420 with CNW — Federal Data Indicates Decline in Banks Working with Marijuana Firms Is Ending

March 11, 2021 04:25:28

Cannabis businesses have had a complicated relationship with banking institutions for quite a while. Although most states allow cannabis in some form, federal law still classifies the plant as a controlled substance, and this difference in legislation has made financial dealings difficult for the cannabis businesses. Most of them have trouble finding financial institutions that are willing to transact with them, let alone offer them loan and financing services.

However, federal data shows that this trend may be coming to an end. For a couple of reasons, the number of banks and credit unions working with cannabis institutions consistently declined for three quarters straight. The coronavirus pandemic was partly to blame, coupled with revised reporting requirements issued by the Financial Crimes Enforcement Network (FinCEN). Based on data from FinCEN’s latest report, this decline…


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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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