Cannabis Banking

A group of bipartisan lawmakers introduced a marijuana cannabis banking bill in Congress on Wednesday.  What happened: US Senators Jeff Merkley (D) and Steve Daines (R) along with US Representatives David Joyce (R) and Earl Blumenauer (D) introduced the bipartisan, bicameral...

Minorities for Medical Marijuana, the largest community-based nonprofit in the cannabis and hemp industry, spent 4/20 week walking the halls of Congress for their annual Lobby Days. The event culminated with a Judiciary Committee Markup where a large faction of the organization...

When cannabis companies received a letter from payroll provider Paychex saying the company was no longer offering its services starting in May, they panicked. “That puts a lot of clients in the cannabis space at risk because, in the announcement, Paychex said they could no longer process...

SHF Holdings, Inc. ( d/b/a/ Safe Harbor Financial) (NASDAQ: SHFS) confirmed Wednesday that Karl A. Racine has commenced active participation on the company’s board of directors following his January 2023 departure from office. “We are delighted to have Mr. Racine, a celebrated political...

Green Check Verified (GCV), a fintech provider of compliant cannabis banking solutions and services has launched Green Check Connect or GCC – a new marketplace enabling marijuana-related businesses to find reliable financial service providers. The idea behind this marketplace is to...

Like everything else in 2022, the cannabis industry had its ups and downs. Legalization efforts and reform were up (sort of) and cannabis stocks were down (definitively).  Let’s look at what moved the needle for the cannabis industry this year and how things ended up for a plant so...

When the Secure and Fair Enforcement (SAFE) Banking Act was excluded from Monday’s omnibus appropriations legislation, Senate Majority Leader Chuck Schumer (D-NY) laid the blame directly on the doorstep of two Republican senators whom he felt stood in the way of placing cannabis banking...

Democrats are becoming more vocal about cannabis policy reforms as the midterms approach. They are urging President Biden to act on the issue. Pennsylvania Lt. Gov. John Fetterman recently called upon the President to deschedule marijuana from a Schedule I drug and work to decriminalize it,...

As expected though always welcome, PA Gov. Tom Wolf (D) signed a bill into law that includes important provisions to protect banks and insurers that work with licensed medical marijuana businesses, reported Marijuana Moment. Gov. Wolf, who supports cannabis legalization, signed the...

Rep. Ed Perlmutter (D-CO), a House sponsor of a bipartisan marijuana banking reform bill, filed an amendment to the Fiscal Year 2023 National Defense Authorization Act (NDAA) last week that would be incorporated into the Secure and Fair Enforcement (SAFE) Banking Act. The move came after bipartisan...

Marijuana banking legislation will not be included in the final version of the United States Innovation and Competition Act (a/k/a The America COMPETES Act), bipartisan congressional members concluded, Punchbowl News first reported on Thursday. Even though the U.S. House of Representatives formally...

About a quarter of voting members of the U.S. House have joined forces to urge congressional leaders to enact marijuana banking provisions into law as part of the large-scale manufacturing bill - America COMPETES Act. The group of 24 senators from both sides of the aisle have lined up...

CanPay, the largest legit payment network for cannabis retailers and consumers, announced that it has surpassed half a billion dollars in transparent transactions in states where cannabis is legal. CanPay, now used at more than 800 participating merchant locations in 31 states across the...

Cannabis banking fintech company Abaca surpassed compliantly processing more than two billion dollars in commerce for the cannabis industry. The company's growth is fueled by aligning its bank-backed financial technology offering with the needs of cannabis business operators, enabling...

The U.S. House of Representatives formally attached a marijuana banking reform amendment to a large-scale bill dealing with innovation and manufacturing, marking the most recent development in the push to protect financial institutions that work with state-legal cannabis businesses. Marijuana...