PayPal, Bank of America, Ben & Jerry’s, and Big Alcohol: Unlikely Allies of the Cannabis Industry

PayPal, Bank of America, Ben & Jerry’s, and Big Alcohol: Unlikely Allies of the Cannabis Industry Tech giant PayPal, multinational investment firm Bank of America, world-famous ice cream brand Ben & Jerry’s, and even beer and tobacco companies may not seem like the type of companies that would support cannabis…

Continue reading

Colorado’s marijuana industry would get bank access, federal OK under bill from Cory Gardner and Elizabeth Warren. But what are its chances?

WASHINGTON — The federal government would be forced to respect state laws on marijuana under a bill introduced Thursday by U.S. Sens. Cory Gardner and Elizabeth Warren. The measure, which is welcomed by the cannabis industry but faces a tough path to becoming law, wouldn’t legalize the drug in states…

Continue reading

Illinois’ medical marijuana industry is about to lose its main bank

SPRINGFIELD, Ill. (AP) — Illinois medical marijuana companies may have to deal in cash because the main bank serving them is withdrawing from the industry. The Bank of Springfield informed cannabis clients last month it would close their accounts May 21, the Chicago Tribune reported. The decision to withdraw is…

Continue reading

California looks deeper into a taxpayer-backed bank for cannabis industry

Published: Jan 31, 2018, 8:50 am • Updated: Jan 31, 2018, 8:50 am By Michael R. Blood, Associated Press LOS ANGELES — California officials announced Tuesday that they will take a detailed look at the possibility of creating a taxpayer-backed bank to handle what could be billions of dollars in…

Continue reading

A Maryland bank is quietly solving the marijuana industry’s cash problem

Published: Jan 3, 2018, 9:33 am • Updated: Jan 3, 2018, 9:35 am By Aaron Gregg, The Washington Post Most banks refuse to open accounts for cannabis-related businesses even in states where pot is legal, citing federal laws that outlaw the drug and consider it on par with cocaine and…

Continue reading

Sweet Leaf employee Christmas bonuses disappear from bank accounts after police raid

Published: Dec 28, 2017, 8:14 am • Updated: Dec 28, 2017, 8:48 am By The Cannabist Network DENVER — It’s a growing industry in a booming Colorado economy, but out of work employees at Sweet Leaf marijuana centers say they’re having a tough time finding other jobs because of a…

Continue reading

Florida’s marijuana bank closing canna-business accounts

Published: Dec 27, 2017, 8:28 am • Updated: Dec 27, 2017, 8:28 am By David Smiley, Miami Herald When Florida’s medical marijuana industry was starting a few years ago, business owners had a big problem: Where could they find a bank to take their millions? For marijuana distributors, opening bank…

Continue reading

Colorado’s bank commissioner who dreamed up cannabis banking solution, steps down

Published: Oct 31, 2017, 10:49 am • Updated: Oct 31, 2017, 10:50 am By Jesse Paul, The Denver Post Chris Myklebust, the state bank and financial services commissioner who dreamed up a pot-banking workaround for Colorado, is leaving his job at the end of next month, joining a growing list…

Continue reading

California considering creating a state-run bank for cannabis businesses

Published: Aug 16, 2017, 8:39 am • Updated: Aug 16, 2017, 8:39 am By Brooke Edwards Staggs, The Cannifornian California government, financial and marijuana business leaders met last week in a far-from-resolved debate over whether a state-run bank could be the solution to the cannabis industry’s banking problem. Supporters argued…

Continue reading