Sonoma County, California, Wages Quiet War On Weed
Yarrow Kubrin was recently to be sentenced to four years in prison. His crime? He was growing medical cannabis in complete compliance with state laws.
Topic
banking
52 articles
CannabusinessLink
Rising Marijuana Sales Leave Pot Shops Flush With Cash They Can’t Deposit
Two months from now, on July 1, Oregon will become the fourth state to allow residents to legally purchase marijuana for recreational use. In anticipation of legalization, the governing body that will oversee marijuana licensing and sales is preparing for something unexpected: A huge influx of cold, hard cash.
CannabusinessLink
Medical Marijuana Sparks New Technology
The emerging cannabis industry has not only created thousands of new jobs, it has also given birth to a new technology niche. Existing software companies are adapting and new ones are being born to address the specific needs of this new sector. Government agencies and business owners find that they are at ground zero for the creation of these new products.
Law & PoliticsLink
Medical Marijuana Bill Gains Momentum in Senate
A push to legalize medical marijuana at the federal level is gaining momentum in the Senate, drawing a growing roster of co-sponsors from both parties just over a week after it was unveiled. The Compassionate Access, Research Expansion, and Respect States (CARERS) Act would provide dispensaries with access to the banking system and ...
Medical Marijuana Bill Introduced in US Congress
The bill is a serious step in the right direction that would reclassify cannabis from a schedule I (no medical benefits, high rate of addition) to a schedule II drug and would allow states to set up their own laws governing cultivation and sale.
Oregon Bank Accepts Cannabis Business, Then Rescinds Offer
MBank made a brash move and widely publicized their intention to work within the cannabis market, without first seeking FDIC approval.
At Long Last: The First Cannabis Based Credit Union to Open
Finding banks who will cater to cannabis businesses has been a constant obstacle for new ganjapreneurs opening up shops since states began legalizing in the U.S. But that might be about to change thanks to Alex Mason, who plans to open up the first credit union ever that caters to businesses in the cannabis industry.
Law & PoliticsLink
Colorado OKs Marijuana Credit Union
Colorado's marijuana businesses have a cash flow problem: Too much cash is flowing in and they've nowhere to put it. Most banks refuse to work with marijuana businesses, which are legal in Colorado but remain illegal at the federal level. Now, a new credit union aimed specifically toward the cannabis industry hopes to offer a solution.
Law & PoliticsLink
Colorado Pot Credit Union Could Be Open by January 1 Under State Charter
The world's first financial institution established specifically for the marijuana industry could be open in Colorado by January 1. The Colorado Division of Financial Services late Wednesday issued The Fourth Corner Credit Union an unconditional charter to operate, the first state credit-union charter issued in nearly a decade.
NORML PAC Endorses Representative Heck for Congress
NORML PAC is pleased to endorsed Representative Denny Heck (D-WA) in his campaign to be reelected to the United States Congress representing Washington's 10th Congressional District.
The Banking Bind: How Federal Law Is Making Business Difficult for Cannabis Dispensaries
While cannabis remains federally illegal, the banks hesitate to serve medical dispensaries despite their treatment as legal businesses by the state.
Law & PoliticsLink
Massachusetts Marijuana Dispensaries Need Access to Banking System
Nearly two years after Massachusetts voters approved medical marijuana, nine distribution centers are to open next year and now must face the latest obstacle: the banking system.
CannabusinessLink
Let It Grow: Banks Offering Financial Services to Marijuana-Related Businesses
About 105 different financial institutions spread out over one-third of the country have reported relationships with legal marijuana-related businesses, the top U.S. anti-money laundering official said Tuesday, suggesting federal rules are allowing a newly-legalized crop of companies access to banking services.
House Votes to Let Banks Take Deposits From Marijuana Businesses
In a historic vote Wednesday, the US House has approved an amendment to the Treasury Department appropriations bill barring the agency from spending any money to punish financial institutions that provide services to marijuana businesses in states where it is legal.
Law & PoliticsLink
GOP-Led House Gives Marijuana Businesses Another Boost
The GOP-dominated House on Wednesday delighted cannabis advocates by voting to prohibit law enforcement from going after banks for doing business with state-licensed marijuana growers and sellers.
Law & PoliticsLink
IRS Fines Unbanked Pot Shops for Paying Federal Payroll Tax in Cash
Legal marijuana businesses without bank accounts are unfairly assessed a 10 percent penalty on federal employee withholding taxes they are forced to pay in cash. And rather than waive the penalty for cash-only businesses paying the tax on time, the IRS advised the companies to avoid the assessment by using techniques that amount to money-laundering.
CannabusinessLink
Burglaries at Denver Marijuana Shops Slow, But Industry Still Worried
Burglaries and robberies at all pot businesses in Denver are on pace for their lowest total in three years, according to figures from the city's Department of Safety.
Law & PoliticsLink
Colorado Law Sets Up Marijuana Banks; Feds Must OK
Seeking to move marijuana businesses away from cash-only operations, Gov. John Hickenlooper signed legislation Friday that tries to establish the world’s first financial system for the newly legal industry in Colorado. It would allow pot businesses to pool money in cooperatives, however, without the blessing of the Fed, it's more of a symbolic action.