When Massachusetts banks look at recreational marijuana, they see the same opportunities that intrigue many investors and businesses: a fast-growing industry that could hit $1 billion in revenue by 2020 and will need lots of professional services, including banking. But mostly, they see risk. And unless their entreaties to the federal government for greater comfort
The Twin City Bank in Longview, Washington has been serving cannabis dispensaries and other marijuana-related business since recreational dispensaries opened there in 2014. But in January, bank president and CEO Neil Zick started getting calls from nervous customers who were suddenly thinking about closing their accounts. “I have had a few customers who think they
The Trump administration’s top fiscal official told Congress that figuring out marijuana businesses’ access to banks is at the “top of the list” of his department’s concerns. “This is a complicated issue. We are actively looking at this,” Treasury Sec. Steven Mnuchin said at a hearing of the House Ways and Means Committee on Thursday.
The number of banks and credit unions actively serving the marijuana industry has jumped nearly 30% from a year ago. But U.S. Attorney General Jeff Sessions’ decision to repeal the Cole Memo may prevent further involvement by banking institutions looking to work with cannabis-related businesses. According to the latest report issued by the Financial Crimes
In the wake of Attorney General Jeff Sessions’ decision to rescind a policy that has kept the federal government from interfering in states where marijuana is legal, state leaders have turned to Congress for help. The focus is on banking, one of the major hurdles for legal marijuana businesses. In a letter sent this month