Colorado Raises $150 Million From Marijuana. Will More States Legalize?

"The big lesson we tell other states is you probably shouldn't legalize marijuana if you want to make money – that's not why you do it,"

COLORADO: Colorado has brought in more than $150 million in marijuana tax revenue, according to official state data. That doesn’t make it a budgetary panacea, warn lawmakers. “The big lesson we tell other states is you probably shouldn’t legalize marijuana if you want to make money – that’s not why you do it,” said J. Skyler McKinley, deputy Read the full article…

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

MONEY AND MARIJUANA

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…

Pot Problem: Banks Still Don’t Want This Cash

Colorado has about 800 recreational pot shops, which took in a total of $38 million in February. Handling that kind of cash is no small task.

COLORADO:  The Fourth Corner Credit Union was created to serve the pot industry. It got state approval back in November, but is still waiting for a green light from the Federal Reserve. That typically takes weeks, not months for a new bank to get. Recreational pot is legal in four states and D.C., and medical marijuana Read the full article…

‘High-Growth, High-Risk Industry:’ Marijuana Businesses Still Struggle To Find Banks

Attorney Robert McVay with Canna Law Group explains the hurdles around banking  for marijuana businesses.

WASHINGTON:  As the recreational and medical cannabis market blooms in Washington state, trepidation surrounding banking remains a major hurdle for financial institutions and pot businesses alike. In Washington state, there are only five or six institutions that loan money or finance marijuana retail stores, said Robert McVay, an attorney with the Canna Law Group. Banks deal Read the full article…

U.S. Startups Jumping Headfirst Into The Marijuana Industry

Those getting into the marijuana industry today are getting a leg up on the growing wave of competition. The New York Times recently covered the industry that is now receiving financial backing from several networks of investors that are ready to plunge millions into the industry.

WASHINGTON: The next great American gold rush is upon us. Vast, open land awaits the right eager businessperson to stake out their plot of land. This time, the gold is green — and the products include plastic baggies, vaporizers and mobile apps. Yes. The marijuana industry is where the opportunities are. (More coverage of the emerging Read the full article…

Pots Of Marijuana Cash Cause Security Concerns

"The drive to make a profitable market out of marijuana is at odds with protecting the public health because the way to make marijuana profitable is to sell more and more of it.”

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…

Blue Line Protection Group Providing Financial, Security And Compliance To Legal Marijuana Industry

Lakewood-based Blue Line Protection Group is among the highest-profile companies in the growing security sector, and its services go beyond armed guards and armored transport.

COLORADO:  Blue Line Protection Group, a leading provider of protection, financial and compliance services to the legal cannabis industry, was featured on the front page of The Denver Post on Sunday, June 15th in the article, “Reluctance of banks leaves pot shops looking for secure practices.” The article focuses on the unique and uncertain banking Read the full article…

Seattle Credit Union Moves Toward Serving Marijuana Growers

Salal says openly that it expects to provide bank accounts for some state-licensed marijuana growers and processors.

WASHINGTON: The Seattle-based nonprofit once known as Group Health Credit Union changed its name in 2010 to evoke a green, leafy, hardy plant seen as having medicinal properties. No, not that one. But four years later, what is now Salal Credit Union is gingerly stepping into a different field of green by doing business with Read the full article…