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While once billion-dollar cannabis darlings go up in smoke as the industry bubble deflates, one Los Angeles company plans rapid expansion with a unique dual business model
One of the most recognizable card brands in the world, Mastercard Inc., recently joined the crusade against the cannabis industry, ordering its partners to “terminate the activity” with debit cards touching marijuana-related business.
“That’s why we have always steered our cannabis clients to compliant payment platforms.”
In this week’s edition: Cannabis Banking Bill has bipartisan support Congressional Research Service clarifies 280E New York comes to recreational cannabis agreement Medical cannabis laws have no impact on adolescent recreational use, research finds Federal Cannabis Banking Bill Reintroduced in the Senate - US Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), along with 27 other cosponsors, have reintroduced the Secure and Fair Enforcement (SAFE) Banking Act. If enacted, SAFE would ensure that financial institutions could service cannabis business clients without facing federal penalties....
1 Min Read Mastercard Inc. didn’t alert law enforcement after discovering card payments that appeared to go through sham businesses to an online marijuana marketplace, a company executive told a Manhattan federal jury on Thursday at the trial of two men accused of setting up the ruse. The jury continued hearing testimony from Mastercard senior vice president John Verdeschi despite one of their members being excused after having tested positive for COVID-19. Verdeschi faced cross examination by lawyers for Hamid (Ray) Akhavan, 42, and Ruben Weigand, 38, who stand accused of duping banks into...