Month: May 2019

Missouri’s Triad Bank now offering services to cannabis businesses

5/21/19

By Nick Thomas Missouri’s medical marijuana industry has yet to launch, but that hasn’t stopped one local bank from stepping up to provide services. Triad Bank, based in St. Louis suburb Frontenac, is offering deposit services to marijuana-related businesses such as processors, cultivators and dispensaries, CEO Jim Regna told Marijuana Business Daily. The bank is well aware of the regulatory risks involved since cannabis is illegal under federal law. Regna said the bank will choose its cannabis customers carefully and consider their business histories. ... Read More >

38 Attorneys General Ask Congress To Bring Marijuana Money Into Banking System

5/13/19

By Laurel Wamsley The attorneys general of 38 states and territories sent a letter to congressional leaders on Wednesday, urging them: Please, let us bank the money generated by the country's booming cannabis business. Most states and several U.S. territories have legalized medical marijuana, and 10 states and the District of Columbia have legalized adult recreational use. But federal law still considers marijuana illegal, which exposes banks to legal risk if they handle weed-related money or transactions. "This is simple: Not incorporating an $8.3 billion industry into our banking system... Read More >

Michigan regulators tighten access to caregiver medical marijuana

5/6/19

By Jeff Smith Michigan medical cannabis dispensaries will no longer have the option to buy products directly from caregivers. It’s a move that should please permitted growers, some of which have alleged that untested caregiver medical marijuana supplies are dangerous and cutting into licensed sales. The new Michigan Marijuana Regulatory Agency issued what it characterized as “new practices” in a news release on Thursday. The provisions reflect the new agency’s initial move toward establishing a more regulated market. Here are some of... Read More >