Marijuana Banking

Senator Chuck Grassley (R-Iowa) joined the GOP effort to undermine the passage of a marijuana banking bill. One day after Wednesday's historic passage of the SAFE Banking Act, Grassley sent a letter to Senate Majority Leader Chuck Schumer (D) questioning his...

The number of banks and credit unions reportedly working with cannabis companies is at a record high, according to data from the federal financial watchdog. The Financial Crimes Enforcement Network (FinCEN) saw an increase in the number of financial institutions ready to support marijuana...

Senate Banking Chair Sherrod Brown (D-OH) is sounding increasingly optimistic about banking reform for the cannabis industry.  Brown reiterated this week that the Secure and Fair Enforcement (SAFE) Banking Act will likely get a committee hearing over the next six...

The International Cannabis Bar Association (INCBA) has welcomed Shahiedah Shabazz as its new executive director, succeeding Christopher Davis who has served since 2017. Prior Experience Shabazz joins INCBA after years spent working as a municipal attorney in Southern California and as an...

Marijuana Banking Bill Won't Get A Vote In Senate This Summer Marijuana banking reform seems to be off the table until senators get back from the August recess to get consideration, reported Marijuana Moment. Senate Banking Committee Chairman Sherrod Brown (D-OH) told Don Murphy of...

Despite passing a historic marijuana legalization measure in Missouri last fall, some local business owners in North St. Louis may still miss out on the economic opportunity due to negative repercussions of the War on Drugs, reported Missouri Independent. Missouri is scheduled to hand out 48...

Vote on Marijuana Banking Expected Within Two to Three Weeks The Senate Banking Committee led by Ohio Senator Sherrod Brown, Committee Chair, heard testimony on the SAFE Banking Act on May 11 for nearly two hours before adjourning without a vote. Brown said recently a long-awaited vote on cannabis...

Some two weeks after the Senate Banking Committee led by Ohio Senator Sherrod Brown (D), Committee Chair, heard testimony on the SAFE Banking Act, Dama Financial, a cannabis-focused fintech company, opted to amend its testimony, reported Marijuana Moment. Why? In her testimony earlier this...

A measure that would streamline access to banking for cannabis businesses in Missouri got the green light from House members last week, reported Missouri Independent. The legislation under which marijuana businesses would be allowed to execute a waiver authorizing state agencies to share their...

Senate Minority Leader Mitch McConnell recently targeted cannabis banking reform (SAFE Act) when he called on Democrats Charles Schumer and Nancy Pelosi to strip the pot-related language from the defense bill last week before the National Defense Authorization Act (...

The Senate has been under a lot of pressure from all sides over the last few weeks to pass the cannabis SAFE Banking Act. Now, senators are trying to push for marijuana banking legislation to be included in a bigger package aimed at improving U.S. competitiveness, which would...

The burgeoning recreational marijuana industry – illegal at the federal level yet legal for adults in some 18 U.S. states and DC – has faced multiple challenges throughout the years, mostly because of the Schedule 1 status of the cannabis plant.   The...

Large commercial and investment banks like JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp (NYSE: BAC), Morgan Stanley (NYSE: MS) or Citigroup Inc (NYSE: C) are keeping their hands off the cannabis industry for the time being. In fact, this is part of a larger trend seen — at least...