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Understanding Cannabis Banking Challenges and How to Overcome Them

Connor & Connor PLLC

Since cannabis remains federally illegal, many banks, who run on a risk-based assessment, refuse to do businesses with cannabis companies. and Guam having fully legal operating cannabis markets under their own laws, banks are put in an awkward position because of the inconsistencies between state and federal law.

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How Inflation is Affecting Cannabis: Prices, Closures, and the Job Market

Veriheal

Profits Drive Prices, Prices Drive Consumer Decisions Once competition and a surplus have been created, it still doesnt mean that dispensaries are lowering prices for customers in certain states anytime soonprofits being the main driving force. Oversight and Insurance Access to banking isnt the only thing affecting cannabis business profits.

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How a Lawyer Can Aid Cannabis Entrepreneurs in Starting and Growing their Business

Connor & Connor PLLC

Due to the federal status of cannabis, many traditional financing options, such as bank loans, are unavailable to cannabis businesses. Cannabis Retail or Dispensary License: For businesses selling cannabis directly to consumers. Cannabis Courier License: For businesses focused on the delivery of cannabis products.

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The Rise of Anti-Legalization Efforts

Veriheal

These efforts include federal rescheduling and the SAFER Banking Actthe latter of which seeks to allow legal cannabis dispensaries and businesses to access services like bank accountswhich most other businesses can access with no issues.

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House COVID Package Includes Cannabis Banking Relief, But Not Small Business Support

NORML

Included in the language of the bill is HR 1595: The SAFE Banking Act, which amends federal law so that explicitly banks and other financial institutions may work directly with state-legal marijuana businesses. Reform advocates , including NORML, had lobbied leadership to include banking reform in the latest COVID relief measure.

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FinCEN Reports on Cannabis Banking and the SAFER Act

Veriheal

Every day, hundreds and thousands of people walk into cannabis dispensaries in legal states to purchase cannabis. Many financial institutions seek to be a part of the cannabis banking movement. In the past year, 553 banks and 202 credit unions provided their services to cannabis-related businesses. However, change is coming.

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Dispensary Spotlight: Verilife North Aurora

Illinois News Joint

And check our Dispensary Directory for more information. Verilife dispensaries provide access to a diverse selection of quality cannabis products,” a Verilife spokesperson said. Verilife North Aurora also works with the Weldon Project for Cannabis Reform and Illinois Food Banks. For other Dispensary Spotlights, visit here.