Tag: Banking

Marijuana Banks Are Standing Up to Jeff Sessions

The nation’s banking institutions are fighting back against Attorney General Jeff Sessions and his archaic and outdated attempts to roll back pot progress. The marijuana banks have begun a big lobbying push to loosen federal restrictions on the surging legalized cannabis industry. Empowered by support from both President Donald Trump and Sen. Elizabeth Warren (D-Mass.) […]

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Colorado Credit Union Approved for Marijuana Banking

After years of legal battles, a Colorado credit union has finally won conditional approval from the Federal Reserve Bank to serve ancillary canna-businesses. Back in 2014, Fourth Corner Credit Union received a charter from the state of Colorado allowing it to serve state-legal cannabis firms. Federal law prohibits any bank from dealing with a business that handles […]

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Cannabis Banking Measure Blocked by Republicans

Republican congressional leaders are blocking a measure to allow marijuana businesses to deposit their profits in banks. Most financial institutions are hesitant to serve cannabis businesses that are legal in a growing number of states because of ongoing federal prohibition and the associated risk of running afoul of money laundering and drug laws. As a result, […]

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Washington Bid To Ban Bitcoin For Buds

Too much cash might seem like the kind of problem business owners want to have. But for marijuana businesses, strict limits on banking impose a significant cost and safety risk. Across the value chain, from seed to sale, market players are forced to devote time (and floorspace) to storing and distributing high volume cash payments. […]

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