4 States Legalize Marijuana

Posted on November 17, 2014 by admin

Currently just four states have taken the step forward and allowed the recreational use of marijuana; it is no longer a criminal offense to use the drug if you are over 21.

This will allow businesses to grow and develop, to take part in this potential profit making business. It is important that you understand the requirements set out in the state you live, because some rules are different. For example in Washington they chose not to bring in the legalization of selling the drug, however you are able to grow your own.

Unfortunately, Florida didn’t manage to push through legislation for the use of medical marijuana this time; it missed the mark by just a few votes.

With 23 states now able to allow the use of medical marijuana, it might not be long until this increase to other states who understand the importance of allowing an individual to decide if they want to use a drug, which can help relieve the pain and suffering of many different conditions.

Running your own business in the field isn’t as difficult as before, there are now more options to consider when it comes to the merchant account provider who will allow your customers to pay using their credit and debit cards.

Applying for a marijuana merchant account is possible; it is a high risk business and you will need to consider this when you apply, it doesn’t mean that you should expect excessively high charges or payment terms that you don’t agree with.

There are many business regulations and licences that you would need to apply for first, and while many people think that this is easy money, it is not. There is a lot of hard work involved and in some states it is not possible to set up a normal business, it needs to be a non-profit business.

There are also differences in business that you can claim back as part of normal expenses and others you have to fund yourself. It can get very complicated as to the amount of federal tax you have to pay. Understanding all these restrictions is key in making a successful business in the marijuana field.

For a Marijuana Merchant Account, contact us today!

Federal Taxes Crippling Marijuana Businesses

Posted on November 17, 2014 by admin

It is difficult to imagine running a business where you are unable to deduct your business expenses when filling out your Federal taxes, but this is just part of the headache that marijuana businesses are facing.

It is possible in some states to sell medical marijuana through legitimate businesses and in a few states it is even possible to sell the drug for recreational purposes and this is great news if you are looking to enter this business area.

The growth of businesses who want to help and produce marijuana is growing; it is even possible to secure a medical marijuana payment processing merchant account and to accept credit and debit card payments form your customers. However, surviving might be tricky with the amount of taxes that you have to pay.

While the practice of running a business in some states is legal, the Federal government still sees it as a Schedule 1 drug and therefore, they can use the 280E tax code, which came into force in 1982. This code means that if you sell schedule 1 drugs you are unable to deduct any business expenses unless linking directly to the drug. Advertising or staff wages are not an allowable expense and this means that many business owners are paying taxes that equate to around 70% and over, compare this to normal business owners whose tax is around the 30% mark it seems excessive.

Many business owners feel that while they have won the fight with the voters, the government is doing all they can to put legitimate business out of business. What is disturbing, if a normal business makes a loss during the year there is no Federal tax to pay, if a marijuana business makes a loss they still have to pay tax.

The problem is that Congress needs to address these issues and yet this hasn’t happened. It is important to hear the voter’s, how they feel over marijuana, the way it is helping those people in need. Now it is the time for Congress to help these businesses too.

After all, they are providing a service that is creating jobs, improving local economies and yet Federal government is looking to force them out of business.

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Grow Your Own Marijuana in the Nations Capitol!

Posted on November 17, 2014 by admin

Washington D.C has voted against keeping marijuana as an illegal drug to use for recreational purposes. They have voted in favour of people being able to use and grow their own drug; unfortunately, they have yet to agree to the sale of the drug.

This is going to have an impact on the reason why the federal government chooses not to reclassify the drug and continues to class it as a Schedule 1 drug.

If there are no problems or objections, the hope for the new legislation will come into effect at some point in 2015. In the meantime, it is still possible to go down the route of medical marijuana, for the relief of a number of medical conditions.

It is possible to set up a legal business in one of 23 states, who supplies and grows marijuana for sale to those individuals who have a medical marijuana card.

These businesses are high-risk; however, it is still possible to open a marijuana merchant account. This will give your customers the ability to pay for the goods you provide in a convenient form, like credit or debit card.

Previously, it was a cash based business and this meant higher risks for staff and storing the cash. Allowing businesses to grow and develop by offering the ability to have access to a merchant account and the services they can provide, will improve the economy with the business development.

The aim of the change of law has some elements to stop racial discrimination, with a high number of arrested people being black. It will also have a positive impact on society, because it will reduce the number of arrests and prosecutions for a drug that is less harmful than other legal drugs, including alcohol and tobacco based products.

Fewer arrests relating to marijuana will have a positive impact on the reduction in costs relating to prison terms for this drug and could improve the chances of users of marijuana getting employment and stability in their lives.

Saving money is key to improving the local economy and if Washington D.C can take a positive move forward, then this makes the way for other states to follow their example.

Contact us when you’re ready to open your dispensary

Legalized Marijuana for Recreational Use and Marijuana Payment Processing Account Solutions

Posted on November 17, 2014 by admin

Prior to Alaska legalizing marijuana for recreational use, which is now the fourth state to take this step; many states have passed laws that allow citizens to use the drug for medical uses, currently 23. This is a positive step in the right direction for a drug that you can’t die from taking, but can help a number of medical conditions.

What it does is pose a problem for these businesses who are legally able to sell the drug and the paraphernalia to anyone over the age of 21. The problem they face is finding a banking institute that will provide services, including merchant facilities.

This problem has arisen because of the fact that under federal law marijuana is still illegal. Some of the banking institutions think they pose too great a risk in offering services that are legal in certain states, but still against federal law. There are merchant providers who are willing to offer medical marijuana payment processing account solutions, and with the change in the law to include recreational use in some states, this could move forward to include this area.

There are high-risk merchant providers who will take the risk with the legal businesses that provide a service to people with medical marijuana cards, or, who live in one of the four states that will eventually allow the sale of the drug for recreational use to those individuals who are over the age of 21.

This is an important step forward for Alaska, who have gone to the polls twice before in 2000 and again in 2004, wanting the recreational use of the drug to become legal. They did approve of the medical marijuana use in 1998 and now, in 2014, have taken the step to allow 1oz of the drug for recreational purposes.

This will legitimize a number of businesses making them legal; this will increase the job prospects as well as increasing the taxes paid and improving local economies. Something that will have a positive impact on the states prepared to legalize a drug against the federal government.

Therefore, this is a positive step in the right direction, which will allow the use of a drug for recreational purposes, and allow businesses and economies to grow.

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The War on Drugs Could End this November for Many Americans

Posted on October 30, 2014 by admin

The war on drugs will have more skirmishes this election season. This November the American people won’t be voting on the President, but many will be voting on the legalization and decriminalization of marijuana. Seven states, around 17 municipalities, and one U.S. territory will be voting on drug policy reform questions this November. This is more than at any time in history!

Legalization of Marijuana

In November, Oregon will be voting on Measure 91, a bill that will make the Beaver state the third state to legalize marijuana for adults 21 and older. The measure will legalize the possession of small amounts of the drug and create a system to regulate marijuana sales and production. The District of Columbia has already adopted a wide reaching marijuana decriminalization law. In November, the District of Columbia will take it a step further and propose the legalization of small amounts of marijuana for adults 21 and older. The D.C. Council is also considering the taxation and regulation of marijuana within the district.

Alaska made the possession and cultivation of small amounts of marijuana legal in the 1970s. And in 1998 the state legalized the use of medical marijuana. This year Measure 2 would make the possession of marijuana legal for adults 21 years of age or older, and like the Oregon ballet it would establish a statewide regulated system of cultivation and sales.

Medical Marijuana

Amendment 2 in Florida will propose legalizing medical marijuana in the sunshine state. The successful adaptation of the bill will make Florida the first southern state to approve such a measure, and will make it the 24^th state to recognize marijuana as a legitimate form of medicine. Guam could also become the first U.S. territory to adopt medical marijuana if a current medical marijuana bill is passed later this year.

Other Reforms

California will consider reducing the charge of simple drug possession from a felony to a misdemeanor. 3 cities in Maine, 11 cities in Michigan, and 2 cities in New Mexico, will also be voting on the decriminalization of the possession of small amounts of marijuana.

This voting season is proof that public opinion about marijuana is changing. The passage of the proposed initiatives would be a major victory in the war on marijuana, and would set a hosts of precedents that could lead to legalization nationwide.

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Florida Bay Area Pushing Hard for the Legalization of Amendment 2

Posted on October 29, 2014 by admin

The well-known attorney, John Morgan, is currently campaigning for young people’s votes in the effort to legalize medical marijuana in the state of Florida. So far, the Bay area is a main location of interest in pushing the Amendment 2 – medical marijuana.

In the beginning of October, Morgan rolled into the University of South Florida in a tour bus wallpapered with the phrase “Vote Yes on Two”. The younger generation is believed to be the deciding factor in whether or not this legislation is passed on Nov. 4.

According to a statement to WTSP, Morgan revealed that “Our opponents are counting on young people not voting. If young people vote in record numbers, we will win.”

So far, polls reveal that things are extremely close on the medical marijuana issue; thus, Morgan has been working hard to spread the word to students in the area. As Nov. 4 approaches, his belief is that exposing the issue to certain demographic groups can make all the difference.

Many who have experienced the benefits of medical marijuana or have witnessed the benefits in family members’ illnesses are stepping forward to support the legalization of the substance. However, one concern that has arisen is the unfortunate and unintended consequence of the marijuana falling in the hands of children.

As the talks continue in favor and against, the issue of the medical marijuana falling in the wrong hands has moved to local airwaves. People are very concerned that there are loopholes in the law that drug dealers will take advantage of. An additional concern is that children could obtain prescriptions without parental consent.

Fortunately for the cannabis business owners of Florida, the potential legalization of medical marijuana will brighten their future; especially since obtaining financial assistance from the banking system is still an issue. For now, the main alternative to their high risk situation is the use of medical marijuana payment processing.

For medical marijuana payment processing contact us today!

Banks are Slowly Warming to Legal Marijuana Dealers

Posted on October 24, 2014 by admin

In February 2014, the Obama Administration gave the banking industry the thumbs up it needed to offer financing to pot distributors, as long as they legally conduct business. This decision was welcomed as a step forward for marijuana commerce. However, the financial system felt that it was too much of a risk to do business with companies whose products were still technically illegal under federal law.

According to The Washington Post, “Credit unions and banks are wary of running afoul of money laundering statutes by accepting proceeds from an activity considered illegal under federal laws. That has made it difficult for legal marijuana dispensers who must operate exclusively in cash, placing them at greater risk of being robbed.”

To address this issue, some guidelines were implemented to make the process for the banking system more efficient and safe. There are now new rules concerning the notification of federal regulators when activity appears to be suspicious. There are three categories of marijuana-related reports in place to use in such situations.

The first category, “marijuana limited” is used when dealers are truly following the government’s guidelines and ensuring that sales revenue is not falling into the wrong hands. According to Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Network, the banks have filed 502 such reports since the change was issued.

The second report, the “marijuana priority”, is used to alert regulators when a dealer’s revenue is not coming from legal exchanges. The final category and report is the “marijuana termination” report; this report involves the relationship between the bank and the pot seller coming to a close. According to Calvery, 475 such reports have been filed.

Fortunately, services offered by high risk merchant account providers have made life much easier for these businesses as they struggle with the changes in the financial system that are moving slower than many hoped.

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Marijuana Use Positively Affects Brain Injury Patients

Posted on October 24, 2014 by admin

Many are coming to the conclusion that increased survival rates of traumatic brain injury cases are associated with the use of cannabis. During the study, conducted by UCLA Medical Center investigators of 446 patients suffering from traumatic brain injuries, the individuals underwent a urine test to determine whether or not there was the presence of THC in their systems.

After a three year review of these patients, the following information was determined. According to the Medicalxpress, “Of those patients who tested positive for the presence of marijuana, 97.6 percent survived surgery. By contrast, patients who tested negative for the presence of pot prior to surgery possessed only an 88.5 percent survival rate.”

With the current findings on the positive impact the presence of THC can have on brain trauma patients, it is likely that further therapeutic interventions will be established in the future. The likelihood increases when you consider the positive direction the marijuana industry is moving in.

Colorado has paved the way for other states to follow. For example, a poll released on October 17, 2014 by the University of Delaware revealed that a strong majority is in favor of the legalization and regulation of adult use of marijuana. In addition, Alaska and Oregon are waiting for November 4 to see how voters feel about marijuana legalization.

The study concerning cannabis use for traumatic brain injuries will surely be used as a point in favor of further legalization, as those in the industry continue to seek support for the benefits medical marijuana can offer.

In the meantime, there is still a need for the dispensaries involved in the industry. Marijuana dispensary merchant accounts provide the means to fulfill payment processing needs safely and efficiently. Marijuana-merchant-accounts.com can offer such solutions for your medical marijuana store front dispensary.

Does your Dispensary need credit card processing? We can set up your account today. Contact us today!

Alaska Marijuana Ballot Awaiting Voters’ Decision

Posted on October 23, 2014 by admin

The Marijuana Legalization, Ballot Measure 2 is waiting to either be declined or approved by voters on November 4, 2014 in the state of Alaska. This measure would allow individuals age 21 and older to possess up to one ounce of marijuana and up to six plants. In addition to this, the manufacture, sale and possession of marijuana paraphernalia would become legal.

The issue of marijuana is not new for the state of Alaska. In fact, it has a very complicated history on the issue. In 1975, Alaska approved a bill allowing the private possession of up to one ounce of marijuana in public. Not long after, this decision was supported by the throwing out of all penalties associated with possessing up to four ounces of marijuana and up to 24 plants in an individual’s home.

However, in 1990, all of this was undone when the Alaska Marijuana Criminalization Initiative was approved. This piece of legislation made all marijuana possession illegal in the state of Alaska. Possession would lead to a fine of up to $1,000 and was punishable up to 90 days in jail. Years later, in 2003, this was overturned by the Alaska Court of Appeals.

Even with the stage being set for change in a positive direction for the industry, it is still illegal under federal law. Because of this, medical and recreational marijuana dispensaries are still considered high risk and have been pushed away by Visa, MasterCard, Discover and American Express; thus, leaving these dispensaries with little to no options in credit card processing for medical marijuana.

This has led to the option of high risk cannabis merchant services who are willing to work with the industry and the high risks involved. marijuana-merchant-account.com, is a high-risk merchant account provider that offers such services. As the medical marijuana industry continues to push itself further towards acceptance, services such as this will be needed to give firms a chance to achieve success safely and efficiently.

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The New Gold Rush | High Risk Marijuana Merchant Services

Posted on October 23, 2014 by admin

Businesses have been waiting anxiously on the sidelines for years, positioning themselves in order to jump in on the marijuana industry when the time was right. Now, with legalization occurring in certain states, it would appear that the time has come. It would seem that the marijuana industry has entered its own period of a “gold rush”.’

According to Forbes contributor, Marian Salzman, “Now that recreational marijuana is legal in two states, medical marijuana in 18 more and D.C., and many other states (including New York, where law enforcement has long largely looked away) looking at legalizing one or both, businesses of all stripes and sizes are trying to get in on the action”.

With this rush also comes a high-risk, high-reward situation. Up until now, public traded cannabis companies shied away from actual marijuana. However, with the current rush and increasing public acceptance, these companies are rethinking the idea. As a result, this has also lessened the perception of risk.

According to Alan Brochstein, a Chartered Financial Analyst who also runs a cannabis-focused stock website, “Based on my conversations with companies that are public and private, it’s likely that we’re going to see licensing models emerge, whereby proprietary strains, extraction processes or edible brands are put into public company vehicles. We are headed in this direction because investors want it that badly.”

When it comes to making investment decisions, it is crucial to look for businesses that are productive and have strong management. Investors who are brave enough to take on the risk of marijuana stocks should tread carefully.

The marijuana industry may become an institution in the U.S. In fact, it may become just as big as prescription medication and alcohol. If it does, then jumping on the band wagon, investing wisely and taking on the high risk could pay off in the end.

With the current, huge push to emphasis on how to monetize weed, it is safe to say that options are going to be needed for payment processing. In addition, the high risk aspect adds a need for safe and effective options. Marijuana-merchant-account.com offers payment processing solutions, despite the high risk aspect of the industry. Payment processing solutions are available for both retail and delivery dispensaries.

We can have your Credit Card Processing Service approved in as little as 48 hours, contact us today!

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Category Archives: Marijuana Merchant Account

4 States Legalize Marijuana

Federal Taxes Crippling Marijuana Businesses

Grow Your Own Marijuana in the Nations Capitol!

Legalized Marijuana for Recreational Use and Marijuana Payment Processing Account Solutions

The War on Drugs Could End this November for Many Americans

Florida Bay Area Pushing Hard for the Legalization of Amendment 2

Banks are Slowly Warming to Legal Marijuana Dealers

Marijuana Use Positively Affects Brain Injury Patients

Alaska Marijuana Ballot Awaiting Voters’ Decision

The New Gold Rush | High Risk Marijuana Merchant Services

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