Colorado House Backs Down, OKs Hemp-Farmers’ Access To Financial Co-Op System

COLORADO: Backing down from a five-hour fight over whether industrial hemp farmers should be able to access a new credit union-like arrangement for marijuana businesses, the state House narrowly passed a bill that would create the first cooperative of its kind.

Acquiescing to Senate insistence that hemp farmers be allowed to join the cooperatives, representatives voted 33-31 for House Bill 1398, sending it to Gov. John Hickenlooper‘s desk for approval and, ultimately, a showdown with federal banking regulators.

The cooperative setup requires approval by the U.S. Federal Reserve, which regulates the nation’s banking system.

The vote was the ultimate compromise for legislators who wanted to keep the cooperatives limited to marijuana businesses.

Washington Marijuana Entrepreneurs Fear Potentially Violent Consequences Of An All-Cash Industry

WASHINGTON: Brian Stroh is not taking any chances.

Aware of the inherent risks associated with his line of work, Stroh pays monthly for armed security guards to assist him in guarded revenue transport and facility supervision. He’s planning to use lockboxes and a variety other methods to store his money, which he will keep away from his home and place of employment. And while he’s taking major precautions, he’s even more worried about the people buying his product.

His business: marijuana production and processing, one of Washington’s first to be licensed since the state legalized cannabis for recreational use.

His worry: the continued federal prohibition of marijuana, which prevents banks from offering any legal financial services to state-licensed cannabis businesses.

Banks Get A Primer On Pot Money

DISTRICT OF COLUMBIA:  The Obama administration, taking the first regulatory step to accommodate the country’s growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash.

The step was a cautious one, reflecting conflicting pressures on the administration.

On one side, many states now allow the sale of marijuana for medical or recreational use. Atty. Gen. Eric H. Holder Jr. said last month that law enforcement agencies were increasingly concerned about marijuana sellers who are forced to deal in cash because the banks’ unwillingness to deal with them prevents them from using credit cards. [Read more…]

Feds in Talks With Banks Over Dealing With Marijuana Business

DISTRICT OF COLUMBIA: The government is in talks with bank regulators to see whether financial institutions in states that have approved recreational marijuana use can do business with drug dispensaries there, a top Justice Department official said Tuesday. [Read more…]

Feds in Talks With Banks Over Dealing With Marijuana Business

DISTRICT OF COLUMBIA: The government is in talks with bank regulators to see whether financial institutions in states that have approved recreational marijuana use can do business with drug dispensaries there, a top Justice Department official said Tuesday. [Read more…]