When Ohio’s medical marijuana dispensaries finally open their doors later this year or early next year, they’re expected to rake in a ton of cash. But they’re unlikely to head straight to the bank with it. Most banks and credit unions won’t handle proceeds from marijuana-related businesses because the drug is still considered an illegal controlled substance by […]
Marijuana Banking
Senators Vote To Block Marijuana Banking Amendment
A powerful U.S. Senate panel has moved to block an amendment to let marijuana businesses store their profits in banks. In a 21 – 10 vote, the Senate Appropriations Committee tabled an amendment on Thursday that would have shielded financial institutions that open accounts for cannabis businesses that are complying with state laws from being punished by federal regulatory authorities. Current […]
More Banks Working With Marijuana Businesses, Despite Federal Moves
The number of banks that are willing to work with marijuana businesses is steadily climbing, even after the Department of Justice revoked protections for state cannabis laws, new federal data shows. By the end of March, 411 banks and credit unions in the U.S. were “actively” operating accounts for marijuana businesses, according to a report […]
Cannabis Investments Increase Nearly 600% Internationally
Compared to the first five weeks of 2017, this year’s investments represent nearly 600 percent growth. The cannabis industry registered US$1.23 billion in investments during January alone, according to Viridian Cannabis Deal Tracker – almost the total amount of money invested in the industry throughout 2016, which was US$1.29 billion. Compared to the first five weeks of 2017, this year’s investments represent nearly 600 percent growth. Viridian […]
California Ponders Idea of a Public Bank to Serve the Cannabis Industry
With recreational marijuana sales set to become legal in California next year and most banks unwilling to open accounts for cannabis companies, pot entrepreneurs are desperate to figure out what to do with their piles of cash. Now, some want the state or cities to get involved. Over the last year, there has been increasing […]
PNC Bank Cancels Another Marijuana Advocacy Group’s Bank Account
Marijuana legalization advocate Cher Neufer queued up at a Cincinnati post office in mid-June expecting to mail a t-shirt to a donor. Instead, she was met with the message every shopper dreads: card denied. A few phone calls later, Neufer discovered that PNC had closed the account for the National Organization for the Reform of Marijuana’s Ohio branch […]
PNC Bank Shuts Down Marijuana Policy Project Accounts Amid Federal Uncertainty
One of the nation’s leading marijuana legalization groups says PNC Bank has notified it that it will close the organization’s 22-year-old accounts, a sign of growing concerns in the financial industry that the Trump administration will crack down on the marijuana industry in states that have legalized it. The Marijuana Policy Project (MPP) lobbies to […]
Elizabeth Warren Working to Bring Marijuana Businesses and Banks Together
BOSTON — As marijuana shops sprout in states that have legalized the drug, they face a critical stumbling block — lack of access to the kind of routine banking services other businesses take for granted. U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, is leading an effort to make sure vendors working with legal marijuana businesses, […]
Effort to Open Banking System to Legal Marijuana Industry Stalls in Congress
Failing in an effort to match the success of their Senate counterparts, House members on Tuesday watched as Republicans killed a budget amendment that would have prevented federal regulators from penalizing financial institutions that worked with legitimate marijuana businesses. Though a Senate committee last week passed a similar amendment,House Republicans in the Rules Committee blocked […]
The Ticking Time Bomb That is Marijuana Banking
Here’s a question I never hear anyone asking: How long will it be before the Cannabis Industry’s banking halts the growth of the industry? I started thinking about this while reading a recent story from Government Technology (their tagline is, “Solutions for State and Local Government”) titled Why Marijuana Businesses Still Can’t Get Bank Accounts. It’s […]
Start-Ups Step Up and Try to Solve the Cannabis Industry’s Banking Problem
When Lamine Zarrad was not at his job as a federal banking regulator in recent months, he was spending a lot of time at Denver’s marijuana dispensaries. As a federal employee, he could not partake of the pot. He was there, instead, to pitch the shops on a start-up he has been working on in […]
Judge Dismisses Denver Credit Union’s Lawsuit Against Federal Reserve
A judge on Tuesday dismissed a lawsuit seeking federal approval for the first credit union for marijuana in Colorado, saying that allowing it “would facilitate criminal activity.” U.S. District Judge R. Brooke Jackson said in a nine-page opinion that he was compelled to reject The Fourth Corner Credit Union’s suit because marijuana remains illegal under […]
Federal Judge Has Misgivings About a Charter for Marijuana Credit Union
A federal judge said Monday he sympathizes with pot businesses faced with contradictory regulations, but he expressed misgivings about forcing federal officials to approve a marijuana credit union. U.S. District Judge R. Brooke Jackson made it clear at a court hearing that he was not inclined to issue an injunction forcing the Federal Reserve Bank […]
The Best Kept Banking Secret in the Cannabis Industry
During a routine audit of a business account in 2014, Maps Credit Union in Salem, Oregon discovered it was providing financial services for a marijuana dispensary. Shane Saunders, vice president of operations for Maps, said the credit union had a decision to make: Close the account, or create policies to serve it within state and […]
Next Month, Fourth Corner Credit Union Will Get Its Day in Court
By Mark Goldfogel On Dec. 28, 2015, The Fourth Corner Credit Union will have its day in court. As a defense to the lawsuit, the Federal Reserve Bank of Kansas City argues this case is about the federal illegality of cannabis, but it is not. The lawsuit involves the legal issue of whether all federal and […]
