Miller Barondess Files Suit On Behalf Of FGPQ Against PayQwick And Its Executive Officers For Fraud

CALIFORNIA: The lawsuit, filed in Los Angeles County Superior Court, alleges that Defendants PayQwick and its executive team, consisting of CEO Keith Marks, President Kenneth Berke and CFO Albert Acevedo, defrauded Plaintiff FGPQ LLC. Per the Complaint, PayQwick provides financial services to cash-based cannabis related businesses. PayQwick, through Keith Marks and Kenneth Berke, sought investment into 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…

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…

Big NY Banks Tell Licensed Medical Marijuana Firms To Take a Hike

NEW YORK: Some of the major federally regulated banks in New York have no plans to do business with the medical marijuana companies that were awarded licenses to grow and distribute the drug. That means the banks will not accept deposits from the companies and will not allow bank-issued debit cards to be used to purchase the drug. Read the full article…

Cannabis 101: Juicing

By Sue Vorenberg Cannabis Daily Record WASHINGTON:  Juicing is a growing trend in the health food community – and an excellent way to add more fruits and veggies into your diet in a concentrated form. But there’s one added ingredient that, while somewhat difficult to get, can add even more healthy bang to your juice: Cannabis 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…

Pot Industry’s Bank Bid Rejected By Federal Regulators

COLORADO:  The Fourth Corner Credit Union is not allowed to accept any marijuana business until they get federally insured. And this is the more reason the credit union is asking for equal access to the financial system so that marijuana businesses could operate without restrictions, because they are now at a disadvantage. According to the Denver Read the full article…

Despite Federal Law, Colorado Pot Shops Are Accepting Credit Cards

COLORADO:  While the cannabis industry has been touted as a “cash-only” enterprise since medical marijuana was first legalized in California nearly 20 years ago, recent reports indicate that the recreational sector has become fed up with handling massive stacks of cash and have since established a clever method for accepting credit cards payments. Colorado pot shops have struggled for Read the full article…

Rising Marijuana Sales Leave Pot Shops Flush With Cash They Can’t Deposit

OREGON:  Two months from now, on July 1, Oregon will become the fourth state to allow residents to legally purchase marijuana for recreational use. In anticipation of legalization, the governing body that will oversee marijuana licensing and sales is preparing for something unexpected: A huge influx of cold, hard cash. Legal marijuana in states like Read the full article…