Cannabis Banking Bill Wins Approval in Crucial House Committee

The fate of the SAFE Banking Act is far from certain but there is progress to celebrate. March 29, 2019 4 min read Brought to you by Marijuana Business Daily A key U.S. House committee voted resoundingly Thursday to provide federal protection for financial institutions that serve state-authorized marijuana and ancillary businesses, a landmark development for cannabis banking legislation. The House Financial Services Committee voted 45-15 to advance the bill, the Secure And Fair Enforcement (SAFE) Banking Act, after amending it to include provisions to provide a safe harbor for insurance companies and improve access of financial services to minority- and women-owned cannabis businesses. The full House is expected to vote on the bill within weeks. Banks generally balk at servicing the marijuana industry, leaving a large portion of state-legal businesses to operate on a cash-only basis, which creates security, money laundering and other criminal concerns. The measure would address that difficulty […]

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Your Cannabis Company Can Get a Bank Account but Not Easily

Opening an account is challenging but in many states banks are increasingly accepting deposits from of cannabis companies. January 29, 2019 6 min read Opinions expressed by Green Entrepreneur contributors are their own. Difficulty accessing typical business banking services has plagued the cannabis industry since its inception. While cannabis remains a largely a cash-based industry in some states, numerous companies have managed to tactfully operate around financial obstacles with some success. The main concern banks face is that because marijuana remains on Schedule 1 of the Controlled Substances Act, accepting deposits from cannabis businesses that actually handle the plant can be deemed money laundering. Under federal law, money obtained from illegal transactions cannot be FDIC insured, and banks are required to insure all their depository accounts. You see the problem. However, more banks are accepting of cannabis than ever before. As CEO of ONE Cannabis Group, I conduct business within the tangled federal parameters of […]

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9 Tips for Managing Your Business Finances—Guest Post from Dave Heistein

Look underneath the surface of any good business, and you’ll typically find finances that are well-managed and in order. This is why I wanted to invite my personal CPA, Dave Heistein from ProfitwiseAccounting.com, to write a guest post to talk about what we as entrepreneurs can do to best manage the finances of our business. I’ve been working with Dave for over five years now, and he’s been fantastic. CPAs come in all styles, and I love working with Dave because he’s always very honest and he plays it safe for the benefit of my family and my business. Here he is with some tips to help you manage your own business finances, no matter what level you’re at right now. Most of us would agree that highly successful people tend to share common traits such as tenacity, vision, hard work, luck, and business savvy. We often say these people, […]

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