Banking

The Pennsylvania Senate Banking and Insurance Committee advanced a measure to give state-legal cannabis businesses more access to banking, finance, and insurance services.

A recent survey by the National Cannabis Industry Association and Whitney Economics found that 37% of cannabis businesses in the U.S. are not profitable.

The SAFE Banking Act — which has sought for years to let the cannabis industry access banking services — was revived last week as an attachment to the America COMPETES Act of 2022, a domestic spending bill.

Congressional Democrats are planning to take on numerous cannabis reform proposals during the upcoming legislative session, including banking, expungement, decriminalization, and social equity considerations.

The Canadian Human Rights Commission will hear a case on whether banks can recall mortgages for cannabis licensee homeowners.

Visa issued a warning recently against dispensaries using “Cashless ATMs” to mimic the process of purchasing cannabis products with a credit or debit card.

Lawmakers have removed language from a national defense bill that would have given state-legal cannabis companies access to banking services.

New Mexico approved a $5 million loan program specifically for cannabis microbusinesses in an effort to advance the states’ social equity goals.

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.