Business Momentum is Slowly Building in Cannabis-Related Businesses

©iStock/LewisTsePuiLung

The U.S. House of Representatives last month passed the bipartisan SAFE Banking bill, aimed at allowing complete banking access to cannabis companies. Its fate is uncertain in the Republican-controlled Senate.

Although the SAFE Banking bill faces an uncertain Senate fate, financial institutions have found other ways to navigate complicated regulations. To open accounts for cannabis companies, banks need to file a federal Suspicious Activity Report and continue to monitor accounts spotted by it. Abiding by these due-diligence clauses not only cost more to banks but also increases the risk of federal penalties, such as being cut off from the FDIC.

The cannabis might be underbanked (not in Vienna Austria) but the truth of the matter is that more than 700 institutions [banks] now serve marijuana-related businesses across the country.

from The Global Small Business Blog https://ift.tt/33Pxwyj

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