Marijuana banking

Banks and their regulators quickly got back up to speed in markets hit hard by recent hurricanes, thanks in part to the lessons learned in the aftermath of Hurricanes Katrina and Sandy, a panel of regulators said Tuesday.

The election of Democrat Phil Murphy as New Jersey's next governor is being hailed as a victory for advocates of state-owned banks. But challenges remain — namely, stubborn opposition from mainstream banks.

With marijuana sales set to become legal in California soon, a working group there says that a state-backed financial institution should be among the measures weighed to address the lack of banking services available to the pot industry.

Bank of Montreal and Toronto-Dominion Bank are emerging as the banks of choice for Canada's burgeoning marijuana industry, even as some lenders shun the sector.

First Green Bank in Florida started researching the business after its chairman saw how medical marijuana had helped his wife cope with a severe injury. The bank is now turning a profit a year after adding its first pot-related client -- and there could be lessons there for credit unions.

The Florida bank started researching the business after Ken LaRoe, its chairman, saw how medical marijuana had helped his wife cope with a severe injury. First Green is now turning a profit on this business a year after adding its first pot-related client.

The machine is among the more commonly pitched solutions for high-risk merchants that can't normally handle payment cards because banks won’t partner with them. But for dispensaries, they can be a hassle.

The cashless ATM is meant to make it easier for legal dispensaries and other high-risk stores to accept card payments. But for Alden Linn, owner of World of Weed, it became a hassle.

Though recreational pot is legal in a number of U.S. states, big banks don’t want to work with cannabis sellers. And that is unlikely to change anytime soon.

The nation’s largest state set out to bring a once-illicit industry into the financial mainstream but is now running into a Washington, D.C.-size barrier.

It may be a bigger challenge than financial institutions realize to avoid the cannabis sector, which includes a whole host of ancillary businesses from agricultural supply sellers to real estate developers.

Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more.

Advocates for the cannabis industry took to Capitol Hill on Wednesday to lobby for bank protections that would help legitimize the industry and give it access to financial services.

The awards recognize editorial excellence in business media.

Eleven senators sent a letter to Attorney General Jeff Sessions asking him not to enforce federal pot laws in states that have legalized marijuana.

Democratic lawmakers in favor of legitimizing marijuana business are not being discouraged by the Trump administration's comments indicating it may pursue a federal crackdown in states where pot is legal.

Host Brett King chats with TheFinanser.Com's Chris Skinner and American Banker's Penny Crosman. Then, Brett reports from the floor of the Computer Electronics Show, where he spoke to Guy Kawasaki, a VC who drives a semi-autonomous Mercedes.

Documents from Massachusetts complicate the narrative that marijuana businesses either can’t get bank accounts or are only being served by small institutions.

Attorney General-designate Sen. Jeff Sessions R-Ala., could pose a roadblock for marijuana businesses seeking financial services, but might also end a controversial Justice Department program targeting payment processors and financial institutions.