Marijuana Money Is Pot Of Trouble For Banks

In addition to the daunting threat of criminal penalties, financial institutions that deal with cannabusinesses have to worry about offending federal regulators with the power to impose millions of dollars in fines or sentence a bank to death by revoking its deposit insurance.

COLORADO:  During a visit to the Dixie Elixirs & Edibles plant in Denver last summer, I saw the machines the company uses to produce cannabis concentrates, the kitchen where it makes marijuana-infused chocolates, and the bottling line for its THC-spiked sodas. Toward the end of the tour, I had a semi-serious question for the company’s CEO, Tripp Read the full article…

Blue Line Protection Group Providing Financial, Security And Compliance To Legal Marijuana Industry

Lakewood-based Blue Line Protection Group is among the highest-profile companies in the growing security sector, and its services go beyond armed guards and armored transport.

COLORADO:  Blue Line Protection Group, a leading provider of protection, financial and compliance services to the legal cannabis industry, was featured on the front page of The Denver Post on Sunday, June 15th in the article, “Reluctance of banks leaves pot shops looking for secure practices.” The article focuses on the unique and uncertain banking Read the full article…

Treasury Defends Rules On Banks, Marijuana Sellers

"Without any guidance, there would be a proliferation of cash-only businesses, and that would make it impossible to see when there are actions going on that violate both federal and state law and that ... would be a real concern," Lew told the House subcommittee on financial services. "We thought that the clarity, bringing it into daylight, was a better solution."

DISTRICT OF COLUMBIA: Treasury Secretary Jack Lew on Tuesday defended the Obama administration’s guidelines to banks conducting transactions with legal marijuana sellers as congressional Republicans questioned whether the guidance amounts to tacit federal approval of a drug illegal in most states. The Justice and Treasury departments issued a roadmap in February that would allow the new Read the full article…

These 'Bitcoins For Marijuana' Try To Solve Legal Weed's Big Heist Problem

Their developers promise safety and security -- and they just may change the course of the drug war in the process.

Bitcoin isn’t the only digital currency changing the way we pay for things. Two new cryptocurrencies aimed at allowing people to safely buy drugs — legal or illegal — may provide new payment alternatives to the largely cash-only industries. Their developers promise safety and security — and they just may change the course of the Read the full article…

Money And Marijuana: Still No Action From Feds, Washington's Heck Reports

"Every week that passes without new guidance, however, is another week the regulated marijuana markets in Washington and Colorado must operate on a cash-only basis.

WASHINGTON:  Washington Democratic Congressman Denny Heck today issued a statement concerning financial institutions and the business of legal marijuana. Heck’s office reported: “It has been over a year since Washington voters approved I-502. Since that time, officials in our state have worked tirelessly to uphold the will of the voters and implement this law safely and Read the full article…

Cash-Only Cannabis: Colorado Pot Shops Work Through Financial Hiccups

“There is absolutely no justifiable reason to allow this threat to public safety to continue in those states where the regulated sale of marijuana has been made legal,” Betty Aldworth, deputy director of the National Cannabis Industry Association (NCIA).

COLORADO:  While the sale of recreational-use marijuana is now legal in Colorado, its status as illegal under U.S. law is leading to complications for vendors, who can’t use the federal banking system to do business. When so-called “pot shops” opened up legally in Colorado last week, one thing they couldn’t offer shoppers was the ability Read the full article…

Recreational Pot: Processors Of Credit, Debit Cards Relax Rules

"In offering our payment service, Visa adheres to the rule of law and seeks to prevent our network from being used for unlawful purposes," the company said in a statement to The Denver Post.

COLORADO: Recreational-marijuana businesses might not be as unbanked as they claim, with dozens of stores offering patrons payment alternatives to cash — each requiring a bank account. Whether by credit card or ATM, customers say they were pleasantly surprised to learn that the cash in their pockets wasn’t necessary to buy recreational cannabis. “It was at Read the full article…

Justice Department To Clarify Bank – Marijuana Company Transaction Rules

Under federal law, simply accepting regular business deposits from a known marijuana seller is a violation of money-laundering laws.

DISTRICT OF COLUMBIA: The Justice Department is drafting legal guidance to help clarify how the banking industry can do business with newly legal marijuana businesses in states such as Colorado, according to people familiar with the matter. The planned legal memo won’t draw clear lines about what banks can and can’t do, but will instead emphasize Read the full article…