Mastercard moves to ban cannabis purchases on its debit cards July 27, 2023 AggregatedNews Banking, Finance & Real Estate, News & Insights 2 Comments Mastercard (MA.N) has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United States. Most banks in the country do not service cannabis… Read More→
Cost-cutting and Efficiency Strategies for Cannabis Operators July 18, 2023 Dave McManus Accounting, Banking, Finance & Real Estate, Best Practices 0 Comments After a period of solid growth, cannabis markets in many regions, including Massachusetts, have begun to plateau due to heavy competition and market saturation. While more mature states have been hardest hit, others like Vermont or those still in their… Read More→
Canopy Growth closes sale of California facility amid liquidity worries June 30, 2023 AggregatedNews Banking, Finance & Real Estate, News & Insights 0 Comments June 29 (Reuters) - Pot producer Canopy Growth (WEED.TO) said on Thursday it has completed the sale of its facility in Modesto, California as part of its divestitures to raise funding amid liquidity concerns. The sale, the fifth such deal since April… Read More→
Why the SAFE Banking Act Still Stinks: Third Try Falls Short June 27, 2023 Steven Schain Banking, Finance & Real Estate, Policy & Legal 0 Comments By Steven Schain While preferable to its predecessors, the SAFE Banking Act fails to provide legal marijuana growers, processors, transporters or sellers (marijuana-related businesses or MRBs) with the access to banking that every other legitimate industry enjoys. Is the third… Read More→
Skin in the Game: The Diversified Lending of Pelorus Capital Group June 27, 2023 Tom Hymes Banking, Finance & Real Estate, Company Stories, News & Insights 0 Comments A major player in cannabis commercial real estate lending, Newport Beach, California-based Pelorus Capital Group was founded in 2010 by high school buddies turned business partners Dan Leimel and Rob Sechrist, who today serve as CEO and President of the… Read More→
Lawmakers reintroduce SAFE Banking Act, a bill the cannabis industry hails as a lifeline April 27, 2023 AggregatedNews Banking, Finance & Real Estate, Federal 0 Comments A group of bipartisan lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the House and Senate on Wednesday, after the legislation designed to free up banking services for the cannabis industry stalled in last year’s Congress. The bill,… Read More→
How Regtech Is Simplifying Cannabis Compliance April 19, 2023 Marion Mariathasan Banking, Finance & Real Estate, Compliance, Compliance and Regulations, Insurance, Op-Ed, Science and Technology 0 Comments By Marion Mariathasan There is no doubt that 2023 has been a bumpy start for many in the cannabis sector. A bear market is obliterating company valuations. Federal reforms are moving at a glacially slow pace. Inflation continues to choke… Read More→
Negotiating a Lease for Your Cannabusiness March 27, 2023 Stacey Tyler Banking, Finance & Real Estate 0 Comments By Stacey C. Tyler, Esq. and Stephen Tanico, Esq. Finding a suitable location and obtaining site control for your cannabis operation is a daunting prospect: local restrictions and zoning laws drastically limit the permissible locations, and as a result, owners… Read More→
High & Dry: Banking crisis to further choke funding for cannabis sector March 24, 2023 AggregatedNews Banking, Finance & Real Estate 0 Comments March 24 (Reuters) - The global banking turmoil threatens to squeeze U.S. cannabis companies already struggling with meager funding sources by drying up support from regional lenders and tightening fundraising from alternative avenues. Most U.S. banks do not service cannabis… Read More→
Are 504 Private Placement Security Offerings Allowed in Cannabis Businesses? March 20, 2023 AggregatedNews Banking, Finance & Real Estate 0 Comments By Jack Scrantom & Jonathan Bench, Attorneys at Harris Bricken We’ve written regularly about the plight of cannabis businesses not being able to secure traditional lending (and other financial services) from major, federally regulated institutions. In this post, we dive… Read More→
Banking Failures Are Hitting Weed Companies, Too March 19, 2023 AggregatedNews Banking, Finance & Real Estate 0 Comments Industry is uncertain whether its deposits are FDIC-insured, Risks seen for pot accounts and banking legislative prospects Crypto isn’t the only edgy new industry being roiled by the collapse of several banks. US companies that deal directly with cannabis, a federally… Read More→
Paybotic Is Quietly Building a Financial Services Ecosystem for the Cannabis Industry February 20, 2023 Tom Hymes Banking, Finance & Real Estate, Company Stories, News & Insights 0 Comments Based in West Palm Beach, Florida, where it recently celebrated the relocation of its corporate headquarters, financial services provider Paybotic has been focused on the cannabis and hemp industries since 2013, when it serviced its first cannabis merchants in Colorado’s… Read More→
Should Cannabis Operators Prepare for Federalization in 2023? Not so fast… February 8, 2023 Dave McManus Accounting, Banking, Finance & Real Estate, Multiple State Operators 0 Comments The Administration took bold steps last year that signaled an openness to federalizing cannabis. Plenty of speculation has followed, and it seems clear that the federal market could open soon. My perspective is that 2023 is not the year, and… Read More→
Moonstone No More: Alameda-backed Bank Will No Longer Service Crypto/Cannabis Industries January 31, 2023 Tom Hymes Banking, Finance & Real Estate, News & Insights 0 Comments Following the seizure of bank accounts by federal prosecutors tracking down assets held by fallen FTX founder Sam Bankman-Fried and others, Farmington State Bank, the tiny Washington state institution that received a $11.5 million investment in March from FTX offshore… Read More→
The SAFE Banking Act’s Potential Impact On The Marijuana Industry January 24, 2023 AggregatedNews Banking, Finance & Real Estate 0 Comments The Secure and Fair Enforcement (SAFE) Banking Act, a proposed legislation aimed at allowing banks to do business with companies operating legally within states that have legalized marijuana, had the potential to change the way the marijuana industry operates. Despite… Read More→