Marijuana Banking Archives - Cannabis Business Executive - Cannabis and Marijuana industry news

Bank Of America, NRA, And Mastercard Are Lobbying On Marijuana Banking

Bank of America, the National Rifle Association, and Mastercard are among the entities that are currently lobbying on the marijuana banking act. As first reported in an article published on Cannabis Wire on October 20, Bank of America, the National Rifle Associaton,…

US Senate looks at cannabis banking reform, but industry says it’s not enough

A U.S. Senate committee on Wednesday will vote on whether to advance a bill that would allow the legal cannabis industry access to banking, an option that industry lobbyists have long sought. But even before the Senate Banking Committee takes…

Banking New York’s social equity cannabis fund: regulators seem to take lenient approach to financing rules

September 18, 2023
AggregatedNews
New York
0 Comments

New York’s Cannabis Control Board recently passed a long-awaited slate of regulations that, in part, put strict limits on which people or entities can hold a financial interest in certain weed businesses. These “True Parties of Interest” rules (TPIs) were designed to prevent monopolies in New…

Senators push to pass cannabis banking bill after marijuana rescheduling

A bipartisan coalition of senators behind a cannabis banking bill is pushing for a markup and working to clear key hurdles on both sides of the aisle to lock down support. As advocates work to drum up momentum for the…

Cannabis businesses boom in Maine, but access to banking’s a bust

August 7, 2023
AggregatedNews
Maine
0 Comments

Every few weeks, Steve Rusnack fills up his gas tank and sets off for the roughly 500-mile round trip between his cannabis shop in Fort Kent and his bank in Augusta. He isn’t crazy about the nearly 10-hour trek, especially…

Missouri

A new Missouri law might make it easier to get a marijuana business loan. Here’s how

Missouri Gov. Mike Parson recently signed a new law that will make it easier for some banks to grant loans to marijuana businesses. The new law will also require those businesses to submit fingerprints for all marijuana company employees to…

Missouri

Missouri Bill Would Allow Credit Cards For Marijuana Purchases

Missouri could be seeing green when it comes to the medical and recreational marijuana industries. Since marijuana is not legalized on the federal level, banks and credit card companies typically won’t allow plastic to pay for marijuana. But the Missouri…

The SAFE Banking Act’s Potential Impact On The Marijuana Industry

The Secure and Fair Enforcement (SAFE) Banking Act, a proposed legislation aimed at allowing banks to do business with companies operating legally within states that have legalized marijuana, had the potential to change the way the marijuana industry operates. Despite…

Senate GOP faces politics vs. policy battle on marijuana

December 16, 2022
AggregatedNews
Federal
0 Comments

The omnibus package is on the path to passage, but the expected exclusion of marijuana banking reform has spawned a battle in the Senate GOP. For months, top Democrats and a number of Republicans had high hopes that legislation allowing…

Senate Democrats to reportedly push banking reforms for cannabis industry

Democrats in the Senate will push to liberalize banking access to the cannabis industry during the lame duck session, it was reported on Saturday, in moves being watched closely by the Department of Justice which is concerned that reforms could…

Maine’s marijuana industry booming no thanks to banks

The cannabis industry in Maine is a big money-maker, make no mistake about it. In 2020, Maine’s medical marijuana industry generated $266 million in sales, according to Maine Revenue Services, surpassing sales in the state’s traditional leading cash crops of…

Pot shop robberies are fueling calls for a U.S. banking bill

A surge in robberies at licensed cannabis shops — including a pistol-whipping, gunshots and killings in Washington state last month — is helping fuel a renewed push for federal banking reforms that would make the cash-dependent stores a less appealing…

Cannabis banking legislation passes House. Booker and other advocates have equity concerns.

Legislation allowing banks to offer credit cards, checking accounts and other financial services to legal cannabis businesses passed the U.S. House Friday, the sixth time that the Democratic-controlled chamber approved such a measure. The Secure and Fair Enforcement, or SAFE Banking…

Marijuana industry has only a couple banking options in New Mexico

Verdes Foundation, one of New Mexico’s largest medical cannabis companies, is set to open its first Santa Fe shop — a dispensary on downtown Shelby Street — at the end of November. It plans another new store in the city…

Missouri

For legalized marijuana, banking woes persist in Missouri

Nearly three years after Missouri voters legalized medical marijuana across the state, the cannabis industry in St. Louis appears to be thriving, with state-regulated dispensaries popping up throughout the region. But managing the money side of things has proven a…