The collapse of Silicon Valley Bank (SVB) isn’t good news for anyone. Bank collapses portend wider threats to the economy – the Great Depression is one such example – particularly when they derive from an eroding capital base resulting from the Federal Reserve raising interest rates to battle inflation. It is estimated that more than 50% of venture-backed companies used Santa Clara, California-headquartered SVB as their depository and financing institution. Wealth management, currency hedges, stock placements, you name it: SVB was the… Read more.
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Cannabis News Around The World: Banking Solutions For Malta Weed Clubs, Netherlands’ Pot Sales Experiment, MMJ Decriminalization In Philippines, And More
Malta Government Helps Nonprofit Cannabis Clubs Access Banking Services A new measure in Malta will allow cannabis users to buy their weed at nonprofit cannabis clubs. The Minister for Reform Rebecca Buttigieg, and the Authority for Responsible Consumption of Cannabis Leonid McKay, highlighted it was the first legal framework of its kind in Europe and noted it was a "pioneering" legal measure, while those seeking to apply for a license could do it through Malta's Authority for the Responsible Use of Cannabis (ARUC), starting on Feb. 28. According to Malta… Read more.
With penalties and fees, the money owed to the state could top $500 million. The California cannabis industry as a whole owes the state a quarter billion in unpaid taxes, according to state data and industry experts. With added fees, that total could easily balloon into a $500 million tax tab. To combat the rising debt trend, collections efforts appear to be ramping up, even against companies that have gone out of business. As of Dec. 2, the cannabis sector… Read more.
WASHINGTON, D.C. – A new poll has revealed a majority of American voters support allowing legal cannabis businesses to access banking services. The survey, conducted by Morning Consult for Independent Community Bankers of America (ICBA), found 65 percent of voters support modest cannabis reform, and most respondents feel banking access will promote social equity and improve public safety. Among business owners, the lack of access to banking or investment capital was ranked as the top issue facing the U.S. cannabis industry… Read more.