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…

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…

Congress’ Summer Fling With Marijuana

congress

DISTRICT OF COLUMBIA: It’s not easy being the DEA these days. After an unprecedented losing streak on Capitol Hill, the once-untouchable Drug Enforcement Administration suffered last week what might be considered the ultimate indignity: A Senate panel, for the first time, voted in favor of legal, recreational marijuana. Last Thursday, the Appropriations Committee voted 16-14 Read the full article…

Federal Reports Target Colorado Marijuana Money

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 federal government is stockpiling hundreds of “suspicious activity reports” that could provide federal agents with sufficient evidence to shut down any state-legalized marijuana business. While it may appear that federal authorities have taken a wait-and-see approach to marijuana legalization in the 23 states that now allow medical or recreational use, these reports are poised Read the full article…

Feds: Casinos Must Track Pot Business Owners, Workers At Game Tables

Casinos, by law, must ptrack marijuana business owners

COLORADO:  Colorado’s 40 casinos — and hundreds of others, including in the gaming mecca in Las Vegas — are bound by the same money-reporting rules that have made banks reluctant to let legal marijuana businesses open bank accounts, federal authorities now say. That means casinos can keep anyone associated with legal weed enterprises — from Read the full article…

The Feds’ Scary Reassurances To Banks That Deal With State-Licensed Marijuana Businesses

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

DISTRICT OF COLUMBIA:  On Friday the Treasury Department and the Justice Department issued guidelines for banks that do business with state-licensed marijuana suppliers. According to Attorney General Eric Holder, the aim of the memos is to reassure financial institutions that are leery of accepting cannabusinesses as customers because they worry it will attract unwanted attention from federal regulators and prosecutors. Read the full article…