Bank officials and others urged Congress on Wednesday to fully open the doors of the U.S. banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan. Full Story
Category Archives: Bank lending
The House just voted to protect banks that work with marijuana businesses
The US House of Representatives on Wednesday, July 16, voted to allow banks to work with marijuana businesses without fear of federal prosecution.
The budget amendment, which passed with a 231-192 bipartisan vote, would prohibit the US Department of Treasury from using any federal funds to penalize financial institutions that serve marijuana businesses operating legally under state law.
For the rest of the story please go here.
Two Washington state credit unions offering banking for marijuana industry
Thursday, Seattle-based Salal Credit Union announced it will become the second Washington credit union to accept growers and processors of marijuana as members. The first was Numerica Credit Union in Spokane.
For the rest of the story please go here.