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.
Tag Archives: Federal Reserve
A collection of state lawmakers from three different states are pressing financial regulators to issue clear banking guidance to financial institutions regarding legal marijuana businesses.
On March 15, 2016, an official from the Office of the Comptroller of the Currency indicated at the ABA Government Relations Summit that federal banking agencies are in discussions with FinCEN regarding banking for marijuana-related businesses.
On Jan. 12, 2016, Privateer Holdings, a private equity firm focused on the legal cannabis industry, announced that it has hired Dante Tosetti, formerly a Federal Reserve Bank Examiner, as Director of Treasury Compliance.
If the legal marijuana industry has to go into a dirt fight about federal preemption, the results may not be favorable. But Fourth Corner’s stated goal is clarity.
On Jan. 5, 2016, in Denver, U.S. District Judge R. Brooke Jackson dismissed Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City.
A federal court will begin hearing arguments in a marijuana banking case involving Fourth Corner Credit Union and the Federal Reserve.
The marijuana industry has faced another setback in its quest to gain access to basic banking services. According to the Associated Press, the Federal Reserve said in a court filing that it does not intend on accepting any money from businesses connected to the sale of marijuana.
The cannabis sector welcomed the successful introduction of MassRoots (OTCQB: MSRT), with shares traded comfortably above $1 with great volume.
Cannabis stocks were mixed again today. Some solid names hovering around lower levels, which again is frustrating and likely the effect of low volumes.
Fourth Corner has not opened, and it is not clear when it will. The problem is with the Federal Reserve master account.
One of the biggest issues facing the cannabis industry right now is money. It is not so much a lack of money, but rather what to do with it.
You may not have noticed on Friday, June 6, 2014, but Colorado took another big step towards legitimizing the marijuana industry; Gov. John Hickenlooper signed into law a bill that will give cash-only cannabis businesses access to basic banking services through the creation of non-insured cooperatives.
Issues surrounding banking has been a known hurdle for marijuana business owners in Colorado. However, things are looking up for these cannabis retailers who may now have a cooperative banking option.