Tax Free Pot Holiday Brings Many to Denver

Posted on October 14, 2015 by admin

Many areas host “tax free” weekends or holidays for various goods: clothing, electronic, back to school goods. Back in September, Denver got creative and held a tax free marijuana sales day. Thanks to Colorado’s Taxpayer’s Bill of Rights (TABOR), the state had already hit their tax cap on the marijuana dealers. So, for one day the 10% tax was dropped. Sales went up, and unlike the fears of the opposition, nothing bad happened.

Even though Denver has shown much success with their legalized recreational marijuana, many still oppose it. It is successful enough that in mid-September it has already passed the tax dollar threshold for the state. Yet, some still view it dangerous and perhaps a way to spark crime in the area. Unlike the good ol’ street dealer, marijuana dispensaries are highly regulated by the city and state, and this regulation makes it tough for a dispensary to partake in any wrongdoing. It also makes it hard for a dispensary to get off the ground, at all. While a merchant may open a dispensary after a bevy of red tape, there is another important task that lies at hand: dispensary check processing.

Finding a good check processor is tough for every business, but it is even tougher for a legalized recreational marijuana or medical marijuana dispensary. These dispensaries are in the processing industry’s “high risk” category, meaning that they are at a higher risk of having fraudulent charges, and a higher risk of closing up shop. The recreational marijuana industry in Denver is showing that these businesses are profitable, and here to stay, but the processing industry for the most part isn’t buying.

Because of this, it takes effort to find the right dispensary check processor. A good rule of thumb is to ask others who have been in the industry for a while. Not everyone will use the same processor, but you can get ahold of the names and start your research. Many start with Google, but top Google search option are paying to show up in the first page, and may not be the best option overall. Be smart with your searches and research, because a check processor is one of the most important things you will obtain for your dispensary.

Contact us for Marijuana Dispensary Check Processing Options today!

Colorado Bans EBT Card Withdrawals at Pot Shops

Posted on May 11, 2015 by admin

Pot shop customers (and merchants), pay attention: Colorado has now banned EBT withdrawals from ATM machines in pot shops. While the state previously banned its withdrawals in casinos, liquor stores, and gun shops, this newest ban may leave some shaking their heads. Because pot shops are located in many communities, customers and non-customers alike use their ATM machines as a convenience for EBT cash withdrawal. While this is a setback and inconvenience for many, it should not deter you from operating your shop as you normally would. In fact, it may actually encourage you to look for other payment options beside the popular “cash only” method.

Many Colorado pot shops are “cash only” for many reasons, however it is dangerous. Many establishments have been victimized because of this, and once the cash is gone, your business is out of luck. The revenue is lost, never to return. You need to look for a marijuana payment processing company. You may think this is impossible, because of the stigma on the newly legalized market. True, many processors turn their noses up at the idea of providing a payment processing account to a marijuana merchant, but there are some who do not. One of the best in the business is MMA, or Marijuana Merchant Account.

MMA is different from traditional payment processors for many reasons. For starters, MMA is one of the foremost knowledgeable processors in the legalized marijuana industry. What tends to happen when a new product becomes legalized is that a few payment processors will hop aboard, only to charge huge processing fees. This is not the case with MMA. MMA has been helping legalized recreational and legalized medical marijuana merchants for over 10 years safely accept plastic payment cards with a low processing fee. This low fee does not mean that service is shabby; in fact, it means that MMA wants your business to succeed.

One of the biggest issues with marijuana payment processing accounts is the sub-par security and terminals that are offered up to marijuana merchants. This is not the case with MMA, as top of the line security, software, and terminals are offered. Regardless of how you operate your pot shop, MMA has the tools that you need to succeed.

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Recreational Marijuana Has Taken Over Medical in Colorado

Posted on April 28, 2015 by admin

While many states are just now hopping on the medical marijuana wagon, the sales in Colorado are beginning to increase for recreational marijuana. Medical marijuana sales in Colorado actually fell during 2014. The number of medical cardholders also fell; these medical users have begun to purchase through recreational instead.

According to an article by Susan Scutti of Medical Daily, “Looking at the current trend line, the research and advisory firm predicts the average patient count will continue to decline – from approximately 114,000 in 2014 to 99,000 by 2020 – while the number of recreational users grows”.

Despite the legalization of marijuana in the state of Colorado, many remain hesitant and reluctant due to the substance still being illegal on the federal level. Colorado has not full embraced the legalized drug, medically or recreationally. Even though the tax revenues are tempting, most jurisdictions in the state will not allow marijuana sales – of any kind.

In addition, people are avoiding registering for a pot card. The illegal status of marijuana on the federal level is keeping people afraid that doing so will lead to feds busting down their doors. As a result of this fear, people have become willing to pay extra to be invisible.

Business continues to be difficult for those in this industry for the same reason that it is hard for its customers – the illegal status on the federal level. Marijuana has been and continues to be classified as a Schedule I drug; this means, according to federal law, marijuana has “no accepted medical use”.

Because of this, banks remain unwilling to allow dispensaries to deposit their profits with them. Acquiring business funding is also difficult, if not impossible. While legalization in the state of Colorado may be established, the reality and practice of it is a completely different story.

Many marijuana businesses have turned to medical marijuana payment processing. As states continue to legalize medical and recreational marijuana, providers that offer these specialized services are working to fill the gap that businesses need as the states continue to work through the process of acceptance that follows legalization.

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Legalization of Marijuana Creates New Economy in Denver

Posted on March 24, 2015 by admin

Since the legalization of recreational marijuana in Denver in 2014, the city has created a profitable industry where individuals and businesses can thrive. Now the city officially has more marijuana dispensaries than Starbucks, making it the place to be for new marijuana entrepreneurs. Although the city has been in the center of heated debates and punchlines, marijuana’s effects on the economy are no laughing matter.

Since its legalization, marijuana has created a large job market and increased tax revenue, to the tune of $44 million. Now smart entrepreneurs are rushing to the state to grow and sell their own special strands of marijuana. Companies are popping up left and right, dealing with all aspects of the marijuana trade. Many are creating marijuana-infused products, like sodas, lotions, cookies, and other edibles.

Once marijuana was legalized in Denver, many residents were concerned that it would lead to an increase in drug related accidents, drug related crimes, and drug use in children. Thus far, these fears have not come to pass. According to a Denver Post poll, crime rates have remained stable in the city, while its car fatalities and murder rate decreased in 2014. Also there has yet to be any definitive proof that legalization has increased the use of marijuana for people under 21 years of age.

Jack Strauss of the University of Denver, recently conducted a study on the economic impact of two of Denver’s major marijuana dispensaries, Colorado Harvest Company and Evergreen Apothecary. Strauss found that the combined economic impact of both stores was seven times the impact of the average restaurant or retail store in the metro area. Tax revenue from both totaled over $1.07 million for Colorado and over $390,000 for the city.

Despite the embracing of marijuana businesses in Colorado, many marijuana merchants still find it difficult to secure competent recreational or medical marijuana payment processing from traditional lenders. However, there are some experienced online payment processors that specialize in this area.

Learn more about expanding your customer’s payment options with credit and debit cards. Contact us today!

Colorado Revenue Report Shows Growth in Recreational Marijuana Market

Posted on March 24, 2015 by admin

The Colorado Department of Revenue released its annual report on the nation’s first market for recreational marijuana products. Alongside Washington, Colorado was the first state in the US to legalize recreational marijuana. Of course, the discrepancy between state and Federal laws still create difficulties for merchants, but the market is growing at an impressive rate. According to numbers from the report, almost 150,000 pounds of cannabis flowers were sold last year. An indication of a healthy and growing market.

During the 2014 year, the number of licensed businesses for recreational marijuana doubled from 400 to over 800. Of course, the term ‘businesses’ in this context is comprehensive of retailers, cultivators, testing laboratories, and infused product manufacturers. The healthy market is growing competition at a healthy rate as merchants continue to capitalize on this in-demand market. The number of medical marijuana dispensaries also increased, though at a much smaller rate.

However, despite the increase of businesses receiving licenses, the medical marijuana market still vastly out reaches that of the recreational market in the state of Colorado. Of the nearly 150,000 pounds, approximately 100,000 still belonged to the medical marijuana market constituting two thirds of the entire supply within the state. The disparity comes from the established nature of the medical market compared to the state’s brand new recreational industry, pioneering not only the state but the nation as a whole. The disparity isn’t helped by the disparity between state and Federal laws either.

Due to marijuana still being banned by the Federal government, the industry remains high risk for merchants. Finding a bank to accept and handle a merchant’s marijuana payment processing remains next-to-impossible. This forces many merchants to find payment processing to avoid being a cash-only business in alternative places that do not balk at the legal risks associated with the industry. As long as the difference exists between state and Federal law, merchants will always be under threat of overzealous Federal prosecution, and therefore banks and traditional financial institutions will back away from providing payment processing for credit and debit transactions.

Colorado is more than an experiment for the functionality of recreational marijuana markets. The growth and success of the Colorado markets indicate that the market may be here to stay. As merchants find more alternatives to the complications and difficulties of doing business, businesses will continue to grow as the recreational marijuana industry continues to develop past its infant stages.

For Marijuana Payment Processing, contact us today!

Marijuana Industry Banking focus for Colorado Governor

Posted on February 28, 2015 by admin

The traditional banking industry has disassociated from the marijuana industry for a long time. All that is about to change in the state of Colorado with the Governor focusing on putting the marijuana industry banking a top priority for the growing sector in their state. The once unregulated and unstructured marijuana industry lead banks fearful of crackdowns by the federal government, but with new laws allowing the selling of medical marijuana according to state laws, Colorado has seen an explosion of revenue coming from the marijuana industry.

With the beneficial increase in state revenue from the marijuana industry taxes, Colorado Governor, John Hickenlooper, is aiming to make the marijuana industry free of corruption by focusing on banks to start working with the marijuana merchants. It’s clear that the marijuana industry is risky in business terms, but with legalization of medical marijuana in the state, the all-cash industry, can face many problems without a proper partnership with the banks.

Banking has been a major issue for the industry, but in Colorado, the marijuana industry is thriving and a well functioning banking partnership must be had to reduce crime and corruption. With the continuing battle with public health and public safety concerns, the marijuana industry has shown that the legalization laws are working. Taking into consideration from health officials, industry, law enforcement, and community members, the marijuana industry has surpassed all doubts and has shown beneficial economic growth for the state of Colorado.

No matter how banks see it, the marijuana industry has shown positive light to the right people. Marijuana merchants can know that they are safe as long as they abide by state laws. For marijuana merchants, it’s a good time to expand cash-only payments and allow processing credit and debit card purchases. Marijuana-merchant-account.com can help you set up a marijuana merchant processing account. They have industry knowledge and cater to all the necessary needs of the marijuana merchant.

The all-cash industry is restrictive and is slowing down the potential of larger sales. Accepting debit and credit cards will reduce robberies. As medical marijuana sales continue to show positive growth, a comprehensive banking reform should be made for the necessary marijuana industry.

For Marijuana Payment Solutions contact us today!

Colorado’s Pot Industry Moving to Change the Face of the Industry

Posted on December 19, 2014 by admin

As the first anniversary of the legalization of recreational marijuana in Colorado approaches, those involved are making it a priority to change the face of the industry. The push is for the “stoner culture” stereotype to be removed and for the industry to gain a new meaning. The dream is for the industry to be recognized as a true business with true business people that are hard at working operating these companies.

For example, former commercial banker, Brooke Gehring, now operates two different businesses: Patient’s Choice of Colorado and Live Green Cannabis. $3 million later, she converted a furniture warehouse into a grow house. With 5,000 plants, Gehring expects to reach $10 million in sales this year.

It may come as a surprise, but Gehring’s grow house is situated across the street from a police station. She says that it serves as a security measure. At the same time, you can’t help but notice the symbolism of the industry wanting a chance to be viewed as an honest and upfront business.

With the exciting movement for the industry going from the “new kid” to “experienced businessman” comes some legitimate concerns. In order for the industry to continue on this respectable, honourable path and to thrive, regulations must be set and followed religiously. The thought that the federal government could come in and shut things down at any time has motivated those on Colorado’s state advisory panel to carefully write regulations.

The biggest concern of all is that people who do not manage their business will overproduce, have nowhere to sell it and turn to the outside, unregulated market for buyers. According to a report by NPR, it was confirmed that the Mexican cartels are buying Colorado pot and bringing it into Mexico.

For now, Colorado is moving to put regulations in place that will help the industry grow in a healthy way. The biggest issues at present are the competition with the black market and the need for the federal government to jump on board with legalization.

Can you relate to the industry’s need to grow and be recognized? With high risk still being an issue for the industry, marijuana merchant accounts are still the best option for those looking to enter the business. Let a marijuana merchant account provide you with a safe and efficient means to operating your business.

To set up Marijuana Processing Solutions contact us today!

Polls Show that Recreational Marijuana Legalization is Popular

Posted on October 1, 2014 by admin

Polls in Colorado still show that the legalization of recreational marijuana is still popular. The polls show around the same numbers as polls before the legalization occurred earlier in 2014. While polls are often tricky, due to demographics, the fact that the results were pretty much the same is fantastic for the industry. While the sales are booming in Colorado, this could help other states enact their own marijuana legalization.

Until then, there is always the need for more cannabis dispensaries in the states where it is legalized. Business is booming, and it is the perfect time to enter into the business. It seems like a tricky business to enter into, yet you do not need to be a “pothead” to do it. Legitimate business men and women are getting into the game – so why aren’t you?

One of the first things you need to do is to locate a cannabis dispensary merchant account. This can be hard, as very few offer this service. One of the best is simply titled Marijuana Merchant Account, www.marijuana-merchant-account.com. Simple to remember, right? Well, we are at the top of the game when it comes to providing cannabis dispensary credit card terminals. Credit card terminals are a must if you plan to accept credit and debit cards as payment. While you can always just accept only cash, it may deter clientele, who do not want to make a special trip to the ATM before visiting your establishment. So, you need to make sure that your terminals are secure, safe, and up to date. We offer that. We offer the best terminals, security, and software to protect your customers’ information. It has also been mentioned on the news that the Feds are “watching” these businesses. We understand that, and we comply with all state and Federal rules and regulations, as would apply to legalized cannabis dispensaries.

For your cannabis dispensary credit card terminal needs, contact us today.

Denver Marijuana Stores Create Massive Economic Impact

Posted on October 1, 2014 by admin

Many doubted the economic impact of legalized marijuana, but two cannabis retailers in Denver, Colorado have convinced them. The two retailers, Evergreen Apothecary and Colorado Harvest Company, have contributed around 280 jobs, and over 30 million in local economic impact. This does not include the nearly $200,000 they will pay in state business taxes. The impact comes in many forms, from their paying their workers, to the workers spending their money in the area, and even tourists who would otherwise not come to the area, spending their money in hotels, restaurants, and other retailers. Overall, the legalization of marijuana is good for the economy.

This is great, and you can help out, as well. If you are in the Denver area, or live in another locale that offers legalized recreational marijuana, why not invest in a business? It doesn’t have to be a large business to make an impact. It is rather easy to open and operate a marijuana retail store, and aside from city and state paperwork (and the product) there is only one other thing you need: A marijuana merchant account. It may seem like a task to find one, but one is actually closer than you can imagine.

Marijuana Merchant Account is the premier medical and legalized recreational marijuana merchant account provider in the United States. We know the stress you could be under as a medical marijuana merchant, and we will not abandon you if something goes wrong with your business. We know that you may incur a fraudulent charge, and we will help you determine if it is indeed fraudulent. Our merchants are offered the best security, software, and terminals, to help combat data theft. Our rates are industry-standard, and we do not trump them up just because you operate what some consider a “fad” business.

For more information about obtaining a medical marijuana merchant account, contact us today by clicking below!

Cannabis Cooperative Gives New Hope to the Industry

Posted on June 6, 2014 by admin

The creation of cannabis co-operatives by state lawmakers may never have a chance to get off of the ground. The state of Colorado recently approved a plan that is meant to help marijuana stores deal with the enormous cash sums they experience. In September 2011, the last bank in the state of Colorado closed its doors to working with medical marijuana businesses. This action forced businesses to operate in cash-only, which obviously leaves the owner in a very risky situation with no place to deposit their money.

According to an article on May 12^th by the National Cannabis Industry Association, “State lawmakers late Wednesday night approved a law giving marijuana-store owners the right to create cannabis co-operatives, which would operate like banks or credit unions. Gov. John Hickenlooper previously indicated he would sign a slightly different bill but has repeatedly called on federal lawmakers to change laws on the national level.”

The bill is being co-sponsored by Democrat Sen. Pat Steadman and Republican Rep. Tom Massey. Senate Bill 75, if passed, would allow medical marijuana businesses to create cooperatives that would be regulated similar to credit unions while also being insured by “non-federally backed” insurance policies. Brian Vicente, of marijuana advocacy group Sensible Colorado, informed The Huffington Post that “Colorado’s tightly regulated medical marijuana businesses need banking that allows them to operate like other state licensed businesses.”

Under the proposed bill, cannabis co-ops would be able to provide banking services like issuing checks and electronically transferring funds. However, this can only happen if permission is given at the Federal level. “Most everyone agrees that banking needs to be fixed at the federal level. However, Congress appears to be unwilling to act, and Coloradans don’t have time to wait,” said Mike Elliott of the pot lobby’s Marijuana Industry Group in a statement to Coloradoan. “(This law) is likely not a solution to the banking problem but an opportunity to move the conversation forward.”

Marijuana store owners are in support of the Colorado co-op bill, saying they are tired of playing games with the banks. Having accounts closed by banks and having to open accounts using benign names is not only stressful, but it also leaves the owners at risk to crimes since the public is well aware of the industry being forced to operate in cash-only.

Elan Nelson, spokeswoman for Denver-based marijuana store Medicine Man, revealed her opinion to the Coloradoan. “While the cannabis co-op law likely won’t directly lead to changes, it’s a place to start”. She also stated that “It will probably go nowhere, but we have to start having the conversation at the federal level.” For now, business owners will have to find safe payment processing options and merchant accounts that are safe for the high risk involved in the marijuana industry. marijuana-merchant-account.com, for example, provides merchant processing services to marijuana dispensaries.

To start your Marijuana Payment Processing, click on the button below

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