Investors Hangout Stock Message Boards Logo
  • Mailbox
  • Favorites
  • Boards
    • The Hangout
    • NASDAQ
    • NYSE
    • OTC Markets
    • All Boards
  • Whats Hot!
    • Recent Activity
    • Most Viewed Boards
    • Most Viewed Posts
    • Most Posted
    • Most Followed
    • Top Boards
    • Newest Boards
    • Newest Members
  • Blog
    • Recent Blog Posts
    • Recently Updated
    • News
    • Stocks
    • Crypto
    • Investing
    • Business
    • Markets
    • Economy
    • Real Estate
    • Personal Finance
  • Market Movers
  • Interactive Charts
  • Login - Join Now FREE!
  1. Home ›
  2. Stock Message Boards ›
  3. Stock Boards ›
  4. Advanced Container Technologies Inc. (ACTX) Message Board

420 with CNW — Missouri Cannabis Businesses Stil

Message Board Public Reply | Private Reply | Keep | Replies (0)                   Post New Msg
Edit Msg () | Previous | Next


Post# of 527
(Total Views: 221)
Posted On: 04/21/2023 2:48:15 AM
Avatar
Posted By: NetworkNewsWire
420 with CNW — Missouri Cannabis Businesses Still Unable to Access Banking Services Fully Even After Legalization

During the November 2022 elections, voters in the state of Missouri approved a resolution legalizing the recreational use of marijuana. Legal possession of marijuana for individuals aged 21 years and above became legal in December 2022, with the first licensed sales occurring in February 2023.

However, while significant strides have been made, the inability of cannabis firms to access full banking services is still a problem.

Currently, Triad Bank is one among a handful of banks in the state that work with marijuana businesses. This is mainly because marijuana is still illegal at the federal level, despite being legal at the state level.

Missouri Bankers Association President Jackson Hataway states that the divide between state and federal stances on marijuana have put banks in a tricky situation. Cannabis business owners still can’t have business credit cards, because most credit card want want no links with businesses that sell federally illegal products. This has put many companies at risk of robberies or extortion because all transactions for marijuana businesses across the country are cash based.

The differing stances have also led to the creation of the cannabis banking ecosystem, which is made up of certain banks that work with cannabis businesses and the financial technology firms that provide a range of services to keep the businesses federally compliant.

Fintechs work with financial institutions as agents or brokers for cannabis businesses.

While it’s unclear how many banks in the state service cannabis businesses, it is common knowledge that financial technology companies are the largest advertisers of marijuana banking services. A popular financial tech company, Safe Harbour Financial, has a huge footprint in Missouri’s marijuana market. The company’s business development officer, Tyler Beuerlein, stated that the entity banked a number of operators and were focused on expanding the relationships.

He also notes that its large client base in Missouri was brought in mainly because of the company’s history of working with cannabis companies in other states.

Other banks servicing this growing market include Regent Bank in Springfield and MRV Banks in southeastern Missouri. The director of the cannabis banking program at Regent Bank, Keri Cain, believes that more banks need to start providing their services to these businesses, which are part of a billion-dollar industry. Cain posits that the primary reason why more banks don’t want to service cannabis businesses is the capacity required for the task.

It should be noted that banks can provide services to the cannabis industry, as long as they adhere to the Financial Crimes Enforcement Network (FinCEN) guidelines.

The lack of access to full banking services can hamper companies that would like to scale up their operations by obtaining additional cultivation equipment from the likes of Advanced Container Technologies Inc. (OTC: ACTX) because financing may be hard to come by. This could curtail the rate at which the industry grows.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer



(0)
(0)




Advanced Container Technologies Inc. (ACTX) Stock Research Links


  1.  
  2.  


  3.  
  4.  
  5.  






Investors Hangout

Home

Mailbox

Message Boards

Favorites

Whats Hot

Blog

Settings

Privacy Policy

Terms and Conditions

Disclaimer

Contact Us

Whats Hot

Recent Activity

Most Viewed Boards

Most Viewed Posts

Most Posted Boards

Most Followed

Top Boards

Newest Boards

Newest Members

Investors Hangout Message Boards

Welcome To Investors Hangout

Stock Message Boards

American Stock Exchange (AMEX)

NASDAQ Stock Exchange (NASDAQ)

New York Stock Exchange (NYSE)

Penny Stocks - (OTC)

User Boards

The Hangout

Private

Global Markets

Australian Securities Exchange (ASX)

Euronext Amsterdam (AMS)

Euronext Brussels (BRU)

Euronext Lisbon (LIS)

Euronext Paris (PAR)

Foreign Exchange (FOREX)

Hong Kong Stock Exchange (HKEX)

London Stock Exchange (LSE)

Milan Stock Exchange (MLSE)

New Zealand Exchange (NZX)

Singapore Stock Exchange (SGX)

Toronto Stock Exchange (TSX)

Contact Investors Hangout

Email Us

Follow Investors Hangout

Twitter

YouTube

Facebook

Market Data powered by QuoteMedia. Copyright © 2025. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges).
Analyst Ratings & Earnings by Zacks. RT=Real-Time, EOD=End of Day, PD=Previous Day. Terms of Use.

© 2025 Copyright Investors Hangout, LLC All Rights Reserved.

Privacy Policy |Do Not Sell My Information | Terms & Conditions | Disclaimer | Help | Contact Us