What You Should Know About Cryptocurrencies And Legal Cannabis

By Alex M In 2012, when Colorado and Washington legalized marijuana for recreational use, the whole cannabis community celebrated the beginning of the end of pot prohibition.   Something many people wanted to see had finally happened,  but while many entrepreneurs have joined the Green Rush, they have encountered more challenges and business hurdles than most expected. One Read the full article…

GreenMed Launches Cryptocurrency-Based Credit Card Processing App For Legal Marijuana Industry

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…

Cashing In On Cannabis: CannaCon’s Banking Panel

By Sahar Ayinehsazian Since Washington state legalized recreational marijuana in 2014, recreational cannabis sales have totaled over $1 billion, translating to more than $250 million collected in new taxes. Such substantial sales, however, have also brought problems for licensees in the form of cash. Because of marijuana’s federal status as a Schedule I substance, financial institutions continue to Read the full article…

Largest U.S. Banks Host Accounts for Marijuana Businesses, Says American Banker

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

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…

Pot Risk Vs. Profit: Bankers Cautious Of Marijuana Dispensaries

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…

Pots Of Marijuana Cash Cause Security Concerns

COLORADO:  The unmarked armored truck rumbles to a stop in a narrow alley, and former U.S. Marine Matthew Karr slides out, one hand holding a folder, the other hovering near the pistol holstered at his hip. With efficient motions he retrieves a locked, leather-bound satchel from a safe set into the truck’s side and presses Read the full article…

Pot Holders

WASHINGTON: On Valentine’s Day, the U.S. Treasury Department issued a memorandum clarifying the government’s advice to the nation’s banks about how to deal with the booming cannabis industry. It wasn’t exactly a love letter. Sure, Treasury outlined a series of guidelines for “assessing the risk of providing services to a marijuana-related business”—but was that meant Read the full article…

Spokane Washington Pot Businesses Could Bank On Credit Union

WASHINGTON: Numerica Credit Union is the first financial institution in the state willing to accept clients whose business is recreational marijuana, the Washington Liquor Control Board was told Wednesday. But only for Spokane area businesses, Becky Smith, the board’s marijuana licensing manager, said: “They want to keep it local.” That could give Spokane marijuana growers, processors and retailers a leg up Read the full article…

Colorado Lawmakers Shy Away From Pot Bank

COLORADO:  A Colorado plan to set up the world’s first financial system for marijuana survived less than 24 hours before state lawmakers changed course Thursday night and shelved the idea. The proposal would have allowed state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union. The measure was introduced late Wednesday Read the full article…