Cashing In On Cannabis: CannaCon’s Banking Panel

CannaCon Banking Panel is this Friday!

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…

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…

Big NY Banks Tell Licensed Medical Marijuana Firms To Take a Hike

Some of the major federally regulated banks in New York have no plans to do business with the medical marijuana companies that were awarded licenses to grow and distribute the drug.

That means the banks will not accept deposits from the companies and will not allow bank-issued debit cards to be used to purchase the drug.

“While the use of medical marijuana is legal under applicable state laws in some states, the manufacture, distribution, and use of marijuana is still illegal under federal law," a spokesman for Wells Fargo said. "Our policy of not banking marijuana-related businesses is based on applicable federal laws."

NEW YORK: Some of the major federally regulated banks in New York have no plans to do business with the medical marijuana companies that were awarded licenses to grow and distribute the drug. That means the banks will not accept deposits from the companies and will not allow bank-issued debit cards to be used to purchase the drug. Read the full article…

Cannabis 101: Juicing

“The most beneficial parts are things we don’t even know about yet,” Dyer said

By Sue Vorenberg Cannabis Daily Record WASHINGTON:  Juicing is a growing trend in the health food community – and an excellent way to add more fruits and veggies into your diet in a concentrated form. But there’s one added ingredient that, while somewhat difficult to get, can add even more healthy bang to your juice: Cannabis 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…

Pot Industry’s Bank Bid Rejected By Federal Regulators

Now the Federal Reserve is muddying the waters further with a court filing against the Fourth Corner Credit Union, which was established specifically to handle Colorado's marijuana cash

COLORADO:  The Fourth Corner Credit Union is not allowed to accept any marijuana business until they get federally insured. And this is the more reason the credit union is asking for equal access to the financial system so that marijuana businesses could operate without restrictions, because they are now at a disadvantage. According to the Denver Read the full article…

Despite Federal Law, Colorado Pot Shops Are Accepting Credit Cards

Recent reports indicate that the recreational marijuana sector has become fed up with handling massive stacks of cash and have since established a clever method for accepting credit cards payments.

COLORADO:  While the cannabis industry has been touted as a “cash-only” enterprise since medical marijuana was first legalized in California nearly 20 years ago, recent reports indicate that the recreational sector has become fed up with handling massive stacks of cash and have since established a clever method for accepting credit cards payments. Colorado pot shops have struggled for Read the full article…

Rising Marijuana Sales Leave Pot Shops Flush With Cash They Can’t Deposit

MONEY AND MARIJUANA

OREGON:  Two months from now, on July 1, Oregon will become the fourth state to allow residents to legally purchase marijuana for recreational use. In anticipation of legalization, the governing body that will oversee marijuana licensing and sales is preparing for something unexpected: A huge influx of cold, hard cash. Legal marijuana in states like Read the full article…

Pot Problem: Banks Still Don’t Want This Cash

Colorado has about 800 recreational pot shops, which took in a total of $38 million in February. Handling that kind of cash is no small task.

COLORADO:  The Fourth Corner Credit Union was created to serve the pot industry. It got state approval back in November, but is still waiting for a green light from the Federal Reserve. That typically takes weeks, not months for a new bank to get. Recreational pot is legal in four states and D.C., and medical marijuana Read the full article…

The First Bank Of Bud

"Somebody else thought they knew how much we were going to need," says Scott Winkels, lobbyist with the League of Oregon Cities.

COLORADO:  It was zero degrees in Denver on a late December morning, and the ice-covered streets were mostly empty. Mark Mason, wearing a full-length black coat, green wool hat and sunglasses, sat in a white Buick LaCrosse, eyeing the squat building across the street. It was the local branch of the Federal Reserve Bank. “Behind Read the full article…