IRS: Marijuana cash transactions aren’t automatically suspicious
Large cash transactions by marijuana businesses should not automatically be reported as suspicious, according to new IRS guidance.
banking
More Republican support needed to pass marijuana banking, Schumer says
Democratic Senate Majority Leader Chuck Schumer says he is still wrangling Republican support for a much-awaited marijuana banking reform bill.
House speaker chaos, other priorities complicate cannabis banking bill
The refreshing wave of good news from Washington DC that buoyed the U.S. marijuana industry in late summer might have peaked, with fresh hurdles emerging that could make it harder for Congress to pass cannabis banking reform.
Cannabis banking reform bill passes key Senate hearing
The latest push for federal cannabis banking reform in the United States passed a markup hearing in the Senate Banking Committee on Wednesday, demonstrating bipartisan support for allowing state-legal marijuana businesses to access financial services and setting up the bill for a full vote in the chamber.
Importance of reliable payroll provider highlighted by vendor aversion to marijuana clients
A marijuana company’s payroll provider should focus on cannabis and not also serve mainstream businesses, MJ executives agree.
Massachusetts bank enters cannabis industry with new service unit
Berkshire Bank, one of the largest banks in Massachusetts, is expanding services for cannabis companies and entrepreneurs nationwide.
Safe Harbor, New York institution create marijuana banking partnership
Cannabis industry financial services company Safe Harbor Financial announced a marijuana business banking partnership with Five Star Bank.
Expect cannabis banking reform, market consolidation in 2023, MJBiz CEO says
Meaningful action in both marijuana banking reform and the federal scheduling of cannabis are both on the table in 2023, according to MJBiz CEO Chris Walsh.
Proposed Pennsylvania law could ease marijuana banking in state
A proposed bill in Pennsylvania would shield from prosecution banks, credit unions, and insurance companies that do business with legal marijuana companies in the state.
Marijuana lender AFC Gamma gets $60 million revolving loan from 2 banks
Marijuana industry lender AFC Gamma has announced a revolving credit facility worth at least $60 million from two federally insured banks.
Michigan cannabis company Fluresh arranges $48M in new debt, refinancing
Vertically integrated Michigan cannabis operator Fluresh announced $25 million in new debt from an unspecified “federally regulated commercial bank headquartered in southeast Michigan,” alongside a $23 million debt refinancing from the same lender.
Growing marijuana regulators group pressures Congress
The Cannabis Regulators Association, a recently formed but potentially influential marijuana industry group, welcomed an overseer of the country’s biggest MJ market into its fold while pushing Congress on six key reform demands.
