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…

The Social And Political Responsibility Of The Legal Cannabis Industry

After 75 years of prohibition and propaganda have demonized cannabis and its consumers, industry participants must be involved in the political process – as individuals through our political donations, votes and vocalizations, and as business leaders in the manner in which we conduct our trade.

By David Rheins This week nearly 100 women gathered at a restaurant in downtown Seattle to listen to local politicians and activists discuss their role in shaping Washington’s emerging legal marijuana industry.  The “Power of Politics” was organized by the Marijuana Business Association’s Women’s Alliance for its many women-run cannabis businesses, including sponsors Eden Labs, Read the full article…

Marijuana Business Owners Have No Dock To Bank Cash

In 2014, A lack of banking — from deposits to paying employees — was the biggest challenge for every pot business.

COLORADO:  The year began with one of the  nation’s biggest ATM sponsors refusing to allow its machines to be in businesses with ties to the marijuana trade, and it ends with the  first credit union of its kind at the precipice of opening its doors. For the recreational marijuana trade, the roads into and out of 2014 are Read the full article…

Marijuana Dispensaries Will Be Cash Businesses Unless Banks Let Them Be Customers

MARIJUANA AND MONEY

MASSACHUSETTS:  As nine dispensaries prepare to open in Boston’s suburbs to dispense medical marijuana in 2015, several have yet to find a bank that will take their money because the drug is still illegal on the federal level. “As a federally regulated financial institution, we abide by federal law and do not bank marijuana-related businesses,” 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…