The trend of states legalizing cannabis – 33 Medical Marijuana states plus the District of Columbia and 10 Adult-Use states and counting – while it remains illegal under federal law poses a dilemma for U.S. financial institutions. While some banks and credit unions have chosen to serve cannabis businesses, most refuse to do so given […]
Financial Crime Enforcement Network (FinCEN)
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 […]
