Search Results for: fincen

Report: More Banks Providing Services To Cannabis-Specific Businesses

Bank of California Tacoma

DISTRICT OF COLUMBIA: A growing number of banks and credit unions are providing financial services to marijuana-related businesses, according to data released by FinCEN (the US Treasury Department’s Financial Crimes Enforcement Network) and first publicized by the news portal MarijuanaMoment.net. The report acknowledged that the number of financial institutions actively banking with marijuana-related businesses rose from 401 in October Read the full article…

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

marijuana money

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…

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…

Payment Options For Legal Medical Or Recreational Marijuana

Majority of Orange County Women Would Consider Cannabis to Treat Stress, Sleep Issues and Pain

COLORADO:  Buyers of state-legal medical marijuana or recreational marijuana use now have non-cash payment options. The payment options now include credit, debit, prepaid cards, mobile applications, and Bitcoin, with some even including rewards programs. The legal Marijuana business has its own trade group, the National Cannabis Industry Association (NCIA). NCIA’s focus is to provide merchant solutions. Being accepted as a 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…

Your Money Stinks

The biggest obstacle to bringing marijuana out of the shadows is the industry’s inability to obtain basic banking services.

COLORADO:  A Few years ago, a Boulder woman who owned one of Colorado’s first dispensaries ran into some troubles with her bank. As she later recounted, the bank told her the money she was depositing into her business account reeked of marijuana. The bank was willing to take her money, but she would have to Read the full article…

Marijuana Businesses May Get Good Banking News In Early 2014

"What we're being told," Finlaw said on the call hosted by Drug Policy Alliance, "is probably in the first quarter of 2014 there will be some guidance issued that's comparable to the Cole memo from the Department of Justice that will give, maybe not a green light, but a yellow light to banks to allow them to do business [with marijuana businesses] -- to take deposits, to set up checking accounts, to set up small business loans, to allow these businesses to accept purchases through debit cards or credit cards, to allow what normal businesses are allowed to do."

DISTRICT OF COLUMBIA: Marijuana businesses may not yet get a full green light on the banking rights that non-marijuana businesses already enjoy, but they are likely to get a “yellow light” as soon as the new year, Jack Finlaw, Colorado Gov. John Hickenlooper‘s  chief legal counsel, said on a joint call Thursday. “What we’re being told,” Read the full article…

Marijuana Businesses May Get Good Banking News In Early 2014

"What we're being told," Finlaw said on the call hosted by Drug Policy Alliance, "is probably in the first quarter of 2014 there will be some guidance issued that's comparable to the Cole memo from the Department of Justice that will give, maybe not a green light, but a yellow light to banks to allow them to do business [with marijuana businesses] -- to take deposits, to set up checking accounts, to set up small business loans, to allow these businesses to accept purchases through debit cards or credit cards, to allow what normal businesses are allowed to do."

DISTRICT OF COLUMBIA: Marijuana businesses may not yet get a full green light on the banking rights that non-marijuana businesses already enjoy, but they are likely to get a “yellow light” as soon as the new year, Jack Finlaw, Colorado Gov. John Hickenlooper‘s  chief legal counsel, said on a joint call Thursday. “What we’re being told,” Read the full article…