Number Of Banks Reporting Cannabis Business Clients Dips After Hemp Rules Change

The number of accounts that banks and credit unions informed federal regulators they are maintaining for cannabis businesses dipped slightly at the end of the last quarter, according to new data. But that seems to be primarily related to revised reporting requirements for financial institutions servicing hemp-specific businesses following that crop’s federal legalization, rather than a decline in the number of marijuana companies with bank accounts. Under guidance issued by the Obama administration in 2014 that remains in effect, banks and credit unions are required to submit suspicious activity reports, or SARs, if they elect to provide financial services to…

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Source : MJ moment
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