Category Archives: banking

Credit Union 1 to Offer Banking Services to Alaska Cannabis Businesses

Alaskan cannabis companies can now access basic banking services, thanks to new pilot program launched by the financial cooperative Credit Union 1. In a press conference announcing the launch of the pilot today, Credit Union 1 CEO James Wileman said the program was a response to the cash crisis facing marijuana-related businesses in Alaska. Alaska […]

Wells Fargo closes account of Florida candidate who backs medical cannabis

In an election-year example of banks’ reluctance to affiliate with the cannabis industry, Wells Fargo terminated the campaign account of a Florida agriculture commissioner candidate because she supports medical marijuana. The move underscores the perils of political candidates who advocate on behalf of the cannabis industry – and, if more widespread, could hamper pro-MJ reform efforts. […]

Florida Politician Says Wells Fargo Shut Down Her Account Over Pro-Cannabis Stance

A Florida political candidate has said that Wells Fargo has closed her campaign accounts because of her pro-cannabis stance. Nikki Fried, a Democratic candidate for state agricultural commissioner, said during a press conference on Monday that the move by the financial institution is “unprecedented” and “emblematic of what is wrong with our government and politics today,” […]

Dispensary Under Fire For Similar Name And Logo As National Bank

If you search “Citidank,” Google asks, “did you mean: Citibank?” But the entire first page of results has nothing to do with the multi-billion dollar banking giant. Instead, the search returns customer reviews, Facebook pages, and social media accounts for a southern California cannabis superstore. Citidank, the popular and highly-rated dispensary based in Cathedral City, […]

Feds working on new marijuana banking guidance, Treasury Secretary Mnuchin tells Congress

Published: Feb 15, 2018, 11:29 am • Updated: Feb 15, 2018, 12:00 pm By Alex Pasquariello, The Cannabist Staff Issuing updated marijuana banking guidance is “at the top of the list” for the U.S. Treasury Department, according to Sec. Steve Mnuchin. “I can tell you we’re working on it as we speak,” he told a […]