Tag : cannabis banking

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CCT150 Top 5 Banking Solutions for the Cannabis and Hemp Industries

Federally run banking institutions have been instructed to refrain from opening bank accounts with companies involved in the cannabis and hemp industries. If they do, they could receive stiff fines or risk having their doors shut for good. This has caused the emergence of a series of companies focused on...

New York Calls on Banking Institutions to Work with Cannabis Businesses

In early July, New York Governor Andrew Cuomo gave his support and guidance to New York State chartered banks and credit unions instructing them to work with legal industrial hemp and cannabis businesses in the state. “The ability to establish a banking relationship is a challenge that legal industries face...
CCT Impact State Laws

Banking Woes Continue for Cannabis Businesses in Legalized States in the U.S.

Just this past week a U.S. congressional committee decided to reject a new measure that would have protected federally licensed banking institutions from strict fines and penalties for opening bank accounts for businesses related to the cultivation, processing, manufacturing, and sale of cannabis industry. One of the major issues inhibiting...

More Banks Willing to Work with Cannabis Businesses as Legality is Debated

If you live in any of the nine U.S. states that support recreationally legal cannabis legislation like California, Alaska, Colorado, Maine, Massachusetts, Nevada, Oregon, Vermont, and Washington, it becomes simple to forget that the use and possession of cannabis is a federally illegal offense. The Controlled Substance Act of 1970,...
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Tokes Platform is Using Blockchain Technology to Fix the Cannabis Industries Banking Issues

The Tokes Platform uses blockchain technology to solve one of the biggest issues that owners are having operating their cannabis businesses. Though cannabis is legal in states like California and Colorado, it is still federally labeled a Schedule 1 drug which is causing banking institution to refrain from opening accounts...