Is this a good or bad thing?
In the short term good for both businesses and banks but in the long term probably not so good for cannabis businesses who i’d guess will be signing up with banks who don’t really know the business at predatory rates and we know how that all ends
MM
A record number of banks are now reporting that they’re working with state-legal marijuana businesses amid increased pressure on Congress to enact broader protections for financial institutions interested in servicing the cannabis industry and as the Biden administration’s rescheduling proposal advances, new federal data shows.
The Financial Crimes Enforcement Network (FinCEN) has been tracking cannabis banking trends for the past decade, and its latest report for the second quarter of 2024 shows a record high, with 831 banks and credit unions reporting their active involvement with marijuana companies.
That’s up from 815 in the first quarter of 2024 and 799 in the prior quarter.
