North Carolina Bank Launches Program for Cannabis Businesses
West Town Bank & Trust in Raleigh, North Carolina created a program specifically to service CBD and cannabis companies. Their cannabis banking team is comprised of seven financial services professionals. The goal is to create a program that will help cannabis and CBD companies from all over the United States. West Town Bank & Trust is joining the ranks of financial institutions across the country who are supporting the cannabis industry and offering much-needed banking services. Currently, the majority of the cannabis industry is still cash-only, leaving these businesses vulnerable to robberies and criminal activity.
Congressional Research Report Shows Widening Gap Between Federal and State Cannabis Policy
The Congressional Research Service (CRS) recently published a report highlighting the widening gap between federal and state marijuana policies. According to the analysis, the disparity continues to grow and shows no signs of stopping. The CRS report covered a range of issues caused by the continuing federal prohibition of cannabis as more states legalize the plant for medical and recreational use, from problems with banking to trends in trafficking. Also covered were options that researchers say Congress has for dealing with the policy gap, which include doing nothing, strict enforcement of prohibition, minor changes to protect state-legal cannabis businesses or full federal legalization. To advocates across the U.S., the answer is obvious.
California Governor’s Drought Plan May Not Include Cannabis Farmers
As California prepares for another dry summer, Governor Gavin Newsom has a proposal which would pay farmers in the state not to plant crops. This practice, known as fallowing, would help conserve water. Unfortunately, already struggling marijuana farmers may be excluded from the assistance plan. The proposal would earmark $268 million in payments for farmers that voluntarily leave their fields uncultivated and targets crops that require a lot of water, like nuts and alfalfa. The specific area of concern is near two crucial watersheds in Northern California. Advocates are concerned that cannabis farmers have been left out of the proposal, as many are already suffering from other issues with regulations and taxation. However, the Department of Cannabis Control (DCC) says the proposed plan is still in the development phase and cannabis farmers may still be included.