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July 15, 2018

Crack Down in Cannabis Banking

  • Despite federal prohibition of cannabis, the number of U.S. financial institutions serving the industry increased more than 29% in 18 months.
  • Most institutions are state-chartered banks and credit unions; national banks avoid plant-touching businesses pending formal clarity of federal rules regarding cannabis businesses.
  • Financial Crimes Enforcement Network (FinCEN) guidelines compel institutions dealing with a “marijuana-related business” to file suspicious activity reports (SARs) of all plant-touching business transactions, regardless of whether the businesses are violating federal guidelines or state laws.
  • As of March 2018, institutions serving the industry filed 51,391 SARs, including 12,133 account terminations. Notably, the number of cannabis business account terminations doubled from 5,865 terminations in Q1-2017.
You Asked, We Answered
Q. What are the implications and big-picture potential of the emerging CBD market in the hemp and cannabis space? And where do you see the biggest/best potential for CBD companies to flourish?

A. The emerging CBD market holds major implications -- valued at billions of dollars -- on a wide range of industries, including hemp, cannabis, pharmaceutical, natural products, and conventional retail. We see the hemp-derived CBD market flourishing in states like Colorado and Kentucky, and the trend will continue as more states ease their restrictions on hemp cultivation. California is the leading producer of cannabis-derived CBD, while Oregon is a battleground state between hemp and cannabis...  Read our full answer here
Ask Our Experts is a new weekly interactive feature in the CannaBit.

J J McCoyCaribbean Island Nations Getting Onboard with Decriminalization

By J. J. McCoy,
Senior Managing Editor, New Frontier Data
After a meeting this month by heads of state among the Caribbean Community (CARICOM) including Bahamas, Barbados, Haiti, Jamaica, and 15 other neighboring island nations, the group came to some consensus toward legalizing and regulating cannabis. The officials agreed to “review marijuana’s current status with a view to reclassification,” noting issues of human and religious rights infringed by criminalization, as well as economic benefits to be derived from legalization...
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New Frontier Data EVP John Kagia Quoted...
The Cannabis Branding Battle Ahead

It’s the cannabinoid calm before the storm.

Cannabis industry observers feel we’re on the threshold of what could be a branding battle.

Read the full article here >

Third Time’s A Charm? Denver Keeps Trying To Decriminalize Magic Mushrooms

Read the full article here >

Hemp Ales Grow in Popularity as Brewers Aim for New Flavors

Read the full article here >

Feds rule ‘hemp not pot’

Read the full article here >

Canadian Health Insurers Reluctant to Provide Cover for Medical Marijuana

Read the full article here >
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