PYMNTS
OCTOBER 17, 2018
Legal use does not necessarily mean legitimate business, however, and this emerging and often-controversial industry may quickly encounter financial roadblocks, which credit unions (CUs) are uniquely suited to address. I think the credit union industry plays a very vital role in serving the underserved,” Sbrega said. “I
PYMNTS
APRIL 30, 2020
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.
PYMNTS
MAY 14, 2018
The conundrum of cannabis banking 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
PYMNTS
DECEMBER 26, 2018
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 credit unions.
PYMNTS
DECEMBER 12, 2018
That brings the tally of enterprises offering financial services to cannabis companies to 375 banks and 111 credit unions. 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.
PYMNTS
MARCH 27, 2019
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, credit unions, card networks and other payment services providers out of the legal marijuana business.
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