Bridging The Gap Between Dispensaries And Banks

OREGON: In the first week of recreational pot sales, Oregon dispensaries raked in $11 million.

But the multi-million dollar question remains: Where should people in the industry be putting their money?

Because marijuana is illegal federally, most banks won’t take the money.

“We’ve been repeatedly turned down because our company is cannabis based,” said Dan of.

Last year the Justice Department gave the go-ahead to banks to do business with the industry. But many feel there’s still too much risk, leaving business owners to keep the cash in their shops or homes, and opening them up to criminals.

 

Buying Marijuana With A Credit Card Just Got Easier

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 list.

Banks aren’t the only financial entities standing in the way of the fledgling pot industry — credit card companies Visa, MasterCard, and American Express Company have been reluctant to allow their cards to be used for the purchase of legal weed — but, that may now change. [Read more…]

Joint Venture: Medical Marijuana Entrepreneurs Seek Out Unusual Backers

MASSACHUSETTS: Shut out of traditional bank loans, budding entrepreneurs who want to sell medical marijuana in Massachusetts have been forced to get seed money from a host of unconventional sources — from restaurant and nightclub owners to friends and family, landscapers and even former legislators. [Read more…]

Joint Venture: Medical Marijuana Entrepreneurs Seek Out Unusual Backers

MASSACHUSETTS: Shut out of traditional bank loans, budding entrepreneurs who want to sell medical marijuana in Massachusetts have been forced to get seed money from a host of unconventional sources — from restaurant and nightclub owners to friends and family, landscapers and even former legislators. [Read more…]