article thumbnail

Risk’s All Around When Banks Service Cannabis

PYMNTS

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 policymakers in 2014.

Legal 52
article thumbnail

Bridging Banking Gaps For Cannabis Companies

PYMNTS

Another big misconception is centered, Hart said “around the time and effort required to develop, deploy, and maintain a compliant cannabis banking program. One of the major challenges for states is the difficulty in effectively forecasting and capturing the tax revenue they are expecting with the cannabis programs,” said Hart.

Fincen 68