Marijuana banking

CEOs at Bank of Montreal and TD Bank Group say they are unlikely to touch the American cannabis industry until the laws change.

A broad bill that amends the Controlled Substances Act to formally recognize state laws legalizing marijuana has the support of the financial services industry.

A bill recently introduced in the California state assembly would create a framework for local governments to set up their own taxpayer-owned banks. It’s more specific than other public-bank proposals, which raised more questions than they answered, but still faces long odds.

NCS Analytics is building portals for Michigan and California that are designed to encourage financial institutions to become more comfortable in banking marijuana-related businesses by making it easier for them to sort out good and bad actors.

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Nearly a dozen Republicans joined all of the committee's Democrats in supporting the legislation, which would enable banks to serve legal marijuana businesses.

Mainstream firms are joining the push to let cannabis firms use banks; the companies say they can help banks make lending decisions quicker.

Banks and credit unions may be moving one step closer to federal legislation freeing them to serve legal pot businesses, but the path to enactment is still fraught with huge challenges.

New legislation in the Mountain State could clear the way for credit unions to accept funds legal pot shops' license fees.

The House Financial Services panel is considering legislation making it illegal for a federal regulator to penalize a financial institution accepting insured deposits from a legal marijuana business.