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.
Show Notes:
New Mexico Credit Union First In Nation To Set Up Protocols For Cannabis Banking
https://www.benzinga.com/markets/cannabis/21/12/24598958/new-mexico-credit-union-first-in-nation-to-set-up-protocols-for-cannabis-banking-blow-to-illicit
Cashless ATMs in marijuana stores might be headed for extinction after Visa warning
https://mjbizdaily.com/visa-warning-might-impact-cashless-atms-in-marijuana-stores/
Marijuana banking legislation stripped from federal defense spending bill
https://mjbizdaily.com/marijuana-banking-legislation-stripped-from-federal-defense-spending-bill/
Host:
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
https://www.linkedin.com/in/joshkincaid/
Episode 856 The Talking Hedge:
Your Cannabis Business Podcast.
Covering cannabis products, reviews, business news, interviews, investments, events, and more.
https://www.theTalkingHedgepodcast.com
Music Info:
Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats
Keywords:
Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data
Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers. This is only entertainment.
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