Marijuana Businesses May Have Trouble Finding A Bank

The same federal government that regulates banking transactions also says selling marijuana is a crime, so people who open medical marijuana businesses in Clark County, for the most part can't get the banks to do any business with them.

NEVADA:  It’s a budding business in Nevada that will bring in big time money. Even though medical marijuana is legal under Nevada law, most banks steer clear of these all-cash operations. So where will their owners store their money, when they open shop in Clark County? The same federal government that regulates banking transactions also Read the full article…

Washington Marijuana Entrepreneurs Fear Potentially Violent Consequences Of An All-Cash Industry

He’s planning to use lockboxes and a variety other methods to store his money, which he will keep away from his home and place of employment. And while he's taking major precautions, he’s even more worried about the people buying his product.

WASHINGTON: Brian Stroh is not taking any chances. Aware of the inherent risks associated with his line of work, Stroh pays monthly for armed security guards to assist him in guarded revenue transport and facility supervision. He’s planning to use lockboxes and a variety other methods to store his money, which he will keep away from Read the full article…

Shunned By Banks, Colorado Pot Retailers Beef Up Security To Protect Cash

At the pot store called The Health Center, director of operations Tiffany Goldman is nervous. "Security is probably the most important thing that we have to think about in this industry," Goldman said.

COLORADO:  In Colorado, sales of recreational pot have been legal for nearly two months, but federal law still brings a major obstacle: Banks won’t take the money. Marijuana retailers are going to great lengths to keep their cash safe. As marijuana green makes a lot of that other green, it can be both good news Read the full article…

Buying Marijuana With A Credit Card Just Got Easier

A statement by Visa in early January noted it will rely on the judgment of banks, given that the federal government "will not challenge state laws that legalize and regulate marijuana sales," according to the Denver Post.

The recently released guidelines from the Department of Justice and Treasury are being heralded as finally giving the go-ahead to banks to allow the legalized marijuana industry to bank like any other enterprise. Basically, the government declared that chasing those involved with the newly legal pot business is definitely not at the top of its priority Read the full article…

A Marijuana Tidal Wave?

Supporters make hemp, which is the cousin of marijuana but contains little of the psychoactive chemical in marijuana, sound like a wonder crop. It can be used to produce products as varied as hemp seed, hemp oil, cloth and energy-producing biomass, about 25,000 different products in all.

The marijuana industry just got a critical boost in its effort to become a massive and completely legitimate business. On Friday, two federal law-enforcement agencies released coordinated statements clearing the way for banks to take deposits from and offer financial services to marijuana producers and retailers without fear of prosecution for money laundering. To say 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…

Banks Get A Primer On Pot Money

A team of nine “fact finders” are in Colorado to study the effects of marijuana legalization in that state.

DISTRICT OF COLUMBIA:  The Obama administration, taking the first regulatory step to accommodate the country’s growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash. The step was a cautious one, reflecting conflicting pressures on the administration. On one Read the full article…

US Government Issues Rules For Banks On Dealing With Legal Marijuana Vendors

Under the new regulations, banks wishing to do business with marijuana dealers must verify that they are properly licensed and must gather information about the types of products they sell and the nature of the customers they serve. Banks must also be alert for any signs that the dealers are engaged in improper transactions.

DISTRICT OF COLUMBIA:  The Obama administration issued new rules Friday intended to ease the concerns of banks wanting to deal with businesses that legally sell marijuana, something the nation’s banks have so far declined to do. The rules, issued by the Treasury and Justice Departments, are intended to “move from the shadows the historically covert Read the full article…

Money And Marijuana: Still No Action From Feds, Washington's Heck Reports

"Every week that passes without new guidance, however, is another week the regulated marijuana markets in Washington and Colorado must operate on a cash-only basis.

WASHINGTON:  Washington Democratic Congressman Denny Heck today issued a statement concerning financial institutions and the business of legal marijuana. Heck’s office reported: “It has been over a year since Washington voters approved I-502. Since that time, officials in our state have worked tirelessly to uphold the will of the voters and implement this law safely and Read the full article…

With Medicinal Cannabis, Green Is The New Grey In Canada

CANADA: It is a characteristic of all legal systems that the “letter of the law” doesn’t always reflect the “spirit of the law”. There are situations where fulfilling the law’s intention betrays the law as written, and obeying the law as written betrays its intention. This is a legal grey area, and the “you are Read the full article…