Colorado OKs World’s 1st Pot Banking System

colorado-lawmakers-approve-plan-marijuana-banks

COLORADO: Gov. John Hickenlooper has signed legislation to try to establish the world’s first financial system for the largely cash-only marijuana industry. The bill signed Friday morning seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services. Banks that fear violating federal law do not Read the full article…

Colorado Lawmakers Shy Away From Pot Bank

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:  A Colorado plan to set up the world’s first financial system for marijuana survived less than 24 hours before state lawmakers changed course Thursday night and shelved the idea. The proposal would have allowed state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union. The measure was introduced late Wednesday Read the full article…

Marijuana Businesses May Have Trouble Finding A Bank

The same federal government that regulates banking transactions also says selling marijuana is a crime, so people who open medical marijuana businesses in Clark County, for the most part can't get the banks to do any business with them.

NEVADA:  It’s a budding business in Nevada that will bring in big time money. Even though medical marijuana is legal under Nevada law, most banks steer clear of these all-cash operations. So where will their owners store their money, when they open shop in Clark County? The same federal government that regulates banking transactions also Read the full article…

New Pot Banking Guidelines Moot In California?

“The MMRSA (Medical Marijuana Regulation and Safety Act) makes clear that local public entities retain their current right to ban medical marijuana dispensaries, cultivation sites, and related medical marijuana activities within their respective jurisdictions,”

CALIFORNIA: Thanks to some recent direction from the Obama administration, banks are now allowed to do business with folks who make their living in the legal marijuana trade. But, maybe not in California. In response to a growing uneasiness with the cannabis cash conundrum, spurred at least in part by the introduction of legal recreational marijuana Read the full article…

US Government Issues Rules For Banks On Dealing With Legal Marijuana Vendors

Under the new regulations, banks wishing to do business with marijuana dealers must verify that they are properly licensed and must gather information about the types of products they sell and the nature of the customers they serve. Banks must also be alert for any signs that the dealers are engaged in improper transactions.

DISTRICT OF COLUMBIA:  The Obama administration issued new rules Friday intended to ease the concerns of banks wanting to deal with businesses that legally sell marijuana, something the nation’s banks have so far declined to do. The rules, issued by the Treasury and Justice Departments, are intended to “move from the shadows the historically covert Read the full article…

Banking Marijuana Requires “Act Of Congress”

DISTRICT OF COLUMBIA:  Despite bankers’ varied attitudes about legalizing marijuana, now that it is legal in Colorado, banks are supportive of government efforts to permit financial services for marijuana businesses. However, numerous obstacles prevent banks from serving marijuana businesses and their customers as they conduct legal activities. Colorado can’t regulate or tax an industry for Read the full article…

Banking Marijuana Requires “Act Of Congress”

DISTRICT OF COLUMBIA:  Despite bankers’ varied attitudes about legalizing marijuana, now that it is legal in Colorado, banks are supportive of government efforts to permit financial services for marijuana businesses. However, numerous obstacles prevent banks from serving marijuana businesses and their customers as they conduct legal activities. Colorado can’t regulate or tax an industry for Read the full article…

Attorney General Holder: Feds To Let Banks Handle Pot Money

Holder said the new regulations were likely to emerge "very soon" and were not intended to amount to a blessing of marijuana by the federal government.

DISTRICT OF COLUMBIA:  The Obama administration will soon announce regulations that allow banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday. “You don’t want just huge amounts of cash in these places. They want to be able to use the banking system,” Holder said during an appearance at the University Read the full article…

Attorney General Holder: Feds To Let Banks Handle Pot Money

Holder said the new regulations were likely to emerge "very soon" and were not intended to amount to a blessing of marijuana by the federal government.

DISTRICT OF COLUMBIA:  The Obama administration will soon announce regulations that allow banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday. “You don’t want just huge amounts of cash in these places. They want to be able to use the banking system,” Holder said during an appearance at the University Read the full article…