A federal banking bill desperately sought by the cannabis industry has hit a snag just when a breakthrough appeared close. Ironically, it’s progressives — not conservatives — who are trying to slow down the legislation. As things now stand, federal regulations keep most banks from serving state-legal cannabis businesses. So businesses either deal strictly in cash, heightening a wide range of risks, or they pay a premium for limited financial services. The Secure and Fair Enforcement Banking…

BING NEWS:
  • Reclassifying Cannabis Could Save Businesses Millions in Taxes and Spark an Influx of Capital
    Marijuana has been a Schedule 1 drug for more than 50 years. The federal government's regulatory shift could unleash investment in the sector -- and attract big-pocketed competitors.
    05/6/2024 - 7:43 am | View Link
  • New era for pot regulation leaves old problem: Many cannabis companies can’t find a bank
    The problem has forced many businesses to operate only in cash — sometimes vast amounts — making them ripe targets for crime.
    05/4/2024 - 7:16 am | View Link
  • GOP Senators Slam Cannabis Banking Reform, 'Cartel Cash' And Oklahoma At Chinese Money Laundering Summit
    Republican senators' concerns about cannabis banking reform echo those of Senate Minority Leader Mitch McConnell who regularly airs his opposition to the SAFER Banking Act.
    05/2/2024 - 8:43 am | View Link
  • Will a DEA reclassification of marijuana put the banking industry at ease? Cannabis companies hope so.
    Banks have had a longstanding aversion to doing business with cannabis operators since the drug remains illegal under federal law.
    05/1/2024 - 2:59 am | View Link
  • Cannabis Banking Bill Sees Setback amid Plan Changes
    Cannabis stocks took a hit today after a plan to attach a marijuana banking bill to a crucial aviation legislation package was dropped, according ...
    04/29/2024 - 10:35 am | View Link
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