Trump Hints at Supporting New Marijuana Bill

Posted on June 25, 2018 by admin

Indoor Marijuana Grow Room with Plants in Soil Under Lights Early this month, President Donald Trump shared that he was leaning towards supporting new bipartisan marijuana legislation – delivering a blow to Attorney General Jeff Sessions. U.S. Attorney General Jeff Sessions has been an outspoken opponent of marijuana. He lifted an Obama administration policy and freed federal prosecution to more aggressively pursue cases in states where marijuana has been legalized.

When addressing the media at the White House just before departing for the G-7 summit, the president said he would “probably end up supporting” the recent bill being circulated through the Senate by Gardner and Warren.

“I really do. I support Senator Garner,” Trump said. “I know exactly what he’s doing, we’re looking at it. But I probably will end up supporting that, yes.”

While this piece of legislation would not legalize marijuana, it would ease the federal ban on marijuana. At the moment, the marijuana industry is struggling to grow under a two-tiered enforcement system at the state and federal levels. If this proposal is successful, it would leave it up to each individual state to decide what the best approach to marijuana is within their state.

Don Murphy, conservative outreach director of the Marijuana Policy Projected, has called the bill the “most significant piece of marijuana-related legislation ever introduced in Congress.”

For consumers and merchants, this legislation would protect the individuals who choose to use or sell cannabis (as long as they are following state local laws). For example, the bill would amend portions of the Controlled Substances Act, ensuring that buying or selling cannabis would not be considered drug trafficking. Even so, some federal restrictions will remain (e.g. sales of non-medical marijuana to individuals under 21).

The Impact of New Legislation on Marijuana Merchants

Besides the ease in federal restrictions, how will President Trump’s support impact marijuana businesses? At the moment, marijuana companies are forced to operate in cash-only. They struggle to secure loans and merchant accounts from banks. The changes this bill would lead to would allow banks and financial institutions – currently fearful of federal prosecution – to freely work with any marijuana merchant adhering to state laws.

In the meantime, the marijuana industry continues to rely on high-risk providers like Marijuana Merchant Account. Your cannabis company can take advantage of a full suite of payment solutions that work for your business. These merchant services allow you to accept all card types for a convenient customer experience and utilize recurring payments for discount payments and memberships. ECheck processing also allows you to accept electronic checks over the phone or internet.

If you need secure payment processing, consider the many benefits of working with Marijuana Merchant Account. Your account can be setup in as little as 24 hours.

Marijuana POB | America Advocates for Cannabis Decriminalization

Posted on June 13, 2018 by admin

Marijuana Payment Processing Seems like only non-smokers and those who don’t mingle with cannabis users were shocked by this new Quinnipiac University national poll on marijuana legalization. If you didn’t see cannabis acceptance hit such a high so soon, then you have a lot to catch up with on the marijuana industry. To refresh your memory, California legalized recreational cannabis on the first day of this year, proof that the pursuit for decriminalization has been secretly on fire. Plus, more and more states want the drug legalized.

According to these statistics, an increasing number of American voters now support legalization of cannabis than ever. A whole 63 percent of U.S citizens want “legalization of the use of marijuana.” So far, this is the highest figure in the history of Quinnipiac polls.

“Growing from a stigmatized black market drug bought in the black market shadows to a well-liked treatment for several conditions, and to a nationally accepted recreational drug, cannabis has indeed gone mainstream,” says Tim Malloy, the Assistant Director Quinnipiac University Poll. And at this rate, we could achieve full decriminalization and open doors for more entrepreneurs to acquire Marijuana POB accounts.

Here are other findings of the same poll as regards to decriminalization of cannabis:

America wants Medical Cannabis legalized

Compared to the recreational sector, the medical marijuana industry has been performing well and attracting the attention of more U.S citizens. However, we didn’t estimate a ninety-four percent vote in favor of allowing the use of medical marijuana if a doctor prescribes it. Again, this was the highest figure in any poll by Quinnipiac University.

Weed is not a gateway drug!

There have been questions whether marijuana is a first step drug that leads to addiction to other drugs. But According to 61 percent of American voters, marijuana use does not foster abuse of other addictive drugs. Perhaps the nation is gaining more insight about the drug out of experience; or what other possible explanation can there be for these findings?

Major Supporters

Most Americans have been on the forefront of advocating for a high nation. This new poll has only confirmed the possible figures of those who have used recreational cannabis. 43 percent of U.S voters admitted to having used recreational weed with Men leading at 54 percent and Women following at 33 percent.

Federal Regulations on Marijuana should be lifted off

Americans feel that the government should lift off all federal laws against cannabis in states that have decriminalized the use of medical and recreational marijuana. A whopping 74% of voters support the bill safeguarding states that have made legal medical and recreational cannabis from federal prosecution.

Marijuana should be excluded from schedule 1

Schedule 1 consists of highly regulated drugs. And from the Quinnipiac University Poll, 76% of U.S Voters support the exclusion of cannabis as a Schedule 1 drug. A good percentage of America is probably wondering why the hell lawmakers are placing weed in the same class with the likes of heroin.

Marijuana Stocks | What You Need to Know

Posted on May 25, 2018 by admin

Cannabis leaf scattered on the dollars. Seamless image The legal marijuana industry won’t be slowing down any time soon. Recent research released in a report by cannabis research firm ArcView revealed just how fast the industry is growing. Through their partnership with BDS Analystics, ArcView discovered that North American legal weed sales grew by 33 percent in 2017 to $9.7 billion. The prediction is that they will continue to climb by an average of 28% annually through 2021. If this forecast turns out to be true, that would mean about $24.5 billion in annual legal pot sales by 2021.

So, what has led to this tremendous growth? What is driving marijuana sales? A big reason cannabis sales are rapidly climbing has to do with the changes that are slowly taking place throughout the country. The more time goes by, the public perception towards pot is more positive than negative. Numerous national polls in the U.S. have shown that the public has overwhelming responded in favor of marijuana for adult use.

Two potential changes to marijuana in North American have been named the biggest near-term growth drivers: California opening its doors to recreational marijuana sales on Jan. 1, and the discussion of a bill in Canada’s parliament. This bill would legalize recreational marijuana for adults this summer and would give the legal marijuana industry an opportunity to generate $5 billion in additional sales this year.

What you need to know about marijuana stocks

Thanks to recent growth, the number of ways to generate a profit in marijuana stocks has broadened considerably. Before, the model was simple and pretty straightforward. It involved dried cannabis growers, distributors and dispensaries. Now, the structure is a very vertical network of related jobs that support the industry and enable it to grow even further and thrive.

However, there is one cannabis product that has been named as the key for investors: cannabis oils. Even though dried cannabis is the most commonly sold cannabis product, it surprisingly is a relatively low-margin item. There are two pot stocks that stand to benefit the most from cannabis oil sales and are worth paying close attentions to:

MedReleaf (NASDAQOTH:MEDFF) has been a pioneer in pushing cannabis oils and extract products. Back in 2016, MedReleaf held 44.5% of all Canadian cannabis oil market share.
Canopy Growth Corp. (NASDAQOTH: TWMJF) is the largest pot stock in the world and should also benefit by incorporating cannabis oil sales. In recently reported third-quarter operating results, Canopy Growth Corp. more than doubled the 116 kilogram-equivalents (262 kilogram-equivalents) of oils sold in the year-ago period.

Are you planning on investing in marijuana? Do you own a business in the cannabis industry? If you need cash to operate your cannabis business or require payment processing services to make secure sales, consider working with Marijuana Merchant Account.

New Study Says Rise in Marijuana Use is Not the Result of Legalization

Posted on September 29, 2017 by admin

unnamed The use of cannabis in the U.S. has been increasing rapidly over the last decade. However, you might be surprised to hear that it is not because of legalization. A recent study in the journal Addiction confirms that the growing number of state laws and pro-pot policies – that allow legal use of both medical and recreational marijuana – are not the reason behind increased usage.

“Marijuana policy liberalization over the past 20 years has certainly been associated with increased marijuana use; however, policy changes appear to have occurred in response to changing attitudes within states and to have effects on attitudes and behaviors more generally in the U.S,” the report says.

To arrive at this information, researchers from the Public Health Institute Alcohol Research Group analyzed data from National Alcohol Surveys. Following this research, the changes in marijuana use was compared with changes in state laws. Even though 29 states and Washington D.C. have either medical or recreational laws in place, the increases in use were “primarily explained by period effects.” These “period effects” refer to societal factors that affect populations across age and generational groups.

“It only makes sense,” says The New York Times. “Policy changes occur with changing tides, and the societal tide change in how we view marijuana as a culture has become a mainstream phenomenon.”

The findings of this study are being used to support the argument for continued legalization. Many hope that this assessment of the national temperature on the subject will encourage more acceptance and boost the marijuana industry. Operating within this industry is still incredibly challenging for those brave enough to battle the endless obstacles. For example, merchants are still unable to secure the payment processing they need to operate safely (many are forced to operate in cash).

Full Service Payment Solutions for the Cannabis Industry

With Marijuana Merchant Account, cannabis merchants can quickly secure a merchant account and have it setup in a matter of days. MMA boasts a large network of lenders and equity groups, and offers marijuana businesses short term cash advances and capital for expansion. Easily accept all card types (American Express, Visa, Mastercard and Discover) and utilize recurring payments for memberships, discounts clubs and more. You can also accept checks over the phone via MMA’s e-check processing services. The straightforward application process can be completed in a matter of minutes. If your business is struggling to obtain a merchant account or your account has been suddenly closed, consider what a marijuana merchant account can do for you.

Lawmakers Continue Push to Expand Maryland Medical Marijuana Industry

Posted on August 28, 2017 by admin

Medical Marijuana Payment Processing In the final days of the Maryland legislative session, top democrats agreed to the expansion of medical marijuana growers in the state. Two top lawmakers in particular, Senate President Thomas V. Mike Miller and House Speaker Michael Busch, showed their support by writing a letter in July requesting passage of “emergency legislation” in the legislation session beginning January.

Even with these steps forward, there are still many issues to discuss. For example, lawmakers are still wrestling over which businesses should be given entry into the lucrative marijuana market. Fifteen companies were preapproved last year by regulators. If they pass all final inspections and background checks, they’ll be cleared to open cultivation sites. And what about marijuana credit card processing? With strict federal regulations, merchants are unable to secure processing and funding from traditional financial institutions. Most turn to an alternative provider like Marijuana Merchant Account (MMA).

There have been other obstacles in the process of approving five additional growing licenses. In the final days of the legislative session, House and Senate negotiators battled over a compromise concerning how many new licenses should be issued, along with whether the number of growers should be reduced if a company fails inspection.

If the new bill was passed, it would also favor minority-owned companies. This addition is lawmakers attempt to address concerns raised when two companies sued the state after their application was rejected in favor of lower-ranked bids. According to The Washington Post, these lower-ranked bids were from “geographic regions of Maryland where no growers had been approved”.

Opposition arose to expand the Maryland marijuana market, surprisingly, from the fifteen businesses that have already been given cultivation licenses. These companies have banded together to oppose expanding the market. According to them, this expansion completely derails their business plans and pitches to investors; their plans were based on the expectation that they would have exclusive foothold of the marijuana industry in Maryland.

“Our members relied on commitments from the state when making their business decisions, and it is reasonable for them to expect that the state would honor those commitments,” says Jake Van Wingerden, President of Cecil County’s SunMed Growers. “Many of our members are just months away from delivering medical cannabis to patients, and we are opposed to any changes that would cause additional delays to this important program.”

Unfortunately, the session came to a close with no resolution. The bill was pushed off until 11:55p.m. – with a midnight deadline – before it came up before the full House. Republican lawmakers then delayed the vote by asking questions until the clock hit midnight. The 90-day session came to a close.

The result: none of the companies that received the green light to start growing Maryland’s first legal marijuana belong to African Americans, and the legal battle with two rejected applicants continues (they planned to drop the lawsuit if the bill was passed). The decision may be delayed, but the push for growth continues.

Florida Bank Risks Scrutiny by Offering Marijuana Merchants Services

Posted on August 25, 2017 by admin

Welcome to Florida with cannabis leaf road sign illustration, with distressed foreboding background

Despite the growth of the medical marijuana industry, cannabis remains an illegal substance on the federal level. As a result, banks refuse to work with these businesses, leaving many marijuana merchants with little to no options. The majority are forced to operate in cash-only and fear being robbed daily.

A new strategy by Orlando-based financial institution First Green Bank has turned a lot of heads. In fact, the institution has been actively seeking Florida’s marijuana businesses. Considering that marijuana is classified as a Schedule 1 substance by the DEA (no currently accepted medical use and a high potential for abuse), how is this possible?

In a recent interview, Ken LaRoe, founder and chairman of First Green Bank, revealed the institution’s straightforward strategy, “We don’t touch the cash”, he said simply.

While First Green Bank does technically handle the cash, it sticks to a strict hands-off approach. With the federal regulations that make the industry cash based, First Green works closely with an armored car company that transports the cash directly from dispensaries to the nearest Federal Reserve location. This institutions willingness to venture into the industry has made it the exception (definitely not the rule).

A widely cited memo from a deputy attorney general in 2014 created a huge obstacle for banks operating in states where cannabis is legalized. According to the memo, if money from organized crime makes it into marijuana business’ bank accounts, the banker(s) could face criminal prosecution. First Green Bank is one of the few bold enough to accept deposits from cannabis merchants.

Thus far, First Green Bank has collected around $30 million in deposits from marijuana business. According to the FDIC, the bank had $485 million in deposits (as of March 31). However, the institution has not moved to extend loans to marijuana businesses. LaRoe explained that offering loans to these companies involves many risks, including: the property is subject to seizure and contracts can be legally unenforceable.

For now, marijuana merchants in need of business funding can find fast cash solutions with alternative lenders like Marijuana Merchant Account (MMA). Specializing in this industry, MMA can provide funds in as little as 24 hours; the “high risk” nature the industry is not a problem. MMA also offers secure and efficient marijuana processing solutions.

What are LaRoe’s thoughts for the future? Although First Green Bank currently has a monopoly on the Florida medical marijuana industry, he is optimistic that other financial institutions will join in. It would also make him feel more comfortable having others at his side supporting the industry.

“I’d like to see other banks getting into it, just because there’s strength in numbers,” he says.

Medical Marijuana Industry Welcomes Season of Growth in New York

Posted on August 24, 2017 by admin

Statue of Liberty marijuana leafs vector

To the delight of the medical marijuana industry, it’s a season of growth. The campaign to create a medical marijuana program in New York was a very long, uphill battle. Even when it was finally passed in 2014, advocates criticized the many restrictions imposed. Known for being again the legalization of marijuana, many were pleasantly surprised and relieved when Gov. Andrew Cuomo agreed to sign legislation granting five licenses to grow marijuana. Although, the number of dispensaries in the state was capped at 20.

Since then, Gov. Cuomo administration has made many changes. Home delivery of the drug has is now permitted. Chronic pain was added to the list of eligible conditions, and nurse practitioners are now allowed to prescribe the drug. More than 20,000 patients and over 1,000 practitioners have been registered.

Although he still openly opposes recreational marijuana, Gov. Cuomo has been become more accepting of medical marijuana. In June, the state Senate voted to add PTSD to the list of illnesses and ailments eligible for the state’s medical-marijuana program; this decision came six weeks after the Assembly’s decision to do the same.

On August 1, the New York State Department of Health announced that it had licensed five new medical marijuana companies. This addition doubled the number of firms growing and selling medical marijuana products under the (strictly) regulated state program. The new businesses joining the industry are New York Canna, Fiorello Pharmaceuticals, Valley Agriceuticals, Citiva Medical and PalliaTech NY.

Despite growth, there are still many obstacles to overcome, and plenty of issues merchants are currently struggling with. For example, on behalf of four of the five original companies, the New York Medical Cannabis Industry Association, sued the state to try to stop the issuance of new licenses. The claim was that this issuance was an overreach of legal authority.

According to Times Union, “The association claimed that not only would DOH be overstepping its legal authority by issuing more than five licenses, it would imperil the nascent industry because demand for medicine does not warrant doubling of the supply market.”

Another large issue merchants and medical marijuana businesses experience is finding payment processing solutions. Although medical marijuana is legal in New York, it is still illegal at the federal level. With strict federal regulations, banks won’t touch cannabis businesses. An increasingly popular solution is a marijuana merchant account from an alternative provider like MMA. These accounts allow these merchants to avoid operating in cash-only by providing the ability to process credit and debits cards and e-checks.

Regardless of those who have tried to stall progress, the New York medical marijuana industry is moving forward. Even with the many obstacles, it continues to grow and merchants are finding the solutions they need to grow a thriving business.

The Nerve-Racking Process of Paying Marijuana Taxes

Posted on August 24, 2017 by admin

The news is full of updates on the state of the marijuana industry. Reports of which states have legalized recreational and medical marijuana, along with the many reasons why cannabis is beneficial. One of the less mentioned topics is the nerve-racking process these marijuana merchants go through to complete otherwise simple, mindless business tasks.

Consider the state of California, for example. On January 1, 2018, recreational marijuana will become legal in California. Coupled with the already legal medical marijuana, this could quickly push California to be the largest legitimate marijuana economy. However, there is one large, crippling aspect to the marijuana industry that makes it difficult – even dangerous – to operate in: most merchants can’t use a bank. An emerging marketplace, with a projected $7 billion value, finds itself operating in cash-only.

How is this possible? Marijuana is classified by the DEA as a Schedule 1 substance (high potential for abuse, with no currently accepted medical use in treatment in the U.S.), alongside heroin. Thus, it remains illegal under federal law. With intense federal regulation, banks do not want to handle the risks involved in working with businesses that offer cannabis product.

Within the next few years, California is expecting to collect $1 billion in new tax revenue from the marijuana industry. L.A. has an estimated 1,000 to 1,700 medical marijuana dispensaries. In 2016, only 200 paid city taxes. Next year alone, the state expects to collect $40 million.

This stunning amount must be processed through a bank, right? Think again. With no bank solution, these merchants must closely manage their cash to ensure they have enough to cover taxes. While other businesses send a check or wire the money via their laptop, marijuana merchants count their (massive) cash on hand, make arrangements to drop off the tax payment –hundreds of thousands of dollars in many cases – and then make a nerve-racking trip to the agency. The biggest fear is being robbed in route.

“When now everyone makes payments through their cellphone, it’s tough to see that I’m left to the archaic version of counting money”, says Jerred Kiloh, owner of the Higher Path medical marijuana dispensary in Los Angeles.

More and more merchants are beginning to discover the advantages of securing a merchant account to sell marijuana through an alternative provider like Marijuana Merchant Account (MMA). Specializing in working with the cannabis industry, these solutions provide safe and efficient payment processing options. No longer restricted to cash only, MMA offers credit and debit card processing and e-check processing. In an industry where merchants, banks and armored truck services fear backlash from the federal government, merchant accounts offer a real, safe solution for marijuana merchants.

Marijuana Industry Continues to Evolve, Capitalists Join Industry

Posted on August 18, 2017 by admin

Indoor Marijuana Grow Room with Plants in Soil Under Lights The marijuana industry is almost unrecognizable when you compare what it is today with what it was a couple of decades ago. Far from the completely black market, the marijuana industry is now valued at $4 billion a year. In addition, things have transitioned from farmers hiding from helicopters to business suits and legal transactions. Before, funding and payment processing were impossible. Now, alternative lenders offer quick, flexible solutions (consider Marijuana Merchant Account). No more hiding in the shadows.

Among the many changes, the marijuana industry has recently begun to attract a growing line of investors. These individuals are more interested in the money than with the product itself. According to Marijuana Business Daily, investors plan on average to invest half a million dollars in the marijuana industry in 2017. Several investors have even shared they are willing to risk more than $25 million. Participating parties include individual investors, private equity and venture capital firms. All are hoping to seize profitable opportunities to monetize marijuana.

In a recent article, Forbes revealed the top five financial leaders in the cannabis industry:

MedMen Capital

Founded in 2010 by cofounder and Chief Executive Officer Adam Bierman and Andrew Modlin, the MedMen Opportunity Fund has invested in seven projects, including: dispensaries spanning from California and New York, and cultivation facilities in California, New York and Nevada. $99.2 million has been raised, including $60 million raised through MedMen Opportunity Fund (which closed in April).

Phyto Partners

Known for its generosity, Phyto Partners drops between $500,000-$750,000 into company investments. Phyto takes particular interest in building relationships with leading companies in the marijuana industry, including: cultivators, dispensaries, device/product manufacturers, researchers and more. According to Managing Director Brett Finkelstein, “Since we have the ability to deploy a larger amount of capital, the fund can get more favorable terms. This usually means better valuations, more equity and more control.”

Casa Verde Capital

Casa Verde differs from the previously listed financial companies in that its investments are smaller, $250,000 to $500,000 per new company. However, the company names are bigger (e.g. Snoop Dogg and Ted Chung). Casa Verde says its focus is currently set on becoming the preeminent venture partners for early stage companies.

Poseidon Asset Management

Founded in 2014, Poseidon Asset Management’s exclusive commitment is to cannabis investing. Recently, the company led a $3.5 million purchase of a winery that intends to switch to cannabis crops. Thus far, the company has raised $25 million and invested in 40 different companies.

Arcview Group

Arcview group was founded by Troy Dayton and longtime activist Steve DeAngelo. Arcview has provided capital for 141 companies – Mass Roots, MJ Freeway, Medicine Man, Eaze, among many others – and has invested $115 million. Their specialty is vetting and presenting companies seeking investment with people who wish to invest.

Legal Marijuana Growing Rapidly, But Banks Still Steer Clear

Posted on August 18, 2017 by admin

Cannabis leaf scattered on the dollars. Seamless image Next year, billions of dollars are expected to flood the California’s marijuana industry when recreational cannabis is made legal. Even so, these businesses will struggle to secure the services they need with their local banks. But why would such a profitable industry with so much potential experience issues securing solutions with a traditional lender?

During the Obama administration, guidelines were issued by the Justice Department that were intended to help banks avoid federal prosecution when providing services to legal marijuana businesses. However, banks remain unwilling to work with these merchants for fear it will expose them to legal trouble from the federal government. According to The Los Angeles Times, an estimated 70 percent of cannabis businesses have no bank accounts.

As of now, marijuana is still illegal on the federal level; the Drug Enforcement Administration classifies it as a controlled substance with no accepted medical use – listed alongside heroin. Thus, federal government heavily regulates the banking industry. The Justice Department is concerned that profits in legal marijuana states could easily be funneled to gangs are cartel. The rules are supposed to act as a shield for banks, protecting against charges like aiding drug trafficking.

From the banks perspective, it can be difficult to be fully confident in determining a marijuana business’ true intentions. Most banks find it a heavy burden to decide whether the business is operating within the law, and therefore shy away from working with these merchants. The risks are simply too high for financial institutions.

There are a few banks and credit unions who are still willing to handle marijuana business’ money, but very few. In 2015, Colorado tried to set up a credit union specifically for the marijuana industry, but was blocked by the Federal Reserve. In another attempt, the Oregon Department of Revenue created a secure office for these businesses to drop off and count cash.

Overall, this situation has created a very unstable, unsafe atmosphere for legal marijuana businesses to operate in. How many industries involve business people walking around with millions of dollars of cash? To get around this problem, some merchants open bank accounts by setting up a nonprofit organization or management companies with an ambiguous, in hopes of misleading banks.

There are much safer and straightforward options available. An increasingly popular solution to this ever-growing problem is a marijuana merchant account. Alternative providers – like marijuana merchant account, also known as MMA – specialize in providing the payment processing solutions and business funding this industry needs. Depending on the business type, merchants can secure either a recreational or medical marijuana merchant account in as little as 24 hours.

While many are optimistic about the marijuana industries future, for now, the safest options for merchants remain either in cash (still extremely unsafe and impractical) or an alternative solution; such as a marijuana merchant account from a high-risk provider.

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