GreenMed Launches Cryptocurrency-Based Credit Card Processing App For Legal Marijuana Industry

Cryptocurrency startup GreenMed has announced the launch of its ERC20 token-backed debit and credit card service

CALIFORNIA: Pro-cannabis cryptocurrency startup GreenMed has become the world’s first one-stop shop for electronic payments in the legal marijuana industry. The platform enables customers to pay for legal marijuana with credit and debit cards. Apart from allowing card payment at dispensaries, the platform also allows users to pre-purchase for quick pick-up over its app. GreenMed is the first platform Read the full article…

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…

Federal Reserve Blocks ‘Marijuana Bank’ in Colorado

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: Marijuana-related businesses in Colorado are so profitable that the government doesn’t know what to do with all of the tax revenue they’re generating. But business owners face a more immediate problem: Where to stash their own profits when banks won’t take it. Because marijuana is a federally banned Schedule I substance, most banks have been reluctant to 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…

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…