Category Archives: banking

Congress looks into allowing banking for marijuana businesses

U.S. lawmakers are once again exploring efforts to allow legal cannabis businesses access to banks. The Democratic-controlled House Financial Services Committee on Wednesday held a hearing to discuss the Secure and Fair Enforcement Banking Act of 2019, also known as the SAFE Banking Act, reports Yahoo Finance. “We’re trying to examine how outdated banking regulations […]

Bank Officials Urge Congress to Allow Cannabis Businesses Banking Services

Bank officials and cannabis industry representatives joined together on Wednesday to urge Congress to allow marijuana businesses access to banking services. At a hearing of the House Consumer Protection and Financial Institutions Subcommittee, lawmakers heard from advocates of the Secure and Fair Enforcement (SAFE) Banking Act of 2019 who are seeking support for the bill. Due […]

In Congress, a Changed House Finally Looks at Cannabis Banking

Six years after introducing the Secure and Fair Enforcement (SAFE) Banking Act, a cannabis banking reform measure, co-author Denny Heck finally saw it enjoy its first committee hearing in Congress on Wednesday. The number of banks and credit unions willing to handle cannabis money is growing, but they still represent only a tiny fraction of […]

New Michigan Canna-Businesses Find Ways to House Cash in Banks

In the 2018 midterm elections last November, Michigan voters approved a measure to legalize a retail adult-use cannabis industry. As that industry begins to gain its footing, cannabis companies are looking ahead to the banking issues they’re soon to face. Fortunately for them, legal marijuana industries in other states have already shown that there are […]

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 […]