: this article is a guest contribution from Alan, founder of Strainly. The world has experienced an unprecedented consolidation… Read More
Fri / Jan 5th
A cannabis-friendly payment processor that used PIN debit transactions recently announced that it is shutting down. The company is also suing a financial services vendor for $500M in damages, alleging that they misrepresented their ability to deliver access to a payment gateway.
Fri / Sep 29th
A group of more than 20 attorneys general sent a letter this week urging Congressional leadership to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which passed a key Senate committee on Wednesday and moves next to the full Senate floor.
Wed / Sep 27th
The Secure and Fair Enforcement Regulation (SAFER) Banking Act passed the Senate Banking Committee today and is set for consideration by the full Senate. The bipartisan proposal seeks to normalize banking for state-legal cannabis companies.
Fri / Jul 28th
Mastercard has told financial institutions in the U.S. to stop allowing legal cannabis transactions on its debit cards due to the plant’s ongoing prohibition under federal law.
Mon / Jul 10th
Missouri Gov. Mike Parson (R) signed a bill to increase banking access for the state’s cannabis industry; the bill also adds new fingerprinting and background check requirements for cannabis industry employees.
Wed / May 17th PRESS RELEASE
May 17, 2023, Seattle, WA — Sound Community Bank’s Specialty Money Market account is now exclusively available to cannabis growers,… Read More
Thu / Apr 27th
Bipartisan lawmakers in the U.S. House and Senate reintroduced the SAFE Banking Act this week, which seeks to normalize banking services for state-licensed cannabis companies.
Tue / Apr 4th INTERVIEW
Katrina Skinner is the General Counsel and Chief Banking Officer for Simplifya, a cannabis regulatory and operational compliance software platform.
Wed / Jan 18th OPINION
Three simple steps to avoid some of the industry’s most common cannabis finance and accounting missteps: hire properly, avoid undervaluing the right people for the job, and build a strong foundation for your company’s financial policies.
Thu / Dec 29th
The fourth and final installment of our 2023 Cannabis Industry Predictions series covers international cannabis policy, legalization, finance, fintech, and cannabis industry real estate.
Tue / Dec 20th
Language to expand cannabis banking and expungement was ultimately excluded from the annual federal spending bill following GOP pushback, and Congress will continue to block the full implementation of Washington D.C.’s voter-approved cannabis reforms.
Fri / Dec 16th
Senate Majority Leader Chuck Schumer is attempting one last-ditch effort this weekend to attach cannabis banking reforms to the annual omnibus funding package.
Wed / Dec 7th
The Senate has walked back plans to include bipartisan cannabis banking reforms in the annual national defense bill following an outcry by GOP lawmakers.
Mon / Dec 5th
Top Senate Democrats are reportedly set to attach language from the SAFE Banking Act that would normalize the cannabis industry’s access to banking services to a “must-pass” end-of-year bill like the annual National Defense Authorization Act.
Tue / Nov 1st
A large group of cannabis businesses in New York and New Jersey sent a signed letter to U.S. Senate Majority Leader Chuck Schumer (D-NY) requesting that he include restorative justice provisions in the SAFE Banking Act.
Thu / Oct 27th OPINION
Legal cannabis might be this century’s largest and most lucrative new industry but without the government subsidies afforded to other industries that center agriculture, energy, and transportation, the cannabis industry is poised for an extinction event of small businesses.
Wed / Sep 7th
According to a new poll, a majority of U.S. voters believe banking access for cannabis businesses should be legal and would help reduce the risk of robbery and assault at the businesses.
Tue / Aug 30th
The CEO of Vermont State Credit Union clarified that the institution’s recently announced pause on cannabis business account applications will be temporary.
Fri / Aug 26th
The Vermont State Employees Credit Union will no longer accept new cannabis business accounts due to the sudden uptick in applications as the state prepares to open retail cannabis sales on October 1.
Thu / Jul 14th PARTNER CONTENT
This article is excerpted from The SAFE Banking Act: Explained. Download the full report here. Lawmakers continue to discuss how… Read More
Wed / Jul 13th
Pennsylvania Gov. Tom Wolf (D) signed a bill to protect banks and insurers who work with medical cannabis companies from state interference.
Fri / Jun 24th
The SAFE Banking Act was removed from the COMPETES Act, a China competition bill, at the behest of Republican lawmakers who argued the cannabis banking reforms didn’t belong in the legislation.
Wed / Jun 8th
The U.S. Conference of Mayors endorsed a resolution calling on federal lawmakers to pass the SAFE Banking Act and to legalize both medical and adult-use cannabis.
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