Colorado’s top federal prosecutor says that he would never tell banks working with legal marijuana businesses in the state that they are devoid of criminal liability. “As federal prosecutors,” Jason Dunn told The Colorado Sun on Tuesday, “we will never tell them that what they are doing is lawful under federal law. There’s always a […]
Marijuana Banking
Marijuana expected to get traction in Senate — as a banking bill
The Senate is poised to take up legislation to boost the nation’s booming cannabis industry, with its backers feeling bullish and selling it as a bill that is more about banking than marijuana. Their confidence follows action in the House on Wednesday, where Democrats and Republicans joined forces to pass an historic bill that would give […]
House to vote on bipartisan cannabis banking bill this month
The House will vote later this month on a bipartisan bill that will allow cannabis businesses access to the federal banking system. House Majority Leader Steny Hoyer intends to bring the SAFE Banking Act to the House floor for a vote this month, his office confirmed to CNN. Hoyer announced at the whip meeting Thursday on Capitol Hill […]
Alaska credit union to end marijuana business pilot program
An Alaska credit union plans to discontinue a pilot program to provide checking and savings accounts to marijuana-related businesses, an official said. Credit Union 1 will end the program Aug. 30 because critical insurance coverage will no longer be available, The Anchorage Daily News reported Tuesday. Credit Union 1 announced the program’s launch in November […]
Plan to create special cannabis-friendly banks moves forward in California
Shut out of the traditional banking system by federal laws, the country’s largest legal marijuana market — in California — could benefit if the state approves a measure creating a special class of banks to handle pot money. The state Senate voted 35 to 1 on Tuesday to pass a bill that would allow people […]
38 Attorneys General Ask Congress To Bring Marijuana Money Into Banking System
The attorneys general of 38 states and territories sent a letter to congressional leaders on Wednesday, urging them: Please, let us bank the money generated by the country’s booming cannabis business. Most states and several U.S. territories have legalized medical marijuana, and 10 states and the District of Columbia have legalized adult recreational use. But federal law […]
Key marijuana banking vote set for next week in Congress
A U.S. House committee vote scheduled for Tuesday could advance a bill to get cannabis industry cash off the streets and into bank accounts. Called the Secure and Fair Enforcement Banking Act, the measure would allow banks to service those cannabis companies that comply with state laws. The vote is likely to come on March […]
Public Banks Could Help Serve Marijuana Industry
NESTLED at the edge of Bismarck, North Dakota, where the city meets the Missouri River, is an inconspicuous brick building that houses a unique institution: The Bank of North Dakota, the only state-owned and state-run bank in the U.S. Born of necessity, the banking model pioneered by North Dakota has since proved profitable – to the tune […]
Alaska credit union to serve marijuana businesses
A credit union will launch a pilot program to begin serving marijuana businesses in Alaska, giving the cash-reliant industry a financial option after banks shunned the industry. Most banks and credit card processors in the U.S. won’t service marijuana businesses because of the federal prohibition on marijuana. Credit Union 1 announced its decision Thursday and […]
Ohio’s new medical marijuana industry has a big problem: What to do with its money.
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 […]
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 […]
