Cannabis Banking

Editor’s note: This story has been updated to correct misspellings of the company names PayQwick and Komplyd. Kevin Hart, the founder and CEO of Green Check, spoke on the most recent episode of Cannabis Insider and said he has been essential in addressing the cannabis industry’s...

U.S. House Republicans have decided to scrap a provision aimed at protecting banks from federal crackdowns on cannabis-related businesses from a significant government funding bill. This move came after notable resistance from within its own party, reported The Hill Thursday afternoon. The...

Senators Chuck Grassley (R-IA) and John Cornyn (R-TX) joined a chorus of criticism against state-legal marijuana markets and the pending cannabis banking reform legislation. Their remarks are part of the ongoing debate surrounding marijuana policy, which will likely shift following Tuesday's...

First Citizens Bank's cannabis banking business provided a $1 million working capital line of credit to MC Nutraceuticals, a global supplier of hemp-derived cannabinoids. The news comes on the heels of FCB's recent announcement that it is getting into the cannabis market. With the move, it became...

How hard it is to survive in the cannabis space?  On the one hand, the marijuana industry is nascent as the plant has been stigmatized for decades. Being illegal at the federal level makes operating that much more complicated. On the other hand, the industry continues to progress. Each year more...

New Congressional Report Highlights Perils Of Cash-Only Transactions For Cannabis Industry Licensed state-legal cannabis businesses are facing significant challenges, due the the lack of banking access, suggested a report published by the Congressional Research Service (CRS) on Tuesday. "If...

Uber Technologies (NYSE: UBER) has emerged in the area of federal marijuana lobbying, as reported by Marijuana Moment. The company is has shown interest in the Secure and Fair Enforcement Regulation (SAFER) Banking Act, marking its first foray into federal marijuana advocacy. The banking...

This article was originally published by the National Organization for the Reform of Marijuana Laws (NORML) and appears here with permission. #1: MORE STATES ENACT ADULT-USE MARIJUANA LEGALIZATION LAWS Delaware, Minnesota, and Ohio enacted laws in 2023 legalizing adult-use marijuana...

In a three-hour Senate Banking Committee hearing on Wednesday, US. Sen. Raphael Warnock (D-GA) asked eight CEOs of the biggest banks in the country to raise their hands if they support the SAFER Banking Act. Only Brian Moynihan, CEO and chairman of Bank of America (...

The Cannabis Financial Industry Group (CFIG) published a guide to help state-legal cannabis-related businesses (CRBs) access safe banking options. CFIG is a coalition of financial institutions and associated risk mitigating service providers serving the regulated U.S. cannabis industry. Per the...

Shield Compliance, a platform for cannabis banking released an open letter calling for the nation's leading card brands, including Mastercard (NYSE: MA), Visa (NYSE: V), Discover (NYSE: DFS), American Express (NYSE: AXP) to reverse their policies of prohibiting financial...

Dama Financial, a provider of access to banking and payment solutions for the cannabis industry, has agreed to acquire Candid AI - a digital e-commerce platform that makes personal product recommendations. The move comes on the heels of the acquisition of GrowFlow, a seed-to-sale software...

At the recent Benzinga Cannabis Capital Conference in Chicago, experts explored the role of small banks and credit unions in the cannabis industry. With regulatory challenges and evolving services, these institutions are vital for the sector's growth. What drives these smaller players into...

A new survey conducted by Morning Consult on behalf of the American Bankers Association (ABA) from September 20-22, 2023 revealed that the majority of Americans are in favor of Congress passing a marijuana banking bill and are pleased with their banks. The cannabis banking bill, or...

Cannabis supporters and companies have their fair share of drama around commerce and banking issues. And while the Senate Banking Committee's recent approval of the SAFER Banking Act was “a huge step forward in the right direction” that will help...