FLORIDA: A recent study commissioned by industry journal American Banker reveals that the nation’s four largest banks have opened accounts for pot shops and marijuana-related businesses. Conducted by MRB Monitor, a firm that helps financial institutions identify the risks associated with the marijuana industry, the study examined public records in the state of Massachusetts and found that 34 percent of businesses that filed to operate medical marijuana dispensaries in Massachusetts between June 2015 and September 2016 had one or more accounts at Bank of America, Citigroup, Wells Fargo, or JPMorgan Chase.
COLORADO: CS Compliance Systems, developers of CannaScore – the world’s first real-time regulatory compliance auditing application for the cannabis industry, announced that its credit card processing privileges were revoked after their bank realized that CannaScore was providing services to the marijuana industry. In response, the company announced that it is now offering its products free of charge, on a limited basis.
WASHINGTON: Recreational marijuana may be legal in Washington state, but in many ways, it’s still a risky business.
The biggest risk is that nearly all transactions happen with cash. And not just customers buying marijuana, but much bigger transactions when retailers buy from the producers that actually grow the pot.
Everyone uses cash because banks, which are federally regulated, aren’t keen on the idea of getting into business in an industry that is still federally illegal.
Now, there’s a company that’s bringing electronic payments to the world of recreational marijuana, and it could be a game-changer.
WASHINGTON: If you have anything to do with banking or merchant services for Washington’s legal cannabis industry, you’ll want to make sure to attend the Marijuana Business Association’s Professional Education Seminar on I-502 Compliant Banking & Merchant Services, Monday, June 29th, 2015 1:00-4:30PM a the Red Lion Hotel, 11211 Main St. Bellevue, WA 98004. Featuring an impressive lineup of the state’s leading authorities on cannabis industry banking and finances, the event was organized by the MJBA at the behest of state’s I-502 Licensees and applicant, MJBA members and other cannabis industry service providers. The half day seminar will feature presentations and panel participation from:
- Washington State Department of Financial Institutions Director of Banking, Rick Riccobono;
- Timberland Bank COO, Jonathan Fischer
- Washington Liquor and Cannabis Board CFO, Mike Kashmar
- Legal Officer at Foundry Law Group and I-502 Retail Licensee Myles Kahn
- PayQwick CEO Ken Berke and CFO Keith Marks
- President & Executive Director of the Community Bankers of Washington, Mark MacDonald
- Moderation, David Rheins, Executive Director of the Marijuana Business Association
Foundry Law Group will sponsor a post-event reception at the hotel bar at the conclusion of the seminar.