Banks Say No To Marijuana Money, Legal Or Not

He co-owns five legal medical marijuana dispensaries, and on this day he is heading to the Washington State Department of Revenue to commit the ultimate in law-abiding acts: paying taxes.

WASHINGTON:  In his second-floor office above a hair salon in north Seattle, Ryan Kunkel is seated on a couch placing $1,000 bricks of cash — dozens of them — in a rumpled brown paper bag. When he finishes, he stashes the money in the trunk of his BMW and sets off on an adrenalized drive Read the full article…

Cash-Only Cannabis: Colorado Pot Shops Work Through Financial Hiccups

“There is absolutely no justifiable reason to allow this threat to public safety to continue in those states where the regulated sale of marijuana has been made legal,” Betty Aldworth, deputy director of the National Cannabis Industry Association (NCIA).

COLORADO:  While the sale of recreational-use marijuana is now legal in Colorado, its status as illegal under U.S. law is leading to complications for vendors, who can’t use the federal banking system to do business. When so-called “pot shops” opened up legally in Colorado last week, one thing they couldn’t offer shoppers was the ability Read the full article…

Legal Pot States Banking On Thursday Secret Panel Meeting

Forcing legitimate businesses to operate on a cash-only basis without bank accounts is an invitation for robbery, tax evasion and organized crime.

DISTRICT OF COLUMBIA:  Aspiring legal marijuana producers and vendors in Colorado and Washington state have a lot riding on a closed-door meeting today held by an obscure Treasury Department group, which faces some interesting constitutional issues about a “growing” industry. The meeting in Washington, D.C., involves the Bank Secrecy Act Advisory Group, an advisory panel Read the full article…

Banks To Get Guidance On Doing Business With Legal Weed Shops

Because a federal prohibition of marijuana is still in place, most banks do not work with marijuana businesses in states that have legalized them for fear they might be charged with money laundering or failing to comply with other federal laws.

DISTRICT OF COLUMBIA: Banks, worried about running afoul of federal money-laundering law in dealing with state-authorized marijuana businesses, may soon receive some much-needed guidance from U.S. agencies. Because a federal prohibition of marijuana is still in place, most banks do not work with marijuana businesses in states that have legalized them for fear they might be Read the full article…

Four Charged After California Marijuana Dispensary Owner Kidnapped, Penis Severed While Tortured

Prosecutors said the victim was a prosperous medical marijuana dispensary owner who took some of his pot suppliers — including Handley — to Las Vegas last year for an extravagant weekend.

CALIFORNIA: Four people are accused of torturing a California marijuana dispensary owner with a blowtorch and cutting off his penis in an attempt to force him to reveal where he had buried piles of cash in the desert. The defendants mistakenly believed the victim was hiding money and left him for dead on the side of Read the full article…

Banks Willing To Serve Pot Industry, But Not Able

Until the agency changes its outlook or Congress changes the law -- and efforts are under way to do both -- those getting into the pot business can't open a bank account, secure a line of credit or obtain a loan from a federally insured financial institution in their neighborhood.

WASHINGTON: Community banks and credit unions are ready and willing to provide financial services to entrepreneurs in the state’s new legal pot industry. But they aren’t able to, at least not yet. 

Joint Venture: Medical Marijuana Entrepreneurs Seek Out Unusual Backers

“What you’re seeing is people with deep pockets and professionals from other industries are the ones getting involved, not necessarily the guy who’s been growing marijuana in his basement for the last decade.”

MASSACHUSETTS: Shut out of traditional bank loans, budding entrepreneurs who want to sell medical marijuana in Massachusetts have been forced to get seed money from a host of unconventional sources — from restaurant and nightclub owners to friends and family, landscapers and even former legislators.

Joint Venture: Medical Marijuana Entrepreneurs Seek Out Unusual Backers

The state attorney general's office asks federal health and education officials for Colorado's colleges and universities to "obtain marijuana from non-federal government sources" for research purposes.

MASSACHUSETTS: Shut out of traditional bank loans, budding entrepreneurs who want to sell medical marijuana in Massachusetts have been forced to get seed money from a host of unconventional sources — from restaurant and nightclub owners to friends and family, landscapers and even former legislators.

Washington State Shops For A Bank To Handle Marijuana Money

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

WASHINGTON: Wanted: A bank for state government. Must offer attentive customer service. Must be able to handle several deposits a day, with drop-offs of up to 40 bags at a time. Must allow an account to be overdrafted during the day by more than $1.2 billion.

Washington State Shops For A Bank To Handle Marijuana Money

http://mjnewsnetwork.com/6700/feds-have-no-viable-legal-challenge-to-marijuana-legalization-deputy-a-g-concedes/

WASHINGTON: Wanted: A bank for state government. Must offer attentive customer service. Must be able to handle several deposits a day, with drop-offs of up to 40 bags at a time. Must allow an account to be overdrafted during the day by more than $1.2 billion.