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…

CannaScore Wins Banking Appeal – Has Account Fully Restored

Marijuana is big business

COLORADO: CannaScore announced it is has been successful in its appeal, and its banking privileges have been restored. As reported here on MJ News Network last month, the company had certain banking privileges revoked when its financial services provider discovered the company was providing services to the marijuana industry. During the appeal, the company offered its products Read the full article…

Got Bank? Election Could Ereate Flood Of Marijuana Cash With No Place To Go

MARIJUANA AND MONEY

By Lisa Lambert Although the sale of marijuana is a federal crime, the number of U.S. banks working with pot businesses, now sanctioned in many states, is growing, up 45 percent in the last year alone. Still, marijuana merchants say there are not nearly enough banks willing to take their cash. So many dispensaries resort to Read the full article…

CannaScore Offers Free Compliance Auditing Tool After Bank Revoked Its Credit Card Processing Privileges

cannascore

COLORADO: CS Compliance Systems, developers of CannaScore – the world’s first real-time regulatory compliance auditing application for the cannabis industry, announced that its credit card processing privileges were revoked after their bank realized that CannaScore was providing services to the marijuana industry. In response, the company announced that it is now offering its products free of 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…

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…

I-502 Compliant Banking & Merchant Services Is Monday, June 29th In Bellevue, WA

WASHINGTON: If you have anything to do with banking or merchant services for Washington’s legal cannabis industry, you’ll want to make sure to attend the Marijuana Business Association’s Professional Education Seminar on I-502 Compliant Banking & Merchant Services, Monday, June 29th, 2015 1:00-4:30PM a the Red Lion Hotel, 11211 Main St. Bellevue, WA 98004. Featuring an impressive Read the full article…

How Would Lifting Of Federal Medical Marijuana Ban Affect Massachusetts?

Easier banking for medical marijuana businesses would be one of the main implications of a repeal of the federal law.

MASSACHUSETTS:  For Robert Mayerson, chief executive officer of Patriot Care Corporation, a medical marijuana company, the basics of setting up a business were not always easy. “The ability to take credit cards, to bank, is challenging,” Mayerson said. Mayerson said some landlords are hesitant to lease space to dispensaries out of concern that the bank Read the full article…

Colorado OKs Marijuana Credit Union

Colorado's banking regulators granted Fourth Corner a charter, and now the union is waiting for the Federal Reserve to issue it a master account number, which would give it access to the country's electronic banking system.

COLORADO:  Colorado’s marijuana businesses have a cash flow problem: Too much cash is flowing in and they’ve nowhere to put it. Most banks refuse to work with marijuana businesses, which are legal in Colorado but remain illegal at the federal level. Now, a new credit union aimed specifically toward the cannabis industry hopes to offer Read the full article…

Colorado Pot Credit Union Could Be Open By Jan. 1 Under State Charter

The Colorado Division of Financial Services late Wednesday issued Fourth Corner Credit Union an unconditional charter to operate, the first state credit-union charter issued in nearly a decade.

COLORADO:  The world’s first financial institution established specifically for the marijuana industry could be open in Colorado by Jan. 1. The Colorado Division of Financial Services late Wednesday issued Fourth Corner Credit Union an unconditional charter to operate, the first state credit-union charter issued in nearly a decade. The next hurdles will be obtaining insurance Read the full article…