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SAFE Banking Act Gains Cannabis-Friendly Spotlight In Congressional Hearing

PYMNTS

Over the last two years, more than $500 million worth of cash deposits from the legitimate cannabis business has flowed into Maps Credit Union in Salem, Oregon. But banks, credit unions and card networks shy away from that industry, despite its revenue potential, due to concerns about federal regulatory punishment. Cash Dangers.

Oregon 230
article thumbnail

SAFE Banking Act Gains Cannabis-Friendly Spotlight in Congressional Hearing

PYMNTS

Over the last two years, more than $500 million worth of cash deposits from the legitimate cannabis business has flowed into Maps Credit Union in Salem, Oregon. But banks, credit unions and card networks — understandably —shy away from that industry despite its revenue potential due to concerns about federal regulatory punishment.

Oregon 115