Congress’ Summer Fling With Marijuana

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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…

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…

Fardon: ‘Careful’ Banks Can Invest In Legal Illinois Marijuana

Fardon visibly squirmed in his chair at the event Wednesday morning when finance attorney Richard Demarest Yant asked him if Chicago banks have the all-clear to accept funds from legal marijuana businesses.

ILLINOIS:  Banks that accept money from legal Illinois marijuana growers won’t “come on our radar for prosecution” if they are “careful” and “transparent” and “follow the laws,” U.S. Attorney Zach Fardon said. Addressing the issue of Illinois’ move to legalize medical marijuana in the new year in public for the first time Wednesday morning, Fardon 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…

House Votes To Allow Marijuana-Related Banking

House votes to allow banks to do business with marijuana related businesses.

DISTRICT OF COLUMBIA:  The House voted Wednesday in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana. The 236-186 vote rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report Read the full article…

Only One Hiccup For Pot Shop’s Opening Day

“We’re talking to youth about how it’s not OK to smoke pot, and outside, we’ve got this shop making a statement that opposes what we’re teaching.”

WASHINGTON:  The first pot shop to open in Bellingham and the state,Top Shelf Cannabis, had one hiccup in an otherwise successful opening. Chase Bank refused to give them change for smaller bills. Manager Sigrid Williams says when they started to run out of one and five dollar bills, they tried to ask Chase Bank for Read the full article…

This Las Vegas Bank Eager To Do Business With Would-Be Marijuana Dispensary

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

NEVADA:  If finance executives are worried about getting involved with medical marijuana clients, don’t tell Las Vegas banker John Sullivan. First Security Bank of Nevada, led by CEO Sullivan, has signed on to manage cash and other banking transactions for would-be dispensary operator GrowBLOX Sciences. GrowBLOX, which said it “operates with the utmost compliance integrity,” said Read the full article…

Colorado’s New Pot Banking Law Won’t Solve Cash Problems

But the financial industry quickly cast doubt on whether the legislation will address issues faced by marijuana businesses in the state, where recreational pot became legal this year. Asked what it would accomplish, Colorado Bankers Association CEO Don Childears said: “Basically, absolutely nothing.”

COLORADO: Colorado Gov. John Hickenlooper signed a bill Friday designed to create the world’s first state-level banking system for legal cannabis companies, which have complained that their lack of access to basic banking services creates difficult and dangerous risks. But the financial industry quickly cast doubt on whether the legislation will address issues faced by marijuana Read the full article…

Pot Finance Co-Ops Likely To Fail, But They’re Better Than Nothing

Chris Myklebust, commissioner of the Division of Financial Services for the Colorado Department of Regulatory Services, says there are hurdles to overcome yet.

COLORADO:  A hurry-up bill that whizzed through the final days of the Colorado legislature to create the world’s first financial cooperatives for the marijuana industry still faces about two years of added preparation, backers now say. But despite the initial optimism surrounding House Bill 1398, those familiar with the Federal Reserve System — the agency Read the full article…