Banking On The Marijuana Industry?

MARIJUANA AND MONEY

OREGON: It is legal to sell marijuana in 23 states. But pot businesses can’t deposit their money in banks because of federal banking laws. While the dilemma has been a back-burner issue in Congress for several years, a solution may be in the works. A provision in the upcoming financial services spending bill would prevent Read the full article…

State Seeks ‘Creative Ideas’ To Handle Cash From Alaska Pot Businesses

Since marijuana remains illegal federally, Alaska’s financial institutions so far aren't opening their doors to commercial businesses. That means, like other states that have legalized recreational marijuana, businesses will be dealing in cash. Potentially a lot of cash.

ALASKA: Struggling with the prospect of handling millions of dollars in cash from commercial marijuana businesses, Alaska’s Department of Revenue is holding three brainstorming sessions to get ideas for how to handle the influx of taxes in an industry shut off from basic banking practices.  “It’s an uncharted territory. … We don’t have any precedent to Read the full article…

Blue Line Protection Group Providing Financial, Security And Compliance To Legal Marijuana Industry

Lakewood-based Blue Line Protection Group is among the highest-profile companies in the growing security sector, and its services go beyond armed guards and armored transport.

COLORADO:  Blue Line Protection Group, a leading provider of protection, financial and compliance services to the legal cannabis industry, was featured on the front page of The Denver Post on Sunday, June 15th in the article, “Reluctance of banks leaves pot shops looking for secure practices.” The article focuses on the unique and uncertain banking Read the full article…

Colorado OKs World’s 1st Pot Banking System

Banks that fear violating federal law do not allow marijuana businesses access to basic financial services. That has led to fears that the burgeoning marijuana industry can be a target for robberies.

COLORADO: Gov. John Hickenlooper has signed legislation to try to establish the world’s first financial system for the largely cash-only marijuana industry. The bill signed Friday morning seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services. Banks that fear violating federal law do not Read the full article…

Seattle Credit Union Moves Toward Serving Marijuana Growers

Salal says openly that it expects to provide bank accounts for some state-licensed marijuana growers and processors.

WASHINGTON: The Seattle-based nonprofit once known as Group Health Credit Union changed its name in 2010 to evoke a green, leafy, hardy plant seen as having medicinal properties. No, not that one. But four years later, what is now Salal Credit Union is gingerly stepping into a different field of green by doing business with Read the full article…

Banks Get A Primer On Pot Money

A team of nine “fact finders” are in Colorado to study the effects of marijuana legalization in that state.

DISTRICT OF COLUMBIA:  The Obama administration, taking the first regulatory step to accommodate the country’s growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash. The step was a cautious one, reflecting conflicting pressures on the administration. On one Read the full article…

Banking Marijuana Requires “Act Of Congress”

DISTRICT OF COLUMBIA:  Despite bankers’ varied attitudes about legalizing marijuana, now that it is legal in Colorado, banks are supportive of government efforts to permit financial services for marijuana businesses. However, numerous obstacles prevent banks from serving marijuana businesses and their customers as they conduct legal activities. Colorado can’t regulate or tax an industry for Read the full article…

Banking Marijuana Requires “Act Of Congress”

DISTRICT OF COLUMBIA:  Despite bankers’ varied attitudes about legalizing marijuana, now that it is legal in Colorado, banks are supportive of government efforts to permit financial services for marijuana businesses. However, numerous obstacles prevent banks from serving marijuana businesses and their customers as they conduct legal activities. Colorado can’t regulate or tax an industry for Read the full article…

Attorney General Holder: Feds To Let Banks Handle Pot Money

Holder said the new regulations were likely to emerge "very soon" and were not intended to amount to a blessing of marijuana by the federal government.

DISTRICT OF COLUMBIA:  The Obama administration will soon announce regulations that allow banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday. “You don’t want just huge amounts of cash in these places. They want to be able to use the banking system,” Holder said during an appearance at the University Read the full article…

Attorney General Holder: Feds To Let Banks Handle Pot Money

Holder said the new regulations were likely to emerge "very soon" and were not intended to amount to a blessing of marijuana by the federal government.

DISTRICT OF COLUMBIA:  The Obama administration will soon announce regulations that allow banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday. “You don’t want just huge amounts of cash in these places. They want to be able to use the banking system,” Holder said during an appearance at the University Read the full article…