article thumbnail

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.

Banking 108
article thumbnail

Banks Get Exposed by New York’s Unlicensed Cannabis Dispensaries

Canna Law Blog

Major banks like JPMorgan Chase and Wells Fargo, as well as landlords such as BentallGreenOak and Ashkenazy Acquisition Corp., have found themselves indirectly involved with New York City’s unlicensed cannabis dispensaries, potentially exposing them to legal issues. Signature Bank, Bank of America Corp.,

Banking 72
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Cannabis Banking Today

Canna Law Blog

We are helping build out another cannabis banking program here in Oregon. We have also handled a good bit of hemp banking work – mostly in 2019 and 2020 before that industry cratered. That’s banking. Here is my shorthand: “ Direct Marijuana Business.” Indirect Marijuana Business.”

Banking 81
article thumbnail

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. Members of the House of Representatives voted 321 to 103 in favor of the Act in September.

Packaging 291
article thumbnail

Cannabis Banking: All Businesses are Marijuana Related Businesses

Canna Law Blog

businesses are marijuana related businesses (MRBs). 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 Department of Justice on “Marijuana Related Financial Crimes” was rescinded in 2018 , the FinCen Memo has been the only game in town for federal banking guidance.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. Allow me to explain.

Banking 98
article thumbnail

New Marijuana Bill Heads to Senate Floor

Medical Marijuana Program Connection

… changes to the regulation of marijuana-related transactions. Transactions made at … resolve these issues by allowing marijuana dispensaries access to traditional banking … process. Read More

Banking 103
article thumbnail

Best Seed Banks For Your Marijuana Cultivation Needs

PrestoDoctor

Even with growing marijuana for personal and medicinal reasons has been legalized in many places in the USA it can still be a daunting task to buy marijuana seeds. One option is buying from a local dispensary, but ordering online will give you access to many more options. . I Love Growing Marijuana (ILGM).

Banking 52