The number of banks and credit unions reportedly working with cannabis companies is at a record high, according to data from the federal financial watchdog.
The Financial Crimes Enforcement Network (FinCEN) saw an increase in the number of financial institutions ready to support marijuana enterprises despite the federal ban.
In the second quarter of 2023, a total of 812 financial institutions reported working with cannabis businesses, up from 807 in the first quarter and 782 in the corresponding quarter of 2022, noted its quarterly report.
According to Marijuana Moment’s Kyle Jaeger, there are several reasons for such an uptick in numbers.
In addition to the launch of recreational cannabis sales in states like Connecticut and New York since the FinCEN’s last update and the agency’s “much more detailed approach” this year, Jaeger suggests that “financial institutions might be increasingly comfortable taking on cannabis clients given that bipartisan congressional lawmakers are working to enact broader protections for marijuana banking under the Secure and Fair Enforcement (SAFE) Banking Act.”
The news comes ahead of the Senate Banking Committee’s scheduled vote on cannabis banking reform, which will take place on Wednesday, Sept. 27, the same day a slew of top executives, entrepreneurs and marijuana industry stakeholders will meet at Beniznga’s cannabis event in Chicago. Benzinga Cannabis Capital Conference is returning for a two-day event this fall, where marijuana policy reform will be one of the hottest topics.
The SAFE banking bill is expected to have enough votes from Republicans and Democrats to pass through the Senate. Forty-two senators currently co-sponsor the legislation, including eight Republicans.
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Read more at Marijuana Moment
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