A state-backed bank would not be financially feasible because capital requirements would be too high and it likely wouldn’t return profits to the state for at least 30 years, consultants concluded.
Banks hoping to make working with the cannabis industry easier saw a positive sign this week when Congress removed the prohibition on a less potent substance.
Royal Bank of Canada's investment-banking division will advise on stock sales and arranging takeovers for companies in the marijuana industry, joining Bank of Montreal's BMO Capital Markets in serving an industry that didn't exist five years ago.
Blockchain backers concede the hype is turning off bankers; Mulvaney's CFPB name change could cost industry millions of dollars; the one banking bill Congress might actually pass next term; and more from this week's most-read stories.
The financial industry is not expecting movement on a lot of legislation given a divided Congress, but one measure is beginning to attract widespread attention.
Efforts to create city- or state-owned banks in Los Angeles, Seattle and New Jersey have suffered setbacks of late, but public banking advocates are taking the long view.
A federal prohibition on marijuana has locked U.S. banks out of an industry surging toward $75 billion in sales. Who's catching that money? A small number of local credit unions, and the women who run their operations.
What the Democrats' House takeover means for banks; Synchrony has a lot to lose in fight with Walmart; should industry fear Waters-led banking panel?; and more from this week's most-read stories.
During his time as U.S. attorney general, Jeff Sessions was an outspoken opponent of the legalization of cannabis sales. Now that Sessions has resigned, legal marijuana is poised to become a growth industry.
