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Legal use does not necessarily mean legitimate business, however, and this emerging and often-controversial industry may quickly encounter financial roadblocks, which creditunions (CUs) are uniquely suited to address. I think the creditunion industry plays a very vital role in serving the underserved,” Sbrega said. “I
As the narrative goes, legal cannabis companies, often small- to medium-sized businesses (SMBs), are forced to rely on cash for both B2B and B2C payments. But this may be an over-simplification of cannabis firms’ struggle to access adequate banking services, according to Hypur Chief Revenue Officer Tyler Beuerlein.
The conundrum of cannabisbanking in the U.S. But the cannabis market that struggles to access banking services is not limited to small dispensary storefronts (although they are undoubtedly affected by such legal hurdles). The legal marijuana industry in North America, which handled an estimated $9.7
That brings the tally of enterprises offering financial services to cannabis companies to 375 banks and 111 creditunions. The upward trajectory, if not embrace, of financial services firms willing to work with cannabis companies comes against a backdrop where states have been legalizing marijuana.
Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the number of banking firms that provide services for marijuana firms has grown by 20 percent since the beginning of the year, bringing the current total to 375 banks and 111 creditunions.
Fears of running afoul of federal restrictions against marijuana, including anti-money laundering laws — despite state legalization efforts, federal law treats marijuana as an illegal substance — have largely kept banks, creditunions, card networks and other payment services providers out of the legal marijuana business.
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