Cashing In On Cannabis: CannaCon’s Banking Panel

PCH invests in real estate fund for WA cannabis industry

By Sahar Ayinehsazian Since Washington state legalized recreational marijuana in 2014, recreational cannabis sales have totaled over $1 billion, translating to more than $250 million collected in new taxes. Such substantial sales, however, have also brought problems for licensees in the form of cash. Because of marijuana’s federal status as a Schedule I substance, financial institutions continue to Read the full article…

Largest U.S. Banks Host Accounts for Marijuana Businesses, Says American Banker

banks and marijuana money...closer than they say

FLORIDA: A recent study commissioned by industry journal American Banker reveals that the nation’s four largest banks have opened accounts for pot shops and marijuana-related businesses. Conducted by MRB Monitor, a firm that helps financial institutions identify the risks associated with the marijuana industry, the study examined public records in the state of Massachusetts and found that 34 Read the full article…

Mounting Support for Marijuana Banking Has Widespread Implications

MONEY AND MARIJUANA

DISTRICT OF COLUMBIA: Although 28 states have already legalized marijuana for medicinal or recreational use, the U.S. Drug Enforcement Administration (DEA) continues to label marijuana a Schedule 1 substance, along with heroin and LSD, making it illegal on a federal level. As a result, the banking industry has been slow to provide services to marijuana Read the full article…

Pot Risk Vs. Profit: Bankers Cautious Of Marijuana Dispensaries

Marijuana is big business

COLORADO: Every month, Jamie Perino hires a security detail to come to her three recreational marijuana dispensaries. They stop by, collect thousands of dollars in cash and head out to deliver the money to the state, county and city. Perino, the CEO of Euflora dispensaries, said she can’t find a bank that will work with her. Read the full article…

Pots Of Marijuana Cash Cause Security Concerns

"The drive to make a profitable market out of marijuana is at odds with protecting the public health because the way to make marijuana profitable is to sell more and more of it.”

COLORADO:  The unmarked armored truck rumbles to a stop in a narrow alley, and former U.S. Marine Matthew Karr slides out, one hand holding a folder, the other hovering near the pistol holstered at his hip. With efficient motions he retrieves a locked, leather-bound satchel from a safe set into the truck’s side and presses Read the full article…

Pot Holders

This Las Vegas bank is eager to do business with MMJ dispensary

WASHINGTON: On Valentine’s Day, the U.S. Treasury Department issued a memorandum clarifying the government’s advice to the nation’s banks about how to deal with the booming cannabis industry. It wasn’t exactly a love letter. Sure, Treasury outlined a series of guidelines for “assessing the risk of providing services to a marijuana-related business”—but was that meant Read the full article…

Spokane Washington Pot Businesses Could Bank On Credit Union

Numerica Credit Union is the first financial institution in the state willing to accept clients whose business is recreational marijuana, the Washington Liquor Control Board was told Wednesday.

WASHINGTON: Numerica Credit Union is the first financial institution in the state willing to accept clients whose business is recreational marijuana, the Washington Liquor Control Board was told Wednesday. But only for Spokane area businesses, Becky Smith, the board’s marijuana licensing manager, said: “They want to keep it local.” That could give Spokane marijuana growers, processors and retailers a leg up Read the full article…

Colorado Lawmakers Shy Away From Pot Bank

In addition to the daunting threat of criminal penalties, financial institutions that deal with cannabusinesses have to worry about offending federal regulators with the power to impose millions of dollars in fines or sentence a bank to death by revoking its deposit insurance.

COLORADO:  A Colorado plan to set up the world’s first financial system for marijuana survived less than 24 hours before state lawmakers changed course Thursday night and shelved the idea. The proposal would have allowed state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union. The measure was introduced late Wednesday Read the full article…

Marijuana Businesses May Have Trouble Finding A Bank

The same federal government that regulates banking transactions also says selling marijuana is a crime, so people who open medical marijuana businesses in Clark County, for the most part can't get the banks to do any business with them.

NEVADA:  It’s a budding business in Nevada that will bring in big time money. Even though medical marijuana is legal under Nevada law, most banks steer clear of these all-cash operations. So where will their owners store their money, when they open shop in Clark County? The same federal government that regulates banking transactions also Read the full article…

Washington Marijuana Entrepreneurs Fear Potentially Violent Consequences Of An All-Cash Industry

He’s planning to use lockboxes and a variety other methods to store his money, which he will keep away from his home and place of employment. And while he's taking major precautions, he’s even more worried about the people buying his product.

WASHINGTON: Brian Stroh is not taking any chances. Aware of the inherent risks associated with his line of work, Stroh pays monthly for armed security guards to assist him in guarded revenue transport and facility supervision. He’s planning to use lockboxes and a variety other methods to store his money, which he will keep away from Read the full article…