While cannabis companies often stumble to locate financial institutions that are willing to take them on as customers due to hazards caused by the ongoing federal prohibition of cannabis, a new analysis found that financial activity accumulates in states that legalize the sticky leaf. The examination doesn’t make a natural tie between state-level cannabis reformContinue reading “Cannabis Banking in Legal States”
Tag Archives: Cannabis banking
New Bill Could Grant Cannabis-friendly Banks Protection
As congressional legislators continue to chase a measure to nationally protect banks that operate with Pennsylvania-legal cannabis companies, a bipartisan pair of Pennsylvania Pennsylvania senators have revealed that they will soon be debuting ‘buddy’ legislation Commonwealth. Earlier this week, Senators John DiSanto (R-PA) and Sharif Street (D-PA) circulated co-sponsorship memorandums to colleagues disclosing their planContinue reading “New Bill Could Grant Cannabis-friendly Banks Protection”
Visa Issues Warning Regarding Debit Card Cannabis Purchases
Visa, one of the world’s largest card payment processing companies, issued a regulatory memo to customers alerting them that miscoding point-of-sale commerce via the use of so-called cash-free ATMs—a method used by various cannabis retailers as a workaround to receive credit or debit cards for acquisitions—could guide to damages or other unidentified compliance action. TheContinue reading “Visa Issues Warning Regarding Debit Card Cannabis Purchases”
Is Cannabis Banking Reform on the Horizon?
Senate authority has received another letter demanding that cannabis banking reform be established as part of defense legislation—this time from financial organizations and labor coalitions. The American Bankers Association, also known as ABA, the Credit Union National Association also known as CUNA, the United Food, and Commercial Workers Union, also referred to as UFCW, andContinue reading “Is Cannabis Banking Reform on the Horizon?”
Bank of America Terminates Popular Cannabis Account without Cause
One of the largest banks in the States is closing down the account of a research institute that’s federally commissioned to grow and study Schedule I substances like cannabis and psilocybin (magic) mushrooms. Bank of America, usually stylized as BoA, randomly informed the Scottsdale Research Institute or the SRI to terminate its accounts this week.Continue reading “Bank of America Terminates Popular Cannabis Account without Cause”
What to Expect in Cannabis Retail in 2021
What to Expect in Cannabis Retail in 2021 Changes in purchasing behaviors 2020 was a very interesting year for the cannabis industry. Due to the COVID-19 pandemic, cannabis dispensaries and cannabis delivery services experienced a handful of economic ups-and-downs. In March of 2020, a national emergency was enacted in response to the pandemic. Cannabis dispensariesContinue reading “What to Expect in Cannabis Retail in 2021”