Search Results for: BANKING

House Financial Services Committee Passes SAFE Banking Act

colorado-lawmakers-approve-plan-marijuana-banks

DISTRICT OF COLUMBIA: Today, the House Financial Services Committee voted 45 to 15 to pass H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act of 2019. Authored by U.S. Reps. Ed Perlmutter (D-CO-07) and Denny Heck (D-WA-10) and cosponsored by Reps. Warren Davidson (R-OH-08) and Steve Stivers (R-OH-15). The bill allows marijuana-related businesses in states with existing Read the full article…

Cashing In On Cannabis: CannaCon’s Banking Panel

PCH invests in real estate fund for WA cannabis industry

By Sahar Ayinehsazian Since Washington state legalized recreational marijuana in 2014, recreational cannabis sales have totaled over $1 billion, translating to more than $250 million collected in new taxes. Such substantial sales, however, have also brought problems for licensees in the form of cash. Because of marijuana’s federal status as a Schedule I substance, financial institutions continue to Read the full article…

Mounting Support for Marijuana Banking Has Widespread Implications

MONEY AND MARIJUANA

DISTRICT OF COLUMBIA: Although 28 states have already legalized marijuana for medicinal or recreational use, the U.S. Drug Enforcement Administration (DEA) continues to label marijuana a Schedule 1 substance, along with heroin and LSD, making it illegal on a federal level. As a result, the banking industry has been slow to provide services to marijuana Read the full article…

CannaScore Wins Banking Appeal – Has Account Fully Restored

Marijuana is big business

COLORADO: CannaScore announced it is has been successful in its appeal, and its banking privileges have been restored. As reported here on MJ News Network last month, the company had certain banking privileges revoked when its financial services provider discovered the company was providing services to the marijuana industry. During the appeal, the company offered its products Read the full article…

Banking On The Marijuana Industry?

MARIJUANA AND MONEY

OREGON: It is legal to sell marijuana in 23 states. But pot businesses can’t deposit their money in banks because of federal banking laws. While the dilemma has been a back-burner issue in Congress for several years, a solution may be in the works. A provision in the upcoming financial services spending bill would prevent Read the full article…

Rand Paul Backs Effort To Bring Banking To Legal Marijuana Businesses

Rand Paul, the first major-party presidential candidate to publicly seek support from legal marijuana industry, is among the bipartisan co-sponsors of the Marijuana Businesses Access to Banking Act of 2015, introduced Thursday in the Senate.

DISTRICT OF COLUMBIA:  Less than a month after holding a fundraiser on the sidelines of a Colorado marijuana conference, Sen. Rand Paul, R-Ky., is joining the fight to give America’s growing legal marijuana industry access to banking services. Paul, the first major-party presidential candidate to publicly seek support from legal marijuana industry, is among the bipartisan Read the full article…

Bipartisan Marijuana Banking Bill Introduced In The Senate

Moody's Investors Service, in a report released Friday, said legal sales in Colorado will reduce the size of the black market and revenue from legal sales will mean more tax payments flowing into state coffers.

DISTRICT OF COLUMBIA: Reflecting growing public support for changing the nation’s drug laws, a bipartisan group of senators on Thursday introduced the chamber’s first bill that would legalize banking for recreational marijuana companies. Introduced by the Senate delegations from Oregon and Colorado, two of the first states to legalize recreational marijuana, the bill would prohibit the Read the full article…

I-502 Compliant Banking & Merchant Services Is Monday, June 29th In Bellevue, WA

WASHINGTON: If you have anything to do with banking or merchant services for Washington’s legal cannabis industry, you’ll want to make sure to attend the Marijuana Business Association’s Professional Education Seminar on I-502 Compliant Banking & Merchant Services, Monday, June 29th, 2015 1:00-4:30PM a the Red Lion Hotel, 11211 Main St. Bellevue, WA 98004. Featuring an impressive Read the full article…

House Votes To Allow Marijuana-Related Banking

House votes to allow banks to do business with marijuana related businesses.

DISTRICT OF COLUMBIA:  The House voted Wednesday in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana. The 236-186 vote rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report Read the full article…

CCSE Hosts Banking, Taxes & 280E Industry Panel On July 24th

The Coalition for Cannabis Standards and Ethics (CCSE), a 501(c)(6) nonprofit, will be hosting a panel discussion on financial issues affecting the Washington cannabis industry on Thursday, July 24th from 5:30pm - 7:30pm, followed by a one-hour mixer.

WASHINGTON: Federal tax code 280E is the single largest hurdle for any entrepreneur attempting to create a sustainable Cannabis business. Although the sale of marijuana is legal in several states, it remains illegal under federal law, and Revenue Code 280E bans most deductions and tax credits given to businesses selling Schedule I and II controlled Read the full article…