New update on the state of cannabis banking amid reform talks

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BANKING REPORT

New update on the state of cannabis banking amid reform talks

The Financial Crimes Enforcement Network (FinCEN) has released new and expanded data on the state of banking in the cannabis industry under the prohibitionist status quo, reports Marijuana Moment

The data contains information on how many financial institutions are working with cannabis businesses, with a state-level breakdown, showing a total of 784 financial institutions across the U.S. filing requisite “Suspicious Activity Reports” (SARs) for marijuana-related business (MRB) clients. 

A FinCEN spokesperson told the publication: “The new metrics were developed using a modified methodology to improve accuracy and efficiency, as well as provide metrics on non-depository institution filers which were not captured in the previous Marijuana Banking Report. 

“The updated format now contains metrics on depository and non-depository filers that are submitting MRB SARs and includes additional metrics on regulators and filer states.”


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HEADWINDS

Washington cultivators struggle 10 years after legalization

The 2022 MJBiz Factbook estimates adult-use sales in Washington state retail stores this year at $1.5 billion-$1.7 billion and reaching $2.3 billion-$2.5 billion by 2026, MJ Biz Daily reports. 

The publication highlights that, with a bumper harvest this year and an already oversupplied market, prices are sure to fall. Some in the cannabis industry are saying craft growers are hurting the most. 

Hurdles include:

  • Changes to rules around canopy usage, which forced some growers to alter their cultivation plans. 
  • The state’s excise tax rate of 37% on adult-use cannabis is by far the highest such tax in the United States. 
  • Lack of access to capital.

SKEPTIC IN CHARGE

Fears for Malta’s adult-use legalization as new lead appointed

Almost one year since passing legalization, fears are growing that the Maltese Government is set to undermine its commitment to create a fully-functioning, adult-use cannabis regime, writes BusinessCann

Malta’s Government has now appointed cannabis skeptic Leonid McKay as the new Authority on the Responsible Use of Cannabis (ARUC) head, which Andrew Bonello, President of pro-cannabis reform group ReLeaf Malta, says he is disheartened with. 

He told the publication: “The new head of the cannabis authority believes that cannabis is a gateway drug and that users need a spell in rehabilitation, this does not align with the legislative mandate the Government has and leaves us with serious concerns that it will now row back on the plans for cannabis reform.”


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