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1. businessofcannabis.com › from-cash-only-toFrom Cash-Only to Cashless: How The SAFER Banking Act Will ...

   businessofcannabis.com › from-cash-only-to

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   Oct 19, 2023 · These fintech companies have meticulously crafted technology platforms tailored to meet the unique needs of the cannabis industry, amassing a wealth of invaluable data and insights in the process that non-cannabis tech firms would look to leverage and partner with.

2. www.americanbar.org › groups › business_lawSAFER Banking Act: Marijuana May Soon Become a Bigger Deal

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   Feb 15, 2024 · Recently, the marijuana industry touted the passage of the Secure And Fair Enforcement Regulation Banking Act ( SAFER Banking Act) by the Senate Banking Committee. The SAFER Banking Act passed by a notable bipartisan majority of 14–9 on September 27, 2023. The bill (S. 2860) was placed on the Senate legislative calendar under general orders ...

3. People also ask

   Should Cannabis Businesses report large cash payments?

   • The Internal Revenue Service (IRS) recently cleared up confusion for cannabis businesses regarding cash transactions and tax reporting. The agency issued a memo emphasizing that involvement in the federally prohibited marijuana industry should not automatically trigger suspicion when reporting large cash payments.

   IRS Clarifies Cash Reporting For Marijuana Businesses, Reveals No Auto…

   www.msn.com/en-us/money/taxes/irs-clarifies-cash-reporting-for-marijuana-businesses-reveals-no-automatic-suspicious-activity/ar-BB1kaQHl

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   Will the safer Banking Act make marijuana a big deal?

   • The advancement of the SAFER Banking Act by the Senate Banking Committee may be a signal that significant changes are on the horizon, making marijuana a bigger, more accessible product throughout the country—and allowing cannabis industry participants to make bigger deals—in the near future.

   SAFER Banking Act: Marijuana May Soon Become a Bigger Deal

   www.americanbar.org/groups/business_law/resources/business-law-today/2024-february/safer-banking-act/

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   Does the US cannabis business have a cashflow problem?

   • May 24 (Reuters) - The U.S. cannabis business has a very particular cashflow problem -- too much of it. Marijuana can be sold legally in 36 U.S. states and the District of Columbia (D.C.) for medical use and in 15 of them and in D.C. for recreational purposes.

   Focus: U.S. pot sellers stash cash as banks leave them high and dry

   www.reuters.com/world/us/us-pot-sellers-stash-cash-banks-leave-them-high-dry-2021-05-24/

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   Why are cannabis businesses awash in cash?

   • With the COVID-19 pandemic and increasing legalisation driving a surge in cannabis use, the sector's producers, manufacturers and retailers are awash in cash, adding risk and costs to the most basic business transactions from paying employees and filing taxes to finding somewhere to store their income.

   Focus: U.S. pot sellers stash cash as banks leave them high and dry

   www.reuters.com/world/us/us-pot-sellers-stash-cash-banks-leave-them-high-dry-2021-05-24/

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4. www.cbsnews.com › colorado › newsPot Businesses Hoping To Cash In On Amendment 64

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   Nov 8, 2012 · DENVER (CBS4)- Less than two days after Colorado voters approved Amendment 64, those in the pot business are hoping to cash in.The National Marijuana Business Conference opened Thursday at the ...

5. www.msn.com › en-us › moneyIRS Clarifies Cash Reporting For Marijuana Businesses ... - MSN

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   The agency issued a memo emphasizing that involvement in the federally prohibited marijuana industry should not automatically trigger suspicion when reporting large cash payments. This guidance ...

6. www.marijuanamoment.net › marijuana-industry-cashMarijuana Industry Cash Is Not Necessarily 'Suspicious,' IRS ...

   www.marijuanamoment.net › marijuana-industry-cash

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   Mar 19, 2024 · The Internal Revenue Service (IRS) has issued a new memo clarifying the rules for reporting large cash payments between marijuana businesses, which the agency says should not automatically be considered “suspicious” just because of the federally prohibited nature of the industry. In the memo, IRS says it is responding to a request for guidance on […]

7. www.wsj.com › finance › bankingThe Big Problem for Marijuana Companies? What to Do With All ...

   www.wsj.com › finance › banking

   Apr 1, 2024 · Few banks will work with cannabis upstarts—but some lawmakers hope to change that this year. ... For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843 ...

8. www.reuters.com › world › usFocus: U.S. pot sellers stash cash as banks leave them high ...

   www.reuters.com › world › us

   May 24, 2021 · Legal U.S. cannabis sales grew 30% to $22 billion last year, more than the $17.5 billion Americans spent on wine, according to data from Euromonitor. Sales are expected to jump more than 20% this ...