Money Laundering Concerns Prompt Ohio Banks To Weigh In On Legal Pot

OHIO: The board of the Ohio Bankers League voted to oppose legalizing marijuana, citing concerns about money laundering. Ohio voters will decide Nov. 3 whether to approve Issue 3, which would legalize marijuana for personal and medical use. The proposed constitutional amendment was drafted by ResponsibleOhio, a political action committee. Issue 3 would permit 10 marijuana farms. Each would Read the full article…

Chase Closes Accounts Of Pot Entrepreneur Martin Tobias

"We are closely following federal guidance on this matter," she said, explaining that the bank doesn't work with marijuana businesses. "If we find out that someone is in the business after they have already been banking with us, then we take steps to close that account."

WASHINGTON: After more than 20 years of banking with JPMorgan Chase, former Microsoft executive and marijuana entrepreneur Martin Tobias saw his business and personal accounts terminated this week. Chase spokeswoman Patricia Wexler confirmed that both of Tobias’s accounts have been shut down, but as policy she would not give more details about his case. “We are closely following federal Read the full article…

Oregon’s MBank Now Nixing All Pot Accounts After Colorado Plan Fizzled

Marijuana is big business

OREGON: Just two months after Oregon-based MBank pulled back on a promise to work with the marijuana industry in Colorado, the $170-million institution said it is dropping its cannabis clients entirely. CEO Jef Baker said MBank doesn’t have the “resources necessary to manage the compliance” requirements for banks maintaining accounts with legal marijuana businesses. But others Read the full article…

Marijuana Banking: Secretive But Poised To Grow

http://mjnewsnetwork.com/legal/wa-gov-inslee-to-sign-bill-changing-medical-marijuana-rules/

WASHINGTON: Many marijuana business owners say they have bank accounts, but aren’t completely forthright with their bankers about the nature of their businesses. They claim to be in “consulting” or “medical research.”  And they know they could lose those bank accounts suddenly, at any time, since federal law prohibits banks from holding any funds associated with Read the full article…

Your Money Stinks

The biggest obstacle to bringing marijuana out of the shadows is the industry’s inability to obtain basic banking services.

COLORADO:  A Few years ago, a Boulder woman who owned one of Colorado’s first dispensaries ran into some troubles with her bank. As she later recounted, the bank told her the money she was depositing into her business account reeked of marijuana. The bank was willing to take her money, but she would have to Read the full article…

Legal Marijuana Businesses Should Have Access to Banks, Holder Says

Attorney General Eric H. Holder Jr., in Charlottesville, Va., pledged new banking guidelines for marijuana businesses.

DISTRICT OF COLUMBIA:  Attorney General Eric H. Holder Jr. said Thursday that lawful marijuana businesses should have access to the American banking system and that the government would soon offer rules to help them gain it. The rules are not expected to give banks a green light to accept deposits and provide other services, but would tell Read the full article…

Legal Marijuana Businesses Should Have Access to Banks, Holder Says

Under the federal Controlled Substances Act, the attorney general has the authority to "remove any drug or other substance from the schedules if he finds that the drug or other substance does not meet the requirements for inclusion in any schedule." Holder didn't indicate Friday that he would be willing to do that unilaterally.

DISTRICT OF COLUMBIA:  Attorney General Eric H. Holder Jr. said Thursday that lawful marijuana businesses should have access to the American banking system and that the government would soon offer rules to help them gain it. The rules are not expected to give banks a green light to accept deposits and provide other services, but would tell Read the full article…