Banking Services Cannabis Industry: Page 4

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.

US Senator Urges Senate to Approve SAFE Banking Act During Banking Hearing

Sen. Bob Menendez, a senior member of the Senate Banking Committee, urged passage of the banking reform legislation during a hearing this week titled “Current Issues in Insurance.”

New Poll Reveals That Two-Thirds of Voters Support Cannabis Banking Reform

A new Independent Community Bankers of America poll, conducted by Morning Consult, showed that 65% of voters support allowing cannabis-related businesses to access banking services in state-legal markets.

Transactions, Tickets and Banking Trends

2022 data on cannabis dispensary transaction volumes show a plurality of participants with 100 or fewer purchases per day, and just over half reported average baskets between $41 and $80.

Cannabis Regulators of Color: No SAFE Equity Without Amended Bill

The major industry advocacy group says SAFE Banking will not promote equity in cannabis without significant changes.

PayNW Now Serving Cannabis-Related Businesses with Compliant Human Capital Management Solutions

Fast-growing company provides human capital management solutions; payroll, HRIS, applicant tracking, tax filing, time tracking and more.

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