The U.S. House voted 321-103 to pass the SAFE Banking Act on Sept. 25, the first major floor vote in Washington, D.C., for any cannabis reform legislation. H.R. 1595 will provide a safe harbor for financial institutions that work with cannabis business clients, effectively opening the door to formal banking relationships in the fragmented, federally illegal […]

Despite opposition from some cannabis legalization and social justice groups, the SAFE Banking Act, which would normalize banking for the cannabis industry, is set for a House vote this week. A letter from activists sent to House leaders last week urged lawmakers to bring the Marijuana Opportunity Reinvestment and Expungement (MORE) Act up for a vote before […]

Regulators won’t punish credit unions simply for working with marijuana businesses that are operating in compliance with state laws, the head of the federal agency that oversees the financial services providers said in a new interview. While the comments don’t signify a new shift in policy, and don’t take into account the fact that the […]

Columbia Care, a New York-based cannabis company with a presence in 12 U.S. states, launched the Columbia National Credit program to broaden payment options for customers. For now, the card is only accepted at Columbia Care dispensaries, though the company is “evaluating opportunities” to extend to the program to other businesses through partnerships. See the […]

Square has launched a new invite-only pilot program that allows CBD cannabis companies to accept credit and debit cards. When asked about the reasons for the launching the new program, which comes after years of refusing to work with CBD companies, the spokesperson said that the company closely watches evolving public policies and strives to […]

The attorneys general of 38 states and territories sent a letter to congressional leaders, urging them to allow banks to work with cannabis businesses without legal repercussions. Federal law still considers marijuana illegal, which exposes banks to legal risk if they handle weed-related money or transactions. The attorneys general say they want to move the […]

According to PayPal Inc.’s Q1 2019 lobbying report, the company added the Secure and Fair Enforcement (SAFE) Banking Act of 2019 to its list of lobbying efforts in Congress. The House’s SAFE Banking Act of 2019, or H.R. 1595, and its accompanying Senate bill S. 1200, would allow banking services to cater to businesses that […]

Bank officials and cannabis industry representatives joined together to urge Congress to allow marijuana businesses access to banking services. At a hearing of the House Consumer Protection and Financial Institutions Subcommittee, lawmakers heard from advocates of the Secure and Fair Enforcement (SAFE) Banking Act of 2019 who are seeking support for the bill. Due to federal drug […]

Last year the IRS received around $4.7 billion in taxes from cannabis businesses in the United States. And the vast majority of those payments were made with cash, since around 70 percent of U.S. cannabis companies don’t have access to banks which are required to pay either electronically or through check. Apparently, cash payments are a huge […]