Cannabis Banking Update
from The Talking Hedge Hosted by JOSH KINCAID
Santa didn't deliver the Safe Banking Act, but New Mexico has the first financial institution in the country to become certified for outstanding U.S. monetary banking protocols in banking cannabis and hemp operation. They'll ensure records are thorough, easily navigated, and readily available to fulfill law enforcement demands such as subpoenas and inquiries (for your protection, of course). After credit card giant Visa warned banks about the misuse of cashless ATMs, several marijuana industry executives now believe retailers will be forced to revert to cash-only sales or to adopt other debit-card payment systems. Criminal charges aren't expected, despite the conviction of two former Eaze executives for tricking banks into processing credit card payments. The SAFE Banking Act was removed from the NDAA omnibus defense spending bill in Congress, which was the key to any meaningful federal reform in 2021 for the cannabis industry. Both groups urged lawmakers not to approve SAFE Banking before passing a more comprehensive cannabis legalization bill, such as the MORE Act, which the House has approved multiple times but which the Senate has ignored. Episode 856 The #TalkingHedge dives into benzinga & mjbizdaily articles... https://youtu.be/uUqkUxkxwO0
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