Banking for the cannabis industry has been a challenge to say the least. That said, there exists a navigable pathway for existing cannabis markets and for new state markets to follow. In light of lingering concerns that Attorney General Jeff Sessions will crack down on marijuana, the industry continues to see increased support from banking institutions. […]
Cole Memo
The Legal Implications Of Advertising Cannabis Across Different Media
Placing and accepting advertisements for cannabis products is complicated. There are different legal concerns at the federal and state levels, and different considerations for advertisements in print, broadcast, internet and other media. Federal Law No matter what laws apply at the state level, federal law cannot be ignored. Over forty years ago, the United States […]
Marijuana Banking Takes Massive Leap Forward
Last month witnessed a marijuana banking explosion. Spanning 29 states and generating $7.2 billion in 2016, the United States’ legalized marijuana industry’s greatest obstacle—banking—was significantly reduced by the Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network’s (FinCEN) June 6, 2017, “marijuana banking update,” The Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City, […]
FinCEN: Steady Upward Trend of More Commercial Banks Working With Cannabis Businesses
The cannabis banking conundrum is getting better.. but still has a long way to go. That is the finding of recently released information by the Financial Crime Enforcement Network (FinCEN) that charted cannabis banking activity from January, 2014 to March, 2017. The FinCEN report showed that depository institutions that provided banking services to marijuana-related businesses […]
California cannabis group of stakeholders working on banking solutions
With the passage of California Proposition 64, the California Marijuana Legalization Initiative, in November, 2016, came a plethora of questions surrounding the regulatory processes that must be established before the sale of adult-use cannabis begins on January 1, 2018. The primary question: How does the state bank the cannabis industry? It seems paradoxical to require […]
Four Marijuana-State Govs Ask Feds to Leave Them Alone
Four governors of states where voters have legalized marijuana for recreational use are asking the Trump administration to leave in place an Obama-era agreement that gave exemptions to the legal pot industry. In a letter to Attorney General Jeff Sessions and Treasury Secretary Steven Mnuchin, the governors asked the Justice Department to maintain a 2013 […]
Banking Overview for Cannabis Companies
At California Cannabis CPA, we are fortunate enough to have many growing Cannabis Companies come to us to handle their tax and financial needs. Unfortunately, a huge grey area that our clients face relate to banking and money. Hopefully this post will help answer those questions and provide the information you need to thrive in this […]
