DENVER, Jan. 16, 2018 /Weed Wire/ – Today, Attorney General Cynthia H. Coffman joined a bipartisan group of Attorneys General in sending a letter to Congress urging them to take the necessary legislative actions to allow legal marijuana businesses access to banking services.
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When the U.S. Justice Department said last week it was reversing policy on the $7 billion marijuana business, it failed to first notify federal officials who advise banks in states where the drug is legal, sources in Congress said.
It was only three months ago that Uruguay gave the green light for pharmacies to sell recreational marijuana, but now it looks like the country’s budding hemp crop is going to expand as well.
Bank of Montreal and Toronto-Dominion Bank are emerging as the banks of choice for Canada’s burgeoning marijuana industry, even as some lenders shun the sector.
Two months ago Uruguay became the world’s first country to legalise the production and sale of marijuana throughout the entire country. Now, Uruguay’s legal marijuana businesses are facing major challenges from banks throughout the country.
On Sept. 13, 2017, Juan Andrés Roballo, head of Uruguay’s National Drug Board, announced in a press conference that the country is establishing new cannabis retail stores dedicated to cash-only sales of cannabis because most banks are refusing to work with pharmacies involved in the country’s legal cannabis industry.
The legal sale of marijuana in Uruguayan pharmacies is facing challenges as banks refuse to deal with companies linked to the drug in order to follow international financial laws.
It seems the advent of the Trump Administration has yet to dissuade banks from serving state-legal marijuana businesses. According to a marijuana banking update issued by the Financial Crimes Enforcement Network, a growing number of financial institutions are banking marijuana money in the United States.
On April 27, 2017, a bipartisan group of congressmen in the United States House of Representatives announced that they would be launching legislation to allow state-legal marijuana businesses access to banking services.
On April 17, 2017, “Weed & the American Family,” a poll conducted by The Marist College Institute for Public Opinion and Yahoo News, revealed data points on Americans’ perspectives regarding legalization, the evolution of social norms and how marijuana affects relationships.
Under federal law, even legal marijuana is illegal. John Oliver explains why conflicting drug laws pose serious problems.
In response to President Donald Trump’s nomination of Jeff Sessions for Attorney General, Illinois State Treasurer Michael Frerichs announced on Jan. 24, 2017, that he sent a letter to Trump urging him to issue clear guidance to banks on working with the legal marijuana industry.
Real estate is the next big catalyst for marijuana stocks in 2017, as more voters demand legalized recreational and medical cannabis in their states.
Right now, California’s marijuana industry for all intents and purposes is a cash-only business.
The U.S. government should keep banks from cutting off the accounts of vendors who work with state-sanctioned marijuana businesses, 10 U.S. senators said in a letter to the Treasury on Wednesday.
With legal marijuana sales underway in Alaska, growers will soon be submitting their first tax payments to the state.
DENVER, Nov. 10, 2016 /Weed Wire/ — Blue Line Protection Group, Inc. ( OTC PINK : BLPG ), today announced that it will host a conference call for shareholders to provide a briefing of the Company’s operations and a summary of its strategic objectives.
The prospect for a market of such scale is adding urgency to calls for a national approach to marijuana that expands banking options. Law enforcement and Federal Reserve officials have expressed concern about the fraud and crime associated with un-bankable cash.
A break-in captured on video at a Seattle marijuana shop is just the latest in an increasing string of violent robberies, prompting renewed calls for Congress to authorize banks to do business with legal pot retailers, growers, and processors.
Randy Shipley, the founder and CEO of CannaFundr.com, is among those who believe that the new SEC rules will “potentially” have a positive influence on the marijuana industry.
With the advent of a legal medical marijuana business in the state of New York, the pressure is on to pass federal reform. Legalization of the medical market here has forced the banking issue into the spotlight of legalization like no other.
The marijuana banking bill introduced on July 9, 2015, in the Senate and passed out of the Senate Appropriations Committee on July 23, is way overdue.
Supervisors of state chartered credit unions have written to Congress in support of legislation that would clarify the legality of providing financial services to legal marijuana businesses.
If you’re an entrepreneur, and your company isn’t quite ready for potential investors, how do you acquire financing? For regular businesses, getting a loan from a bank or financial institution is the most straightforward answer, but that’s not always an option for those in the marijuana industry.
When banks close the accounts of legal marijuana businesses, they frequently cite the prohibitive cost of following Department of Justice and Financial Crimes Enforcement Network guidance about complying with the Bank Secrecy Act.
A bill sponsored by a Colorado Congressman that would allow legal marijuana dispensaries access to the federal banking system has been re-introduced to the House of Representatives — but it faces long odds.
As we welcome the new year, let’s not forget that 2014 might as well be considered the year of green for America.
If you are in the cannabis industry, in any capacity, you know how difficult getting access to banking services can be. Many banks are reluctant to do business with the cannabis industry because marijuana is still illegal federally.
Emmy winning independent journalist Ben Swann released a video detailing the hypocrisy of the federal government holding patents on medical marijuana, and the health benefits of CBD oil.
NEARLY TWO years after Massachusetts voters approved medical marijuana, nine distribution centers are to open next year in places like Brookline, Lowell, Salem, and Quincy. The state licensing process for these dispensaries has been convoluted. And yet that path seems easy to navigate compared with the latest obstacle: the banking system.
On July 18, the House of Representatives voted in favor of an amendment designed to make it easier for banks to do business with marijuana-related businesses.
A Renton business is learning how paranoid banks can be when it comes to accommodating companies with the word “marijuana” in their titles.
Banking services for legal marijuana is all the talk right now, but what happens when banks decide that the cannabis industry is too risky to partner with?
The Obama administration has sent a message to the nation’s bankers: Even though the sale of marijuana is a federal crime, they can provide service to this new industry without fear of prosecution, but only if the bankers follow a detailed list of guidelines. FULL ARTICLE HERE