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A lot of the legal risk for banks and traditional payment companies would go away under the law, said Anita Boomstein, a partner at Manatt, Phelps & Phillips.
With the growing legalization of cannabis across the U.S., However, one major challenge that cannabis businesses face is banking compliance. Due to the federal illegality of cannabis, many banks are hesitant to work with cannabis businesses, making it difficult for these companies to operate smoothly.
As the narrative goes, legalcannabis companies, often small- to medium-sized businesses (SMBs), are forced to rely on cash for both B2B and B2C payments. Legalization at the national level is coming eventually, said Beuerlein, but that doesn’t mean banks’ willingness to service firms in this market is an inevitability.
The state of Louisiana has entered legal marijuana territory with medical cannabis access beginning this week. As a result, the state has also entered the troubled waters of cannabisbanking, with legal players in the state’s marijuana industry struggling to access banking and financial services.
The conundrum of cannabisbanking in the U.S. is both a headache for legal marijuana businesses and an intriguing case study for the financial services industry. The legal marijuana industry in North America, which handled an estimated $9.7 The legal marijuana industry in North America, which handled an estimated $9.7
On October 4, the Massachusetts Cannabis Control Commission (CCC) issued its final four recreational marijuana licenses to businesses, meaning legal marijuana will soon be available for purchase. Massachusetts joins a handful of states, including Colorado, Washington and Maine, that have taken steps to legalize recreational marijuana.
The problem with that, according to CEO Keith McCarty of cannabis logistics company WAYV (which recently raised Seed funding ), is that many of the existing tools and processes are broken. In California, where WAYV operates, and where the legalcannabis market is expected to reach a $5.1
In order to preserve the benefits of these services, ETA supports maintaining the existing legal and regulatory framework, which allows for reimbursement for unauthorized use of a service. Given their benefits and limitations, P2P services are better tailored for certain uses.
Cash is king in business — or at least the maxim holds true for some businesses, where legal issues are works in progress and banks shy away from providing services. To that end, the number of banking firms that actively provide services for marijuana firms has grown by 20 percent since the dawn of 2018.
17 reintroduced the STATES (Strengthening the Tenth Amendment Through Entrusting States) Act, which is designed to protect the interests of states where marijuana use is legal. Right now, there are 32 states where medical marijuana is legal, and 10 that allow adult recreational-use pot. Cory Gardner (R-Colo.) had on Dec.
A bill that could bring clarity to payments for legalcannabis purchases in the U.S. The news comes as financial institutions are putting pressure on lawmakers to resolve the situation, given the growing and lucrative nature of legalcannabis business and its inability to move away from cash-based transactions.
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