Marijuana Money Is Pot Of Trouble For Banks

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

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

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

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

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

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

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

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…