Tag: banking

U.S. House of Representatives Votes to Ease Cannabis Banking Laws

The United States House of Representatives has voted in support of making it easier for banks to do business with cannabis outlets that are legal in the states they operate in. The vote, which was 236 to 186, came Tuesday on legislation introduced by Louisiana Representative John Fleming, who was attempting to block the Treasury Department from implementing a memo it …

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Washington State Credit Union Agrees to do Business with Recreational Cannabis Outlets

Salal Credit Union has announced that they’ll do business with recreational cannabis outlets in Washington State, allowing them to bank, take out loans and take part in other financial services. Salal is the second credit union, following Numerica Credit Union, to announce that they’ll work with those intending to distribute, process or cultivate cannabis for recreational purposes. The …

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Feds to Soon Release Memo Giving OK to Cannabis Banking

Cannabis businesses wanting the ability to bank legitimately are likely to get at least a “yellow light” allowing them to do so as soon as the new year, says Jack Finlaw, Chief Legal Counsel for Colorado Governor John Hickenlooper. “What we’re being told,” says Finlaw, “is probably in the first quarter of 2014 there will be …

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Bank of America OK With Being Washington’s Recreational Cannabis Banker

In an announcement that will have deep implications for the newly-legal recreational cannabis industry in Washington State, Bank of America has agreed to be the state’s primary cannabis banker, meaning they’re willing to accept millions of dollars from recreational cannabis sales. Currently Bank of America is Washington State’s official bank, which handles all of the …

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