Tag Archives: banking

Medical Marijuana and Money Laundering

Medical Marijuana and Money Laundering

Medical Marijuana and Money Laundering

Medical marijuana may be legal in many states, but federally, it is still illegal. This means that banks run the risk of being charged with money laundering or other crimes for working with what the federal government considers an illicit activity. This creates a precarious situation where billions of dollars of state-licensed marijuana profits are handled almost exclusively in cash. What are the laws the set up this framework? What problems does this create? What is the solution?

Fourth Corner Credit Union Gains Conditional Approval From the Federal Reserve

Fourth Corner Credit Union Conditionally Approved by Federal Reserve

A Colorado credit union dedicated to serving the cannabis industry is one step closer to becoming fully operational. On Feb. 5, 2018, the Fourth Corner Credit Union was given conditional approval by the Federal Reserve Bank of Kansas City for a master account.

California Treasurer Studying Possibility of Creating a Public Cannabis Bank

California Treasurer Studying Possibility of Creating a Public Cannabis Bank

United States Attorney General Jeff Sessions may have reversed federal marijuana enforcement policy, but that isn’t stopping the Golden State from studying how to move forward with creating a public cannabis bank to serve the state’s legal cannabis industry.

John Chiang and Cannabis Banking and Lack of Banking and Public Bank

Treasurer Announces Next Steps in Exploring Creation of a Public Bank to Serve State’s Cannabis Industry

SACRAMENTO, Calif., Jan. 30, 2018 /Weed Wire/ — California State Treasurer John Chiang today announced next steps in determining the potential of a public bank to service the cannabis industry in California.

Bipartisan Group of Senators Urges FinCEN to Stay the Course on Cannabis Banking

WASHINGTON, Jan. 18, 2018 /Weed Wire/ – A bipartisan group of Senators, led by Sen. Jeff Merkley (D-OR) and Sen. Lisa Murkowski (R-AK), today urged the Financial Crimes Enforcement Network (FinCEN) to keep in place guidance that has enabled some financial institutions to provide banking services for legitimate cannabis businesses in states that have legalized medical or recreational cannabis.

California Attorney General and Banking System for Cannabis

Attorney General Becerra Urges Congress to Incorporate $6.7 Billion Cannabis Industry into Banking System

SACRAMENTO, Jan. 16, 2018 /Weed Wire/ – California Attorney General Xavier Becerra today joined a bipartisan group of 18 state attorneys general in urging Congress to advance legislation that will enable the cannabis industry to participate in the banking system in states that have legalized medicinal or adult use of cannabis. The recent decision by the Trump Department of Justice to rescind prior federal guidance rolled back critical protections for the legal cannabis industry.

AG Coffman Urges Congress to Update Banking Laws Regarding Legally Operating Marijuana Businesses

DENVER, Jan. 16, 2018 /Weed Wire/ – Today, Attorney General Cynthia H. Coffman joined a bipartisan group of Attorneys General in sending a letter to Congress urging them to take the necessary legislative actions to allow legal marijuana businesses access to banking services.

U.S. Justice Department Blindsided Banking Agency on Pot Policy Flip

U.S. Justice Department Blindsided Banking Agency on Pot Policy Flip

When the U.S. Justice Department said last week it was reversing policy on the $7 billion marijuana business, it failed to first notify federal officials who advise banks in states where the drug is legal, sources in Congress said.

Payment Provider Pulls Out Of Massachusetts Medical Marijuana Dispensaries

Payment Provider Pulls Out of Massachusetts Medical Marijuana Dispensaries

Only a week into the New Year and it’s already been a rollercoaster ride for medical marijuana in the United States. Though some states have overcome regulatory hurdles, it seems like Massachusetts medical marijuana dispensaries are running into new banking issues.

This Is Why Arkansas Medical Marijuana Banking Will Become a Reality

This Is Why Arkansas Medical Marijuana Banking Will Become a Reality

The Natural State is still reviewing the hundreds of medical marijuana business applications it received back in September 2017 and even though waiting is the hardest part, those that receive licenses can look to forward to the reality of Arkansas medical marijuana banking.

Four Ways the California Treasurer Wants to Improve Cannabis Banking Services

Four Ways the California Treasurer Wants to Improve Cannabis Banking Services

While there have been attempts at the federal level to ensure the availability of cannabis banking services, the Golden State is forging ahead with its own strategies so it can be prepared for the rollout of recreational cannabis in 53 days.

John Chiang and Cannabis Banking and Lack of Banking and Public Bank

Treasurer Chiang Releases Recommendations to Address Lack of Banking for Cannabis Industry

SACRAMENTO, Calif., Nov. 7, 2017 /Weed Wire/ – State Treasurer John Chiang today released a report outlining steps California can take to address the lack of banking services that force much of the cannabis industry to operate in cash.

John Chiang and Cannabis Banking and Lack of Banking and Public Bank

Treasurer Chiang Unveils Findings and Recommendations On Cannabis Banking After Year-Long Study

SACRAMENTO, Calif., Nov. 6, 2017 /Weed Wire/ – State Treasurer John Chiang will release a report on steps California can take to address a lack of banking services that forces much of the cannabis industry to operate business in cash.

This Is Why Uruguay Is Establishing New Cannabis Retail Stores

This Is Why Uruguay Is Establishing New Cannabis Retail Stores

On Sept. 13, 2017, Juan Andrés Roballo, head of Uruguay’s National Drug Board, announced in a press conference that the country is establishing new cannabis retail stores dedicated to cash-only sales of cannabis because most banks are refusing to work with pharmacies involved in the country’s legal cannabis industry.

This is How Hawaii Dispensaries Are Going Cash Free

This Is How Hawaii Dispensaries Are Going Cashless

Hawaii dispensaries are saying goodbye to cash and aloha to debit payments. On Sept. 12, 2017, Hawaii’s Financial Institutions Commissioner Iris Ikeda announced that the state would be the first in the country to require that cannabis sales be cashless.

Legal Weed Entrepreneurs Finding New Funding Options

Legal Weed Entrepreneurs Finding New Funding Options

How do legal-marijuana business entrepreneurs raise money to start or expand their business? The big banks won’t open a checking account for them, let alone lend them money, because cannabis production, processing and selling is still illegal at the federal level. Banking and financing options are limited, but there is a need and funding can be found.

This Is Why State Legislators Are Urging the Feds to Deschedule Cannabis

This Is Why State Legislators Are Urging the Feds to Deschedule Cannabis

On the heels of U.S. Sen. Cory Booker, D-NJ, introducing legislation to Congress to deschedule cannabis, the National Conference of State Legislatures adopted a resolution at its summit in Boston on Aug. 7, 2017, urging the federal government to deschedule cannabis by removing it from the Controlled Substances Act.

Oregon Tax Data and Cannabis Business

State Legislators Across Country Call on Congress to Solve Cannabis Business Banking Problem

BOSTON, Aug. 7, 2017 /Weed Wire/ – State legislators from across the United States renewed a resolution today to help legal cannabis businesses access banking services – to protect those entrepreneurs’ personal and financial safety – and let states determine their own paths forward on cannabis regulation.

Gov. Chris Sununu Signs New Hampshire Marijuana Decriminalization Bill Into Law and State Legislatures

National Conference of State Legislatures Urges De-Scheduling Marijuana

BOSTON, Aug. 7, 2017 /Weed Wire/ — The National Conference of State Legislatures (NCSL) approved a resolution Monday urging that the Controlled Substances Act should be amended to remove marijuana from scheduling in order to give federally approved banks the ability to work with marijuana businesses.

This Is What One Massachusetts Bank Thinks of Marijuana Money

This Is What One Massachusetts Bank Thinks of Marijuana Money

On Aug. 6, 2017, the National Conference of State Legislatures carved out 90 minutes during its summit in Boston for a panel on financial services for legal marijuana businesses, addressing efforts to move marijuana money from a cash-only model to a mainstream banking model.

Casino Lobby Wants Clarification on Marijuana Banking Guidance

Casino Lobby Wants Clarification on Marijuana Banking Guidance

With recreational marijuana now legal in Nevada, home of America’s gambling capital, the casino lobby wants federal marijuana banking guidance on how to deal with money connected to state-legal marijuana markets.

DelBene Introduces Bill to Protect State Enforcement of Marijuana Laws

WASHINGTON, July 31, 2017 /Weed Wire/ — Today, Congresswoman Suzan DelBene (WA-01) reintroduced the State Marijuana And Regulatory Tolerance (SMART) Enforcement Act (H.R. 3534) to protect medical patients, recreational users and businesses in states that have legalized and regulated marijuana from being prosecuted now or in the future.

US Senators Urge Jeff Sessions to Reassure Industrial Hemp Industry

US Senators Pen Open Letter to Urge Jeff Sessions to Reassure Industrial Hemp Industry

With members of the industrial hemp industry facing unnecessary banking hurdles, several United States Senators have joined forces to urge the Department of Justice not to use funds to punish banks that do business with them.

US Senators to Attorney General Sessions: Reassure Hemp Industry You Will Uphold the Law

WASHINGTON, July 7, 2017 /Weed Wire/ – Recently, U.S. Senators Rand Paul (R-KY), Jeff Merkley (D-OR), Ron Wyden (D-OR), Al Franken (D-MN), and Michael Bennet (D-CO) urged Attorney General Jeff Sessions to address their constituents’ concerns regarding the hemp industry’s access to financial services by confirming the Department of Justice will respect Congress’ recent actions on industrial hemp pilot programs.

John Chiang and Cannabis Banking and Lack of Banking and Public Bank

Treasurer Chiang’s Cannabis Banking Working Group Meets in San Diego to Hear From Congressman Dana Rohrabacher About Federal Solutions to Lack of Banking Services for New Industry

SAN DIEGO, July 6, 2017 /Weed Wire/ — Congressman Dana Rohrabacher and other expert witnesses will brief State Treasurer John Chiang and members of his Cannabis Banking Working group on how to provide banking services to California’s soon-to-be-legalized recreational cannabis industry in San Diego on Friday.

Oregon Marijuana Dispensary Tax Payment Stolen by Department of Revenue Employee

Oregon Marijuana Dispensary Tax Payment Stolen by Department of Revenue Employee

Making a marijuana dispensary tax payment without a bank account is difficult for numerous reasons, but now dispensary owners might also have trouble trusting the actual tax man collecting the payment.

Increasing Number of Financial Institutions Banking Marijuana Money

Increasing Number of Financial Institutions Banking Marijuana Money

It seems the advent of the Trump Administration has yet to dissuade banks from serving state-legal marijuana businesses. According to a marijuana banking update issued by the Financial Crimes Enforcement Network, a growing number of financial institutions are banking marijuana money in the United States.

Coloradan Members of Congress Intro Bill to Respect State Marijuana Laws

Coloradan Members of Congress Intro Bill to Respect State Marijuana Laws

On May 18, 2017, Colorado Reps. Diana DeGette and Mike Coffman introduced legislation to protect state marijuana laws from federal interference. If passed, the bill, “Respect States’ and Citizens’ Rights Act of 2017,” would amend the Controlled Substances Act so that the federal government could not use the CSA to preempt state marijuana laws.

Cortez Masto Introduces Legislation to Provide Access to Banking Services for Legal Cannabis Businesses

WASHINGTON, May 17, 2017 /Weed Wire/ — U.S. Senator Catherine Cortez Masto (D-Nev.) joined Senators Jeff Merkley (D-Ore.), Cory Gardner (R-Colo.), Ron Wyden (D-Ore.), Rand Paul (R-Ky.), Michael Bennet (D-Colo.), Patty Murray (D-Wash.), Elizabeth Warren (D-Mass.), and Brian Schatz (D-Hawaii) to introduce legislation to ensure that legal cannabis businesses can access banking services.

Bipartisan Group of Senators Introduces Legislation to Provide Access to Banking Services for Legal Cannabis Businesses

WASHINGTON, May 17, 2017 /Weed Wire/ — Senator Elizabeth Warren (D-Mass.) today joined a bipartisan group of senators led by Senator Jeff Merkley (D-Ore.) and including Senator Cory Gardner (R-Colo.), Senator Ron Wyden (D-Ore.), Senator Rand Paul (R-Ky.), Senator Michael Bennet (D-Colo.), Senator Patty Murray (D-Wash.), Senator Catherine Cortez Masto (D-Nev.) and Senator Brian Schatz (D-Hawaii) to introduce legislation to ensure that legal cannabis businesses can access banking services.

Bipartisan Group of Senators Introduces Legislation to Provide Access to Banking Services for Legal Cannabis Businesses

WASHINGTON, May 17, 2017 /Weed Wire/ — Today, Oregon’s Senator Jeff Merkley led a bipartisan group of Senators – including Senator Cory Gardner (R-CO), Senator Ron Wyden (D-OR), Senator Rand Paul (R-KY), Senator Michael Bennet (D-CO), Senator Patty Murray (D-WA), Senator Elizabeth Warren (D-MA), Senator Catherine Cortez Masto (D-NV) and Senator Brian Schatz (D-HI) – to introduce legislation to ensure that legal cannabis businesses can access banking services.

Senator Murray Introduces Legislation to Provide Access to Banking Services for Legal Cannabis Businesses

WASHINGTON, May 17, 2017 /Weed Wire/ — Today, Senator Patty Murray (D-WA) joined a bipartisan group of senators to introduce legislation to ensure that legal cannabis businesses can access banking services.

Access to Banking Might Become Reality for Marijuana Businesses

Access to Banking Might Become Reality for Marijuana Businesses

On April 27, 2017, a bipartisan group of congressmen in the United States House of Representatives announced that they would be launching legislation to allow state-legal marijuana businesses access to banking services.

Cannabis Banking in California: Cole Memo Co-Author's Recommendations

Cannabis Banking in California: Cole Memo Co-Author’s Recommendations

On March 27, 2017, California’s Cannabis Banking Working Group held a meeting at Oakland City Hall in Oakland, Calif., to address possible solutions to resolve the state-federal banking issue for California’s legal marijuana businesses. California State Treasurer John Chiang announced the Cannabis Banking Working Group back on Dec. 2, 2016, and today’s event marked the

Cannabis Banking and Public Bank

Treasurer Chiang, Cannabis Banking Working Group to Meet in Oakland After Trump Administration Signals Marijuana Crackdown

OAKLAND, Calif., March 27, 2017 /Weed Wire/ — State Treasurer John Chiang and the Cannabis Banking Working Group will meet Monday in Oakland to discuss solutions that provide greater access to banking to California’s future $7 billion legal cannabis industry.

Senator Wants California Legislature to Urge Trump to Reschedule Marijuana

Senator Wants California Legislature to Urge Trump to Reschedule Marijuana

On March 21, 2017, California Sen. Jeff Stone, R-Temecula, presented a resolution to the Senate Standing Committee on Public Safety that would have the California State Legislature urge the United States Congress to pass legislation to reschedule marijuana and have President Donald Trump sign it.


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