Dispensaries are teaming up with Hospitals and Universities

Posted on June 26, 2014 by admin

Medical marijuana dispensaries are gearing up to team with hospitals and universities, in areas where medical marijuana is legal. This is fantastic for patients who would rather rely on the natural benefits of medical marijuana rather than pills. While this is not yet set in stone, it represents a great opportunity for those who are interested in being medical marijuana merchants.

Medical marijuana dispensaries are not only helpful to the community, but they can also be lucrative. There is a high need for these businesses, yet many are hesitant to invest in these businesses due to many factors, from ever-changing regulations to difficulty finding an account processor. While there is very little that the public can do about the fast changing regulations, there are options available to those who are having a hard time locating a willing bank to provide a merchant account for their medical marijuana business. One of these options is marijuana-merchant-account.com.

Marijuana-merchant-account.com, or MMJ, is one of the top marijuana merchant account providers in the United States. We have over 10 years of account and processing experience within the medical marijuana industry, and we know the hassles that can come with the fast-changing regulations. We will keep you abreast of new and changing regulations, so you can help your business, and customers, stay on the right track. We offer top of the line security, software, and terminals to help keep your company safe and secure. In additional to traditional terminals, we also offer wireless, more streamlined terminals, which is great if you have a small workspace. Regardless of the size of your business (or prospective business), MMJ is here to help you.

Medical marijuana dispensaries are gearing up for partnerships with hospitals and universities. While these agreements are not set in stone, they are promising to medical marijuana users and merchants. This is the perfect time to consider operating a medical marijuana business, and your first step should be locating an experienced and reliable medical marijuana merchant account provider. You should look no further than MMJ.

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Cannabis Legalization Having Interesting Effects on the U.S.

Posted on June 11, 2014 by admin

MMJ BUSINESS AND BANKS

There is a perception that major banking institutions avoid payment processing for Marijuana merchants. This perception is false, however, as more banks are now revealing their dealings with marijuana merchants since the Obama administration released new guidelines on how financial institutions can legally do business with cannabis dealers. Recently the chief executive officer of a Nevada bank reported that they would do business with dispensaries that will be opening there.

John Sullivan, president and chief executive officer of First Security Bank of Nevada, told KNPR, “Frankly, I didn’t personally follow any of this until about two months ago… (but then) we began to get phone calls from attorneys, and they represented some very influential people in Las Vegas with a long history of being strong supporters of the city.” He continues, “These are not the sort of people that are in dark shadows or they’re coming in from somewhere else…these are local people who have spent their life here and they have an unblemished reputation in all ways.”

Sullivan admitted that he was skeptical at first of the growing cannabis banking trends, but after reviewing research on the industry and reading the recent banking guidelines set out by the federal government, he and the First Security Bank of Nevada board decided to proceed.

After looking at all of the facts, Sullivan noted, ““It became clear that the attitudes of the federal government – both the bank regulatory agencies as well as the Department of Justice – are quickly changing.”

First Security Bank of Nevada hopes to be able to start payment processing for Marijuana merchants soon. As the first bank in Nevada to openly admit to dealing with cannabis dealers, other banks contemplating doing business with marijuana merchants will be watching their interaction with the government carefully.

PITCHING POT

New government regulations have started a flood of applications from aspiring cannabis businesses into Nevada. As marijuana becomes legal in states throughout the nation, each one is left to decide how to process and grant licenses. In Clark County, Nevada, applicants will be required to organize a six minute pitch to the county commissioners and the public over a three day period. The commissioner board will then select 18 finalists and forward them to the state for final approval.

SEC WATCHING CANNABIS STOCKS

Cannabis stock trading is coming under scrutiny by the SEC as the industry is starting to boom. After temporarily suspending five cannabis-related stocks, the SEC warned investors about committing fraud within the sector. A year ago there were only a dozen publicly traded companies in the cannabis market, now there are more than 100.

Now the SEC is keeping a close watch on a sector that is used to coloring outside of the lines. With reports of shady investors, fudged financial numbers, and questionable business practices. Most marijuana merchants are frustrated by these practices. They note if the marijuana industry wants to be taken seriously, it must clean up its act.

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Marijuana Merchant Accounts in Limbo as Health Canada Struggles to Process Applications

Posted on June 11, 2014 by admin

Health Canada is in a bind. The department responsible for overseeing the processing of medical marijuana applications has received 858 of them as of May 2014, and new applications are coming in at a rate of 25 per week. This is in stark contrast from September of last year, when Health Canada only had 156 applications to sort through. However, the number tripled by the following February, then doubled in 3 months. So far only 13 licensed suppliers have been approved and listed on the department’s website as an authorized marijuana dealer for patients seeking cannabis for pain and other symptoms, per their doctor’s recommendation.

On April 1^st, Health Canada radically changed the rules of the medical marijuana industry as they shifted the marijuana industry from a group of thousands of individual growers, loosely regulated, to a commercially competitive sector. So far prices have been set by the free market and Health Canada has imposed no limits on the number of sanctioned indoor cannabis farms one grower can have.

As a result, what began as only a few applications per month has turned into a flood of marijuana merchants eager to capitalize on the booming market. According to a spokeswoman for Health Canada, of the 858 applications, 370 were returned as incomplete, 149 were denied, 30 were rescinded, and approximately 300 are under review.

The backlog of applications is starting to frustrate prospective medical marijuana owners like Uma Syed, president of Toronto-based CannMart Inc. “They’re really an unfortunate bureaucracy under siege,” he says. “They’re dealing with a situation they weren’t prepared for….there’s something really out of whack. We’re all dressed up and nowhere to go.”

Despite applicant frustrations, a second Health Canada spokesperson said that the agency refuses to fast track the review process, which includes a rigorous file review, review of personnel security, site inspections, records-keeping, equipment, and quality control specifications. Health Canada has also been slowed down by several lawsuits that challenge the new process.

Meanwhile aspiring medical marijuana business owners find themselves stuck between an overwhelmed regulatory agency, and the likelihood of a once in a lifetime business venture that will produce a lot of green.

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Obama Administration Ok’s Bank and Marijuana Merchant Account Transactions

Posted on April 25, 2014 by admin

In February, the Obama administration gave banks approval to do business with legal marijuana dispensers. For the first time ever, these dispensers are eligible to secure loans and set up checking and savings accounts with traditional banking institutions.

20 states and the District of Columbia have legalized the sale of marijuana. Colorado and Washington were allowed to legalize marijuana, as long as the states kept a close eye on businesses. In August, the administration set forth eight guidelines for legal dealers to follow to avoid federal prosecution. As a result, the Treasury Department has issued new rules making it easier for banks to do business with marijuana dispensers, while the Justice Department decided not to prosecute banks that do business with legal marijuana dispensaries.

Yet banks are leery of engaging in business with legal dealers, because the sell and distribution of marijuana is still forbidden by federal law.

Frank Keating, president and chief executive of the American Bankers Association voiced financial institution concerns. “This guidance doesn’t alter the underlying challenge for banks. Possession or distribution of marijuana violates federal law, and banks that provide support for those activities face the risk of prosecution and assorted sanctions.”

Currently financial institutions must notify the federal government if they suspect any illegal activity by marijuana merchant accounts. The Treasury department requires banks to submit a “marijuana limited” report that says that dealers are following the administration’s guidelines, and are keeping revenues out of the hands of illegal dealers. If the bank suspects that a marijuana merchant account is engaging in illegal activity, they must file a “marijuana priority” report to notify regulators.

This is exciting news for marijuana dispensers like Steve Horwitz, whose account was closed once Wells Fargo discovered it sold marijuana laced goods. “We’re good customers. We pay extra money for cash deposits, and we move a lot of money. It’s in their interest to keep us.”

Legal marijuana entrepreneurs are not the only ones who would benefit from the integration of marijuana merchant accounts into the banking industry. Financial organizations could win big with legal marijuana business. The industry is expected to gross $2.57 billion this year, according to ArcView Market Research.

marijuana-merchant-account.com has easy payment processing solutions for retail and delivery dispensaries. Our services let your patients donate at the point of sale using a credit or debit card and a PIN number.

The transaction will only cost patients a small convenience fee ranging from $0.99 – $2.00. We offer debit card, credit card, and savings account services. Our retailers choose us for their marijuana merchant accounts because there are no discount rates, interchange fees, or processing fees.

Our MMJ delivery services also offer electronic payments on the go. Contact us at: 1-800-466-1809 to set up your marijuana merchant account today.

Cannabis Production May Limit Inventories, Create Dispensary Shortages

Posted on March 19, 2014 by admin

Recreational marijuana dispensaries and growers in Washington State have concerns about the state’s cap on cannabis production. Washington State currently has allotted a 2 million square foot canopy cap for recreational cannabis. Yet, the recreational marijuana industry could face a demand that far exceeds the supply and production capability.

Colorado’s Precedent

January 2013 marked the first month of legal recreational marijuana in the state of Colorado. Dispensaries in Colorado struggled in the opening month of the new industry with many complications. Recreational marijuana businesses contended with long lines, inventory shortages, and price hikes.

Many dispensaries in Washington State believe that recreational marijuana revenue could exceed medical marijuana revenue by up to 300%. Business owners point to Colorado as an example. The RAND corporation estimated Washington State’s cannabis consumption at 175 metric tons in 2013. The cannabis consumption cap would place Washington’s marijuana production rate at roughly 1/4th the consumption rate. Tax-paying businesses may lose the opportunity to acquire transactions that exist on the black market.

Growers Uncertain

Washington State’s recreational marijuana growers remain uncertain about the cannabis cap. Growers can apply for up to three licenses at three different tiers. The most ambitious grower applying for three of the largest available licenses could avail of 90,000 square feet to grow cannabis. Yet the 2 million square foot cap would only allow for 22 growers of that caliber. With more than 2,600 grower’s license applications, growers are stuck in limbo about the reality of their business plans.

Conservative Lawmakers’ Cannabis Concerns

The number of applicants combined with a cap that restricts production far below estimated consumption create dire implications for the new industry. Lawmakers intended to ensure Washington State is not left with a surplus of Cannabis that cannot move over state lines.

Yet the lawmakers may be forfeiting the opportunity to bring marijuana transactions off the black market and into tax-paying dispensaries. If the supply and production is not capable of creating adequate inventories for dispensaries, the entire industry will be hamstrung before it can begin walking.

Oregon Senate Judiciary Committee Hears Arguments for Local Marijuana Regulation

Posted on March 19, 2014 by admin

Legal battles continue in the state of Oregon over control over medical marijuana regulation. The Oregon state Senate Judiciary Committee held a public hearing in February about a proposal for medical marijuana regulation. The proposal sought to give local authorities the ability to regulate the new marijuana industry.

Senate Judiciary Committee Proposal

The Association of Oregon Counties and League of Oregon Cities supported the proposal. The changes would include the limitation of products that may be attractive to kids as well as forbidding a dispensary being within 1,000 feet of a school. The proposal intends to give local governments the ability to regulate the marijuana industry. Oregon’s current legislation has little regulation for the industry.

Other supporters of the proposal include the Associations of Chiefs of Police, the Oregon Farm Bureau, Associated Oregon Industries, Oregon Forests Industries Council, the Oregon District Attorneys Association, and the Oregon Association of Realtor.

Oregon began registering medical marijuana facilities March 1st, 2013.

Local vs. State Regulation

The underlying struggle for regulation is between local government entities and the state government. Local organizations hesitate to trust the brand new marijuana industry to regulate itself. The new industry features little standards for appropriate business practices. The lack of regulation from the state level creates unease for those who didn’t support marijuana legalization. Misgivings are still high about this new industry.

Proponents for state regulation argue that local governments shouldn’t restrict patients from accessing their medication. State-wide regulation would mean Oregon residents would have uniform access to medical marijuana regardless of where they live.

Impact on Dispensaries

The regulation of marijuana laws can have a profound impact on marijuana dispensary businesses. If a business is registering as a marijuana dispensary local regulation could break the business. A business could have to navigate a city’s regulation, the county’s regulation, state guidelines, and federal guidelines.

The layered system of regulation could cost a marijuana dispensary time, resources, and money–all commodities a small business can rarely afford. As Oregon and other states begin moving towards legalized marijuana dispensaries, medical or otherwise, dispensary owners will need to keep a keen eye on regulation legal battles.

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