Chase Closes Accounts Of Pot Entrepreneur Martin Tobias

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 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.”

“Marijuana Country: The Cannabis Boom”

COLORADO: A year after Colorado passed one of the most permissive pot laws in the world, CNBC and correspondent Harry Smith return to the state to chart the rise of a new American industry and report on the results of this unprecedented social experiment.  Smith profiles the most successful marijuana merchant in Denver, who hopes to expand his family-run business to other states as they follow Colorado’s lead and legalize the sale of marijuana for recreational use.  He explores the new world of cannabis-infused edibles and the sale of pot brownies, chocolates and even soda, which has led to some confusion and controversy over dosing and portion size.  CNBC cameras also follow two pot dealers – one of them a U.S. Army veteran – who profit from a black market that funnels the drug across state lines and continues to thrive despite the new law.

This CNBC original documentary examines the issue of pot in the workplace, as Colorado employers work to reconcile a more open marijuana culture with workplace rules that enforce zero tolerance.  Harry Smith talks to Brandon Coats, who awaits a State Supreme Court ruling that could ripple across the country.  Coats was fired from his job when he tested positive for THC – the result of an act that was legal according to the state.   Smith also reports on the plight of medical refugees, a fellowship of hundreds of families that have moved to Colorado to obtain medicinal marijuana they can’t get in their home states.  Confronting a landscape of unprecedented business opportunities and unintended consequences, Colorado Governor John Hickenlooper tells CNBC, “When you’re doing this for the first time, there’s no template.”

O.PenVape: ‘Google of Marijuana’ NOT Publicly Traded

NEW YORK: Message to pot stock speculators: O.PenVape, the company featured on CNBC in a feature about the marijuana industry, is a private and not publicly traded. So if you are buying shares in a pot stock this morning, it is NOT stock in O.PenVape.

On Wednesday evening, CNBC aired an hour-long feature ‘Marijuana in America: Colorado Pot Rush,’ which included interviews with a handful of pot-industry companies. O.PenVape, a pen cigarette that vaporizes hash oil, stood out as one well-positioned company in Colorado’s green rush. The company’s pen heats up a cartridge of hash-oil, making it a sort of e-cigarette of pot.

CEO Todd Mitchem told CNBC Open Vape sells its cartridges for as much as $40 a pop and that it receives about 270,000 orders a month. Mitchem also told CNBC, as they toured O.PenVape’s offices, that the company grew 1600% in 2013 and he believes it will become “the Google of cannabis.”

“Marijuana in America: Colorado Pot Rush”

The legal cannabis industry continues to garner mainstream media interest. This week, a one-hour documentary, “Marijuana in America: Colorado Pot Rush,” reported by NBC News Correspondent Harry Smith on CNBC,  chronicles Colorado’s journey as the first state in the U.S. to allow the legal sale of marijuana for recreational use and tells the story behind this controversial and stunning development and the exploding legal pot market, projected to grow as large as $10 billion nationwide by 2018. [Read more…]