Marijuana Businesses May Get Good Banking News In Early 2014

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,” 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.” [Read more…]

Marijuana Businesses May Get Good Banking News In Early 2014

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,” 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.” [Read more…]

Marijuana-Related Business Sees Growth As Pot Legalization Spreads

COLORADO:  As legalization of marijuana grows, so too is the outlook of companies catering to the pot business.

One such firm, WeedMaps.com, a website that allows users to rate and review medical marijuana dispensaries, expects to post $30 million in revenue this year and increase that by 20 percent next year.

The company was started five years ago by Justin Hartfield, a pot smoker who also has a degree in computer science from the University of California at Irvine. [Read more…]

Legal Pot States Banking On Thursday Secret Panel Meeting

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 first set up by then Treasury Secretary Lloyd Bentsen in 1994. The panel, known as BSAAG, evaluates issues related to money laundering.

In August, Attorney General Eric Holder announced that the Justice Department wouldn’t criminally prosecute recreational marijuana users and state-approved growers and vendors in Colorado and Washington, after the two states passed legalization referendums in 2012. [Read more…]