News — Banking

The Safe Banking Act- Yet another sign of a maturing industry and the requirement for businesses, large and small, to adopt excellent practices.

Banking Business Cannabis

The Safe Banking Act- Yet another sign of a maturing industry and the requirement for businesses, large and small, to adopt excellent practices.

On April 19, the house passed HR 1996- the Safe Banking Act.  (Cannabis Business Times @CBTMag, 4/20/21). This is a positive development, as commercial banks will now enter the industry. On the street, this means you will be able to use a debit card at a dispensary. A level up, it means the dispensary owner might be able to get a traditional business loan. It is also another sign of increasing industry maturity. What “industry maturity” means in practice is that it will no longer be enough to simply open a dispensary and watch the people line up with cash. ...

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