Banking Services Cannabis Industry: Page 3

Maryland Cannabis Sales Crack $420 Million For Year; Tax Revenue’s Banking Scrutinized

The state’s licensed dispensaries reported more than $104 million in adult-use cannabis sales in the first two months since the program launched.

Cannabis Payment Company Spence Labs Files Lawsuit Against Fidelity, Subsidiary Worldpay

The plaintiff claims Fidelity National Information Services breached a contract to develop financial technology for licensed cannabis dispensaries.

SAFE Banking Backed by At Least 9 GOP Senators; Bill Lies Largely in Democrats’ Court

The Republican support indicates legislation to provide traditional banking services to the cannabis industry has the votes to avoid a filibuster.

Cannabis Financial Industry Group Releases Cannabis Banking Standards

The coalition published the resource to help financial institutions understand strict compliance policies as the SAFE Banking debate continues in Congress.

UPDATED: Illinois Governor Signs Budget Bill With Cannabis Tax Provisions

Gov. J.B. Pritzker signed legislation that will allow licensed cannabis businesses to take state tax deductions that are currently prohibited at the federal level.

SAFE Banking Testifiers Provide Mixed Reviews in Senate Banking Committee Hearing

The congressional body invited witnesses from UFCW, SAM, Dama Financial and Cannabis Regulators of Color Coalition to speak.

SAFE Banking Bill is Back—Back Again—Again, Again, Again …

The bipartisan federal legislation aimed at providing safe harbor to financial institutions servicing the cannabis industry was reintroduced in Congress.

SAFE Banking Hopes Fade as Congress Scrambles to Approve Spending Deal

While some lawmakers are pushing to include the SAFE Banking Act in the omnibus spending bill, it is possible that cannabis banking reform efforts will be punted to 2023.

Senate Minority Leader Mitch McConnell Squashes Democrats’ Efforts to Add SAFE Banking Provisions to Defense Bill

McConnell called on Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi to remove the cannabis-related language from the National Defense Authorization Act.

Independent Community Bankers Association, Affiliated State Associations Call on Senate to Pass SAFE Banking Act

The ICBA and 44 affiliated state associations submitted a letter to Senate leaders this week, urging them to calendar the legislation for a floor vote.

Witnesses Stress Need For Cannabis Descheduling, Uniform Regulation at US House Hearing on Federal Reform

Cannabis advocates say that through federal reform, the U.S. government can work to ensure a thriving industry, social equity and justice in communities of color, treatment for veterans with PTSD and more while reducing the illicit market.

To Reschedule or Deschedule? Plant-Touching Businesses Weigh In

Owners and operators of cannabis companies across the U.S. say they would like to see cannabis completely descheduled as a result of President Joe Biden’s order to review cannabis’s status under the Controlled Substances Act.

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