Hawaii Tabs CanPay for MMJ Industry Transactions
Wed / Sep 13th
All eight of Hawaii’s medical cannabis dispensaries will go cashless as of Oct 1., opting instead to use the CanPay… Read More
Banking
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:
House Committee Blocks All Cannabis-Related Budget Amendment Votes
Thu / Sep 7th
The Republican-controlled House Rules Committee has blocked multiple cannabis-related amendments from receiving consideration by the full chamber, effectively preventing the… Read More
Dirty Green Dollars: Cannabis Taxes and the Banking Predicament
Thu / Sep 7th
In the U.S., legal cannabis — medical and recreational — is a multi billion dollar industry which deals almost exclusively… Read More
One Bank Serving Six of Florida’s Seven MMJ Companies
Fri / Sep 1st
Six of Florida’s seven licensed medical cannabis companies are doing business at First Green Bank, an Orlando-area financial institution founded… Read More
Banks in Uruguay Closing Accounts of Pharmacies Selling Cannabis
Mon / Aug 21st
International anti-money laundering laws are forcing banks to abandon Uruguayan pharmacies legally selling cannabis, according to a Business Times report.… Read More
National Conference of State Legislatures Call for Cannabis’ Removal from CSA
Tue / Aug 8th
The National Conference of State Legislatures, a bipartisan non-government organization, has passed a resolution calling for the removal of cannabis… Read More
Partner Colorado Credit Union Creates Service to Serve National Cannabis Companies
Thu / Jul 20th
Partner Colorado Credit Union has created a Credit Union Service Organization to serve other credit unions interested in serving the… Read More
Appeals Court Decision Breathes New Life Into Cannabis Credit Union Plan
Tue / Jul 4th
A decision last week by the 10th U.S. Circuit Court of Appeals may allow plans for the world’s first banking… Read More
The Current State of Cannabis Business
Fri / Jun 30th
One of the first things you learn in high school civics class is that there is federal law, and then… Read More
PNC Bank Drops MPP Accounts
Thu / Jun 22nd
PNC Bank is closing the accounts of the Marijuana Policy Project after an audit revealed that the organization received funding… Read More
Federal SAFE Banking Act Would Normalize Banking for Canna-Businesses
Fri / May 5th
The dangers, inefficiencies, and potential for loss due to the cannabis industry’s cash-dominated system are well documented – and while… Read More
Senators Urge FinCEN to Allow Bank Access to Legal Canna-businesses
Tue / Jan 3rd
A bipartisan group of U.S. senators has sent a letter to the Financial Crimes Enforcement Network urging the agency to… Read More
How to Open a Bank Account for Your Cannabis Business
Mon / Nov 14th
According to recent data from the Associated Press, there are now more than 300 U.S. banks and credit unions that… Read More
Blockchain Startups Eyeing Colorado Cannabis Industry
Wed / Sep 28th
While most canna-businesses are left without access to traditional financial institutions, some Colorado companies are turning to non-traditional enterprises in… Read More
Two Big Canadian Banks Refusing Service to Cannabis Companies
Mon / Sep 12th
Two of Canada’s big banks, Scotiabank and the Royal Bank of Canada, are no longer providing accounts to marijuana businesses,… Read More
Denver Credit Union to Add More Cannabis Industry Depositors
Mon / Aug 1st
Denver, Colorado-based Partner Colorado Credit Union is providing services to about 20 cannabusinesses in the state, with plans to add… Read More
Cannabis-Friendly Illinois Bank Targeted by Feds
Fri / Jul 15th
The Des Plaines, Illinois-based Millennium Bank entered into a consent order with the Federal Deposit Insurance Corp and the state’s… Read More
Senate Committee Votes to Protect Banks Serving Legal Cannabis Companies
Fri / Jun 17th
The U.S. Senate Appropriations Committee voted Thursday in support of expanding bank access to the cannabis industry. The amendment, approved in a 16-14 vote,… Read More
NORML Targeted Next, Loses Online Donation Processing
Tue / Mar 8th
We recently published an update about banking issues commonly encountered when operating in or near the cannabis industry. These issues remain unsolved,… Read More
Cannabis Banking Woes Widen
Tue / Mar 1st
For all the successful reforms and increasingly marijuana-friendly attitudes among politicians — not to mention a relentless, nation-wide cultural backlash against the failed… Read More
Oregon Bill to Reform Cannabis Banking Passes in the House
Wed / Feb 17th
A bill designed to ease banks’ fears about providing services to the marijuana industry, HB 4094, passed in the Oregon… Read More
Chase Bank Shuts Down Company’s Account for Talking About Cannabis
Mon / Feb 1st
Cannabis and banking have been at odds since legalization first touched down in Colorado and Washington — but now, a Chase… Read More
Fourth Corner Credit Union Sues Federal Reserve Over Application Denial
Wed / Dec 30th
A little over a year ago, the Fourth Corner Credit Union announced its plan to become the first banking institution… Read More
California Board of Equalization Calls for Cannabis Banking Services
Wed / Oct 21st
In an opinion piece on the Huffington Post, California Board of Equalization (BOE) member Fiona Ma called for California to… Read More