Cannabis Banks: Page 2

UPDATE: SAFE Banking Act on Cusp of Markup, Advancement in Senate Banking Committee

A full committee markup on the legislation is scheduled for Sept. 27.

US Senator Urged to Rescind Support of SAFE Banking

Sen. Tommy Tuberville, who’s been vocally supportive of cannabis banking reform, now represents a battleground vote for prohibitionists.

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.

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.

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.

Verano CEO Says 2023 Will Be ‘Inflection Point’ for Cannabis Industry

As smaller operators struggle to weather the industry downturn, George Archos forecasts favorable M&A deals in attractive markets.

US House Members Release Memo on Benefits of Cannabis Decriminalization, Descheduling, Propose Reforms

The U.S. House Oversight Committee’s Subcommittee on Civil Rights and Civil Liberties released the joint memo ahead of a Nov. 15 hearing on cannabis.

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.

Washington Lawmakers Bail on SAFE Banking, Again

The cannabis reform measure was removed from the America COMPETES Act, a GOP request that top Democrats caved in to agree upon.

Fluresh Lands $25-Million Note From Federally Regulated Bank

The hefty loan signals another degree of normalization for an industry poised on the edge of impending bank reform.

Cannabis Reformist Presses Senate Quartet to Pass SAFE Banking

Rep. Ed Perlmutter says his legislation, which has passed the House six times, offers an “immediate solution to get cash off our streets.”

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