Federal data show that the number of banks and credit unions across the country willing to handle pot money under Treasury Department guidelines issued two years ago has jumped from 51 in March 2014 to 301 last month. Read article here: High Times
Tag: Banking
Judge: Pot Credit Union Can’t Access Nation’s Banking System
A judge on Tuesday dismissed a lawsuit that sought federal approval for a credit union aimed at serving Colorado's marijuana businesses, saying pot is still illegal under federal law. Read article here: High Times
Pot Bank Begs for Access to Nation’s Banking System
A Colorado credit union designed to serve the pot industry – Fourth Corner Credit Union – was challenging a decision by the U.S. Federal Reserve Bank of Kansas City to keep the pot bank from accessing the nation's financial system. The feds' rejection earlier this… Read article here: High Times
Colorado Senators Introduce Marijuana Banking Bill
A group of senators, including Colorado’s Cory Gardner and Michael Bennet, recently introduced the “Marijuana Businesses Access to Banking Act of 2015″– a bill to ensure that legal marijuana businesses can access banking services. The marijuana industry is said to be worth $ 3 billion nationwide, and yet cannabis businesses are currently forced to only […]
Federal Banking Official Meets with Colorado Pot Shops
A federal banking official took the unprecedented step Thursday of meeting with marijuana business owners. Read article here: High Times
House Approves Marijuana Business Banking
The House voted 231-192 to prevent the Treasury Dept from spending funds penalizing banks that accepted dispensary deposits. The United States House of Representatives approved a historic public safety measure to allow legal cannabis businesses to use the banking system. Medical Marijuana News – THCbiz
New Year, But Still No Banking: Marijuana Industry Expected to Generate $2.34 Billion in Revenues Without Access to Banking Services
DENVER, Colo. — Following more than a year of planning by regulators, legislators, and entrepreneurs, the world’s first legal sale of regulated marijuana for social use took place in Denver, Colorado on January 1, 2014. Medical Marijuana News – THCbiz
Banking Fix for Marijuana Businesses Soon May be in the Works
Seattle PIBy Jake Ellison A key group of “high-level representatives from financial institutions, federal law enforcement agencies, regulatory authorities and others from the private and public sector” met yesterday at the U.S. Treasury in Washington, D.C., to talk over the nation’s banking industry and one item on their agenda was what to do with money from […]
U.S. Treasury Considers Banking Options for Marijuana Industry
Members of the banking industry are nervous about lending money to marijuana businesses for fear of being tarred-and-feather by Uncle Sam before facing charges for money laundering, but they may soon have less to worry about. High Times
Governors Ask Feds to Change Banking Rules for Pot Businesses
On Wednesday, Washington Governor JayInslee(D) and Colorado Governor John W.Hickenlooper(D) sent asigned letterto key government officials – including the secretary of the treasury and the chairman of the board of governors of the… High Times