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Banking for Cannabis Growers

Canna Law Blog

Though many business owners may find banking to be a headache regardless of industry, few business owners have more hurdles to deal with than cannabis growers and dispensaries. The current state of cannabis banking can have a significant impact on where cannabis business owners keep their money and whether they obtain cannabis loans.

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IRS could collect taxes from cannabis firms if they used big banks, Yellen says

Cannabis Law Report

Treasury Secretary Janet Yellen said she supports allowing legal cannabis dispensaries to access the US banking system — where they’re now largely barred — to make it easier for the government to collect tax revenue. Yes, of course it would,” the Treasury secretary replied.

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Cannabis Banking: All Businesses are Marijuana Related Businesses

Canna Law Blog

Guidance on banking and MRBs. Department of Justice on “Marijuana Related Financial Crimes” was rescinded in 2018 , the FinCen Memo has been the only game in town for federal banking guidance. But banks don’t really use that. Cannabis dispensaries, cultivators, processors and testing facilities all fall under this definition.

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Cannabis and banking vets launch credit card for dispensaries

Cannabis Law Report

Most consumer cannabis transactions are done in cash, legal or not. Since the United States classifies cannabis as a Title IV drug, the banking industry is unwilling and unable to provide services to cannabis operations. The company will issue and process credit cards that will work in dispensaries. SuperNet has a solution.

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Is 2021 The Year Of Meaningful Cannabis Banking Reform?

Cannabis Law Report

With Democrats in control of the White House and Congress (at least until the 2022 midterm election), the question remains as to whether this is the year that the federal government enacts meaningful cannabis banking reform. As a refresher, in March 2019, the Secure and Fair Enforcement (SAFE) Banking Act, or H.R.

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The Week in Weed: May 22, 2020

The Blunt Truth

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. Senator Mitch McConnell (R-KY) criticized the cannabis banking provisions in the latest stimulus bill, while state Attorneys General wrote a letter supporting them. cannabis banking. massachusetts. and finally.

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The Week in Weed: May 15, 2020

The Blunt Truth

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. The big news this week is that cannabis banking is included in the latest federal relief bill. We’ve got an update on the latest Montana legalization developments. cannabis banking. ” sba loans.

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