2022: Cannabis in review
From state ballot initiatives and presidential pardons to federal legislation both passed and pending, 2022 was a busy year for the cannabis industry. With 2023 projecting to be just as challenging for the industry, it’[...]
Posts Tagged ‘Marijuana’
Round up: Hot topics every FI should know
For over four decades, Allied Solutions has provided the financial sector with deep insights. Researching industry trends and compiling compelling data is what we do best, and we do it because we care about growing, [...]
Marijuana banking and NCUA vendor authority left out of defense bill
Leaders of House and Senate committees on Tuesday agreed on a FY23 defense authorization bill that does not include several high-priority issues credit union trade groups wanted addressed in the must-pass legislation. For instance, the [...]
Number of credit unions serving marijuana businesses remains steady
As Congress continues to struggle with marijuana banking legislation, the number of credit unions serving marijuana-related businesses has remained consistent, according to data recently released by the Financial Crimes Enforcement Network (FinCEN). FinCEN reported that: [...]
The state of cannabis banking in the credit union space
With many states legalizing the sale and use of cannabis for medical or recreational purposes, cannabis is a lucrative and growing area of industry. With more states set to change their cannabis laws in the [...]
The CUPP | Episode 5: Discussing a sticky issue – Marijuana banking and the SAFE Banking Act with Representative Perlmutter
Special guest Representative Ed Perlmutter (D-CO) discusses his work on the SAFE Banking Act and the importance of federal clarity for marijuana banking. Rep. Perlmutter also reflects on the role of grassroots advocacy and his [...]
Boost your balance sheet with cannabis banking
Booming adult-use cannabis sales during the first few years of the COVID-19 pandemic led some to deem the industry ‘recession-proof.’ While it remains to be seen how inflation and a potential economic downturn will impact [...]
Report finds marijuana banking bill insufficient
The marijuana banking legislation passed by the House would not significantly improve the problems cannabis-related businesses face in trying to establish banking services, researchers at the Drug Enforcement Policy Center at Ohio State University’s [...]
Sen. Booker open to marijuana banking deal
Sen. Cory Booker, D-N.J., a key cosponsor of comprehensive Senate marijuana legalization legislation, said late last week that he is willing to cut a deal on a smaller bill that could include cannabis banking. “[...]
House passes bill with marijuana banking, NCUA vendor authority
While the House last week passed an FY23 defense authorization bill that includes marijuana banking and several other financial services provisions, it remains unclear if the Senate will accept any of them or if they [...]
House to consider marijuana, NCUA vendor proposals in defense bill
The House agreed on Wednesday to consider proposals to legalize marijuana banking and to give the National Credit Union Administration (NCUA) third-party vendor authority, along with several other amendments that would affect the financial services [...]
4 upsides of cannabis banking
The Federal Reserve Bank recently announced its first interest rate hike since 2018 and financial institutions across the country are turning an eye toward new sources of low-cost deposits. The growing legal cannabis market offers [...]
Cannabis: A budding business gets a boost from compliance tech
A growing number of banks are banking cannabis businesses. Technology is helping them scale up their efforts and ensure they remain compliant in a regulatory and legal gray area. It also gives them a head [...]
Credit union group among those pushing for marijuana banking progress
As Congress returns from its Spring recess, supporters of marijuana banking are pushing hard to ensure a competitiveness bill now in a House-Senate conference also allows financial institutions to offer services to cannabis-related businesses. A [...]
CUNA supports SAFE Banking inclusion in final COMPETES Act
CUNA wrote to House members Tuesday in support of including the Secure and Fair Enforcement (SAFE) Banking Act in the final version of the America COMPETES Act. The America COMPETES Act passed the House in [...]