Banking

Officials in West Virginia have canceled and reissued their request for banking solutions for the state’s upcoming medical cannabis industry after the first round’s five applicants failed to meet all of the state’s requirements.

Sister Kate is the founder of Sisters of the Valley, a collection of self-described cannabis nuns who grow CBD-rich cannabis in California.

Medical cannabis company Columbia Care, which operates in 12 states, has launched its own credit card for patients in New York. According to the company, the option has boosted sales in an otherwise cash-only marketplace and there are plans to introduce the card next in Illinois.

Despite the 2018 federal legalization of industrial hemp, banks are still hesitant to work with hemp-derived CBD companies, many of whom have lost their credit card processing capabilities in recent months.

The bill, which would create state-chartered banks that would work with the state’s cannabis industry, passed the Senate 35-1 and now moves to the Assembly for consideration.

The cannabis-loving Sisters of The Valley found out that their bank account would be suspended after the trailer for their upcoming documentary was released.

The SAFE Banking Act, which was co-sponsored by one-third of the House and one-fifth of the Senate, may never advance further than the Senate Banking Committee after the committee’s chair Sen. Mike Crapo (R-Idaho) said he would not commit to granting the legislation a hearing.

The West Virginia state government is seeking a financial institution willing to work with the state’s medical cannabis industry; the director of the state’s medical program expects licensing to pick up once a bank is secured.

At least two Canadian financial institutions are turning away U.S.-based cannabis companies due to the plant’s ongoing federal prohibition there.

The new law authorizes the state treasurer to select financial institutions who will provide banking services via a competitive bidding process to state-legal cannabis companies.

Federal lawmakers on Thursday advanced a sweeping cannabis reform bill out of committee for the first time, ever.

The House Financial Services Committee is set to vote next week on the SAFE Banking Act; it will be the first Congressional cannabis vote of the year.

A bill allowing state-licensed medical cannabis companies to access banking services in West Virginia has passed both the state House and Senate and now awaits the governor’s signature.

The Secure and Fair Enforcement Banking Act had a contentious hearing before the House Financial Services Subcommittee and it’s uncertain whether it will be considered by the full House.

A bill that would provide banking access and federal protections for state-legal cannabis businesses has received a House committee hearing for the first time in national history.

The first hearing of the year is scheduled for February 13 in front of the Consumer Protection and Financial Institutions Subcommittee.

The cannabis industry lobbying organization is bringing more lobbyists onboard to pressure for passage of the STATES Act this session.

H.R. 420 would decriminalize cannabis and allow states to establish legalization, placing federal regulations under the ATF.