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…

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…

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…

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…

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…

Bridging The Gap Between Dispensaries And Banks

Because marijuana is illegal federally, most banks won't take the money.

OREGON: In the first week of recreational pot sales, Oregon dispensaries raked in $11 million. But the multi-million dollar question remains: Where should people in the industry be putting their money? Because marijuana is illegal federally, most banks won’t take the money. “We’ve been repeatedly turned down because our company is cannabis based,” said Dan of. Last year the Read the full article…

Bipartisan Marijuana Banking Bill Introduced In The Senate

Moody's Investors Service, in a report released Friday, said legal sales in Colorado will reduce the size of the black market and revenue from legal sales will mean more tax payments flowing into state coffers.

DISTRICT OF COLUMBIA: Reflecting growing public support for changing the nation’s drug laws, a bipartisan group of senators on Thursday introduced the chamber’s first bill that would legalize banking for recreational marijuana companies. Introduced by the Senate delegations from Oregon and Colorado, two of the first states to legalize recreational marijuana, the bill would prohibit the 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…

Big U.S. Banks Seek New Clarity On Risks Of Marijuana-Linked Accounts

state lawmakers this year are poised to pass a law clarifying that public benefit cards can't be used at dispensary ATMs.

MISSOURI: Major banks are getting increasingly wary of some transactions with smaller banks that have begun to allow marijuana businesses to open accounts. Officials at the bigger institutions say they fear being in breach of anti-money laundering laws and are pressing federal authorities to make it clear what is legitimate and what is illegal. The problem arises because Read the full article…

More Than 100 Banks, Credit Unions Serving Pot Businesses: Feds

105 financial institutions -- or 1% of all the banks in America -- accept marijuana money.

DISTRICT OF COLUMBIA: There are 105 U.S. financial institutions providing banking services to marijuana dispensaries and other pot businesses, a top federal official is expected to reveal in a speech Tuesday. The speech provides the most detailed look yet at the impact of marijuana guidance the Financial Crimes Enforcement Network issued to banks and credit Read the full article…