ILLINOIS: Cresco Labs, one of the largest vertically integrated multi-state cannabis operators in the United States, today provided comments on the passage of the Secure and Fair Enforcement Banking Act of 2019 (“SAFE Banking Act.”) “The passage of the SAFE Banking Act by the U.S. House of Representatives represents a significant first step in the effort Read the full article…
DISTRICT OF COLUMBIA: A growing number of banks and credit unions are providing financial services to marijuana-related businesses, according to data released by FinCEN (the US Treasury Department’s Financial Crimes Enforcement Network) and first publicized by the news portal MarijuanaMoment.net. The report acknowledged that the number of financial institutions actively banking with marijuana-related businesses rose from 401 in October Read the full article…
NEW YORK: As bitcoin’s price continues its meteoric rise, which has seen the cryptocurrency skyrocket in value from just under $1,000 at the start of 2017 to above $10,000 in November, a number of companies have taken steps to benefit from the growth of the burgeoning cryptocurrency industry. One area of the industry that appears to offer significant growth potential Read the full article…
COLORADO: CS Compliance Systems, developers of CannaScore – the world’s first real-time regulatory compliance auditing application for the cannabis industry, announced that its credit card processing privileges were revoked after their bank realized that CannaScore was providing services to the marijuana industry. In response, the company announced that it is now offering its products free of Read the full article…
OREGON: In the first week of recreational pot sales, Oregon dispensaries raked in $11 million. But the multi-million dollar question remains: Where should people in the industry be putting their money? Because marijuana is illegal federally, most banks won’t take the money. “We’ve been repeatedly turned down because our company is cannabis based,” said Dan of. Last year the Read the full article…