Report: More Banks Providing Services To Cannabis-Specific Businesses

Bank of California Tacoma

DISTRICT OF COLUMBIA: A growing number of banks and credit unions are providing financial services to marijuana-related businesses, according to data released by FinCEN (the US Treasury Department’s Financial Crimes Enforcement Network) and first publicized by the news portal MarijuanaMoment.net. The report acknowledged that the number of financial institutions actively banking with marijuana-related businesses rose from 401 in October Read the full article…

Mounting Support for Marijuana Banking Has Widespread Implications

MONEY AND MARIJUANA

DISTRICT OF COLUMBIA: Although 28 states have already legalized marijuana for medicinal or recreational use, the U.S. Drug Enforcement Administration (DEA) continues to label marijuana a Schedule 1 substance, along with heroin and LSD, making it illegal on a federal level. As a result, the banking industry has been slow to provide services to marijuana Read the full article…

Blue Line Helps Pot Businesses With Risk, Compliance

e free medical marijuana seminar takes place on Thursday, January 15, 2015 from 3 p.m. to 6 p.m. at the Holiday Inn Convention Center at 1850 Convention Center Drive in Tinley Park, Illinois.

COLORADO: While organizers work to get a marijuana credit union off the ground in Colorado — and possibly financial cooperatives for pot-related businesses that were approved by the Legislature last spring — an entire cottage industry of security and transportation specialists has popped up here to deal with the cash-heavy sector. Lakewood-based Blue Line Protection Group 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…

Marijuana Co-Op Finance Bill Refuses To Die In Colorado Statehouse

The bill puts a twist on the credit-union model by creating cannabis credit co-ops for licensed pot businesses and their affiliates who are currently blocked from the traditional banking system because of federal prohibitions on marijuana.

COLORADO:  A late bill to create co-ops to finance the marijuana industry has come back from a near-death experience. House Bill 1398 got off to a strong start Thursday in the House Business Committee, only to get gutted late that evening in the House Finance Committee before House Appropriations restored the original version Friday morning Read the full article…

Marijuana Taxes in Colorado — An Early Clue

January collections will tell us next to nothing about what other states can expect, and only a little about Colorado.

COLORADO: Across America, lawmakers are eyeing tax revenue from legalized marijuana. Colorado and Washington are each officially expecting over $100 million annually in marijuana excise taxes. In a few days, the Colorado Department of Revenue is due to report how much marijuana tax was paid there for January, the first full month of recreational sales anywhere ever. But the report Read the full article…

Governor: Colorado Pot Market Exceeds Tax Hopes

The governor predicted sales and excise taxes next fiscal year would produce some $98 million, well above a $70 million annual estimate given to voters when they approved the pot taxes last year. The governor also includes taxes from medical pot, which are subject only to the statewide 2.9 percent sales tax.

COLORADO:  Colorado’s legal marijuana market is far exceeding tax expectations, according to a budget proposal released Wednesday by Gov. John Hickenlooper that gives the first official estimate of how much the state expects to make from pot taxes. The proposal outlines plans to spend some $99 million next fiscal year on substance abuse prevention, youth Read the full article…

High Times Launches $100 Million Growth Fund Despite Climate Of Uncertainty

If successful, the High Times Growth Fund will be the most influential financial force in the legal marijuana industry ecosystem, as no other entity would possess its unique combination of capital and clout.

NEW YORK: Why is everybody buzzing about silly ol’ David Brooks? We have more important pot-related news to talk about. High Times, the largest cannabis-related publication in the world, recently announced that it is making moves to establish a private equity fund to provide legitimate pot startups with much-needed capital.

High Times Launches $100 Million Growth Fund Despite Climate Of Uncertainty

If successful, the High Times Growth Fund will be the most influential financial force in the legal marijuana industry ecosystem, as no other entity would possess its unique combination of capital and clout.

NEW YORK: Why is everybody buzzing about silly ol’ David Brooks? We have more important pot-related news to talk about. High Times, the largest cannabis-related publication in the world, recently announced that it is making moves to establish a private equity fund to provide legitimate pot startups with much-needed capital.

Banking Regs Are Next Hurdle For Legal Marijuana

“Cash-only businesses are prime targets for armed robberies and cash-only businesses are very difficult to audit, leading to possible tax evasion, wage theft and the diversion of resources we need to protect public safety,” Urquhart said.

DISTRICT OF COLUMBIA: The federal government is taking a hands-off approach to state marijuana legalization schemes, at least for the time being. But as Washington and Colorado begin to create the regulatory framework for legal marijuana, they may require some federal help.