Marijuana industry

Nonbank lenders Monroe Capital and MGG Investment Group have made a combined $115 million of loans to firms that make cannabidoil and supply products to the cannabis and hemp industries.

Despite the Senate Banking Committee’s willingness to discuss the issue, Republican support for legislation is still in question.

Rachel Pross, chief risk officer at Maps Credit Union, told the Senate Banking Committee the inability for more banks and CUs to safely serve the legal pot industry is having an effect on ancillary businesses.

Lawmakers will hear from a credit union executive on cannabis banking while also considering issues such as the use of alternative data in underwriting.

Only one CU in West Virginia wants to enter the pot banking space, but they're going against the grain not just of the state's credit union league but an industry where fewer than 1% of institutions are serving that market.

The House passed a spending bill amendment aimed at providing further clarity to banks looking to provide services to cannabis businesses.

Credit union executives discussed serving the legal marijuana and hemp businesses during NAFCU's annual conference in New Orleans, including vastly different motivations for serving the industry.

It's a multibillion-dollar industry in a state of payments-regulation limbo and as a result, the U.S. cannabis business has mainly operated on a cash basis.

The legislation faces a tougher path in the Senate where GOP leaders are reluctant to ease restrictions on what is still a banned narcotic.

Two attorneys told a credit union audience the growing wave of marijuana legalization could have just as big an impact on financial institutions that don't serve the cannabis industry as those that do.

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

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

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.

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.

The House Financial Services panel is considering legislation making it illegal for a federal regulator to penalize banks that accept FDIC-insured deposits from a legal marijuana business.

After six years, a bill from Rep. Ed Perlmutter to allow banks and credit unions to serve legal marijuana businesses is finally getting some traction.

After six years, Rep. Ed Perlmutter tells American Banker he is finally seeing some traction on his legislation to allow banks to serve legal marijuana businesses.

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved

Global Payout is providing software to the makers of point of sale hardware for the cannabis industry, integrating payment card processing with other business services common for dispensaries.